Token Lifecycle
This page explains the social token lifecycle on perps. from launch to post-graduation.
1) Launch
A creator launches a token through the launch flow.
Initial supply parameters are set by the platform configuration.
Trading starts on the bonding-curve market.
2) Bonding-Curve Trading
Users buy and sell against the bonding curve.
Price changes as curve distribution progresses.
Key metrics shown in UI include price, market cap, USDC raised (reference metric), curve sold, and graduation progress.
3) Graduation Trigger
Graduation is supply-based in current Mainnet Beta.
Trigger condition:
90%of curve supply sold.This is not directly triggered by hitting a fixed USDC amount.
4) Boundary Buyer Handling
Near the graduation boundary, oversized buy intent is treated as max spend.
Spend is capped to the exact amount needed to complete remaining eligible curve capacity.
This is designed to avoid overpaying for unavailable curve inventory.
5) Post-Graduation State
Graduation triggers the market transition flow.
Graduation should now be interpreted together with lifecycle readiness states: a token can be graduated while still pending liquidity or oracle readiness.
A market should only be treated as fully live when the perp market is active, the oracle path is valid, and lifecycle status indicates live readiness.
Mainnet Beta Note
Parameters, integration behavior, and UI presentation can be refined during Mainnet Beta. When changes are material, they should be reflected in docs and release updates.
Creator & Protocol Fees
Bonding-curve trading accrues both creator fees and protocol fees. The current hardening branch adds direct UI visibility for creator-accrued fees, protocol-accrued fees, and configured fee-recipient routing.
Identity Before Launch
The creator-token lifecycle now begins with identity gating. Before launch, the creator must link at least one supported social account and choose a primary creator identity. This is designed to reduce anonymous or weakly attributable launches.
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