> 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/token-lifecycle.md).

# Token Lifecycle

This page explains the creator-token lifecycle on `perps.`

## 1. Launch

A creator launches a token through Launchpad. The token is associated with the creator profile and becomes available in the app.

## 2. Bonding-Curve Trading

Users can buy and sell the token against the bonding curve. Price and progress update as trading occurs.

Common metrics include:

* Price.
* Market cap.
* Curve sold.
* Graduation progress.
* Recent activity.

## 3. Graduation

Graduation occurs when the token reaches the configured distribution target.

Graduation does not always mean every downstream market is immediately live. A graduated token may still need liquidity, oracle readiness, or other market-readiness checks before a perpetual market is available.

## 4. Perpetual Market Readiness

When a perpetual market is supported, the app should distinguish between:

* Bonding-curve trading.
* Graduated but pending readiness.
* Perpetual market live.
* Paused or unavailable market state.

## 5. Ongoing Activity

After launch and trading, the creator profile and market page continue to show relevant activity, lifecycle state, and profile progress.

## Testnet Note

Lifecycle parameters, graduation rules, and UI presentation may change during public testnet.