Buy & sell

A launch has two trading venues in its life: the bonding curve while it is filling, and a normal Uniswap V4 pool afterwards. The token page trades whichever one is live.

On the curve

The curve is a constant-product market maker seeded with a virtual quote reserve. In plain terms: the price starts low and rises smoothly as people buy, with no order book and no counterparty needed. Selling back to the curve moves the price down the same way.

You buy with the launch's quote token, so you need some of it first; the token page tells you which one. You will approve the curve to spend it, then trade.

Approvals

$POP requests an exact-amount approval by default: permission for precisely the trade you are making, and nothing more. "Unlimited" is an explicit checkbox, never the default. This costs a little more gas and is worth it.

Slippage and deadlines

Every trade carries a minimum-output bound and a deadline. If the price moves against you beyond your tolerance, or your transaction sits unconfirmed too long, it reverts rather than filling at a price you did not agree to.

The last buy on a curve

The buy that fills a curve is special. Rather than reverting because you asked for more tokens than remain, the curve fills what it can, charges you only for that, and refunds the rest in the same transaction. This is deliberate: the final buy is the one most likely to be sized against a state someone else just changed, and reverting would let anyone grief it by slipping a tiny buy in first.

That same transaction usually triggers graduation. Because wallets do not price that step when estimating gas, the app gives crossing buys extra headroom, and if it still falls short, anyone can finish graduation afterwards. Nothing is stuck either way.

After graduation

Once a launch graduates, its curve closes permanently and the token trades in a Uniswap V4 pool with permanently locked liquidity. You can trade it anywhere that routes V4; the token page links the pool.

Fees still work the same: the pool charges the same total, split the same way, including the creator's cashback mode.

What you pay

Every trade pays a 1% base fee plus whatever the creator chose (0 to 2%), charged on the quote side of the trade in both directions. That is the whole cost. There is no separate pool fee stacked on top, because the pool's own fee tier is set to zero and the hook charges instead.

If the creator picked the trader-rebate mode, part of that comes straight back to you on each trade. If they picked holder rewards, you earn continuously for as long as you hold. See fees & cashback.

Reading the curve progress bar

The bar on each token page shows how much of the graduation threshold has been collected. At 100%, the pool seeds itself and locks. It only moves on real trades; donations sent directly to the curve are ignored by construction and cannot push a launch over the line.

Something unclear or wrong? The contracts are the source of truth, and every claim here is checkable on /proof.