Trading and the opening round

Buying and selling

A buy spends the quote coin and receives the launched coin. A sell spends the launched coin and receives quote coins. Both sides can charge fees in both assets. A configured sell burn removes an additional part of the post-fee tokens from what reaches the curve. See Fees and rewards.

The displayed spot price describes a tiny trade at the current reserves. Your execution price also depends on trade size, fees, rounding, and trades that arrive before yours. Set a minimum amount to receive. If the transaction would return less, it fails rather than completing at that price. Network fees may still apply to a failed transaction.

You receive tokens from an ordinary buy immediately. There is no later token claim. Selling is available only while the public curve is live. It stops as soon as the graduation target is reached, before the pool necessarily exists.

Optional opening round

The team can choose an opening round lasting 60 to 300 seconds from the moment the launch becomes public. Its duration is fixed at creation.

1. Each wallet adds quote coins to the pot. Repeated bids add together. Bids cannot be withdrawn, and ordinary buys and sells are unavailable during the round.
2. Once the round ends, anyone can settle it. The pot makes one curve purchase with the normal fees. Settlement needs a transaction; the clock alone does not execute it.
3. Each wallet receives its share of the purchased tokens and any unused quote coins, proportional to its bid. Anyone can trigger delivery, but payment always goes to that bidder.

All bidders share the same average purchase price. Individual amounts round down; the last delivery takes the remainder. There is no individual minimum-output setting for this purchase. An extremely small pot normally returns in full if it buys no net tokens; a pot that reaches the graduation target can instead be charged even when rounding leaves zero net tokens.

If the pot reaches the target, the curve goes directly to graduation. Otherwise ordinary trading opens after settlement. Delivery remains available after ordinary trading starts and after the pool launches; there is no delivery deadline in the current code.

The final buy

A buy that would put the real quote reserve past the target is reduced to the required gross amount, including fees. Its excess quote coins return with the purchase. This refund is unused input, not a refund of earlier purchases.

Very small final purchases can have zero net token output because of rounding or token fees. A positive minimum output makes such a purchase fail. Integrations should retain meaningful price protection.

If the pool has not launched

Once the target is reached, curve buys and sells are closed. Anyone can submit the launch transaction through the originally chosen venue. If pool creation fails, the whole transaction rolls back and the launch stays ready with its balances intact. There is no timeout that lets holders cancel it or recover their purchases. See Safety and authority.