Economics

The curve

The curve is a single-sided Uniswap v3 position holding 80% of the supply. It sells coins for the leveraged token as buyers walk up it, and nothing else can be added to it.

Progress is measured by what the launcher's own position has raised, not by the pool's balance. The two are different numbers: a pool balance also counts third-party positions, fees, and outright donations, so anyone could park tokens beside the curve to push a coin over the line and withdraw them again afterwards. Reading the position's own liquidity cannot be gamed that way.

Graduation

A coin graduates once its curve has raised 9,000 of the leveraged token it is paired against — about $9,000 at the time this threshold was set.

The terms are fixed when a coin launches. The threshold and the reserve share are recorded on the coin itself, so changing them later applies to new launches only. A coin already running cannot have its finish line moved.

Graduation is one-way and latched: a later fall in the underlying cannot un-graduate a pool and reopen the curve.

What graduation creates

Everything the curve returned, plus the 20% that was held back, moves into permanent Uniswap v4 pools:

• The main pool — your coin against the leveraged stock token.
• The equity pool — a 25% slice, paired against the plain stock token instead. The slice is taken out before anything is deployed, and the numeraire side of it is converted to the plain equity through a public pool.

Two pools means two markets in the same coin, priced off different things, which drift apart as the leveraged and plain versions of the stock diverge. An arbitrageur closes that gap; the route for it is registered automatically when a coin graduates.

The conversion into the equity is bounded against the pool's own pre-swap price and refuses to proceed if the fill lands more than 5% under it. Graduation is a public transaction, and without that bound anyone could move the pool first, let it fill at the price they made, and reverse it — with the loss locked into the pool permanently.

Liquidity is locked

Positions are held by the contracts themselves. Nothing is a promise or a timelock that expires: there is simply no withdraw path for anyone to call, including the owner.

Fees

Trading a graduated coin charges 1%, taken by the pool's fee hook. Of that, 30% goes to the coin's creator and the rest to the treasury. Fees are claimable by anyone — the call zeroes the balance before paying, and the destinations are fixed by the owner rather than chosen by the caller, so there is nothing to be gained by triggering it.

Fees earned by the curve before graduation are collected on both sides — the numeraire and the coin itself — and split the same way.