> For the complete documentation index, see [llms.txt](https://perps.gitbook.io/perps./llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perps.gitbook.io/perps./overview/social-token-launches.md).

# Social Token Launches

Creator markets begin with social-token launch.

During the public testnet, the launch flow is designed to help creators create a market tied to their public identity and profile.

## Launch Requirements

Creators should expect to:

* Sign in.
* Connect a supported social identity.
* Confirm their creator profile.
* Use a wallet on Base Sepolia.
* Approve any required testnet transaction.

## Bonding Curve

New creator tokens trade on a bonding curve. A bonding curve is an on-chain pricing model where price changes as users buy and sell.

As more of the curve supply is distributed, the market moves closer to graduation.

## Graduation

Graduation is the transition from the initial bonding-curve phase toward a more mature market state.

In the current testnet design, graduation is based on curve distribution progress rather than a simple fixed-dollar target.

## Creator Fees

Creator markets may include creator-fee and protocol-fee mechanics. Fee visibility and creator earnings surfaces may continue to evolve during testnet.

## Identity and Attribution

Creator-market launches are intended to be tied to recognizable public identity. This helps traders understand who the market represents and reduces weakly attributable launches.