How a launch works

Every coin launched here starts on a bonding curve: a formula that sets the price from how much has been bought so far. No order book, no market maker, no initial liquidity to put up. The first buyer pays the lowest price there will ever be, and each buy after that costs slightly more.

The four steps

1. 1Launch. A creator uploads art and details, picks a launchpad, and confirms one transaction. 1,000,000,000 tokens are minted, the mint authority is burned, and the whole supply goes into the curve.
2. 2Bonding. People buy. Each purchase moves the price up the curve; each sale moves it back down. The launchpad, the creator and the commission take their cut of every trade. The page shows how far along the curve is, as a percentage.
3. 3Graduation. The curve fills. What happens next depends on the chain — see Graduation — but on both, the liquidity is locked and trading continues.
4. 4After. The coin trades in a normal pool. Fees keep accruing to the same people. Nobody can pull the liquidity, ever.

Where the tokens are

Before graduation, every token that has not been bought sits in the curve itself. That is why the biggest “holder” of a fresh coin is always the bonding curve, and why the token page labels that row instead of hiding it — a coin that looks 90% owned by one address on day one is usually just a coin nobody has bought yet.

Prices, and why they look strange

A coin with 1,000,000,000 tokens and a $10,000 market cap is worth $0.00001 each. Prices are shown with the leading zeros compressed — 0.0₄12 means four zeros then 12 — which is the convention every memecoin interface uses. The market cap is the number that means something; the token page lets you switch the headline between the two.