Market mechanics
Bonding curves and token graduation, explained
A bonding curve prices trades using a contract formula and its reserves. On LaunchLot, buys and sells change those reserves until the configured raise threshold is reached. Graduation is the separate onchain step that moves the launch into its pool market.
How does a bonding curve set the price?
LaunchLot uses a constant-product curve with virtual quote reserves. A buy adds USDC and takes tokens out of the curve; a sell returns tokens and takes USDC out. The price changes as the balance between those reserves changes.
The displayed spot price is a price at one point on the curve. A larger order moves along the curve, so multiplying the displayed price by your order size is not a reliable execution quote. Review the actual quote and minimum received.
Virtual reserves are not spendable liquidity
Virtual reserves shape the starting price without representing the same amount of deposited USDC. LaunchLot tracks the actual amount raised separately. That distinction matters when you evaluate how much a market can pay out.
Market capitalization is a price multiplied by a supply measure. It is not the amount of cash in the contract and cannot tell you how much a large sale would return.
What happens when the curve fills?
When the configured raise threshold is reached, the LaunchLot contract moves the launch to a ready state. Curve trading pauses. A successful graduation transaction seeds the configured Uniswap V4 pool through the adapter and locks the resulting liquidity receipt.
Ready and graduated are different states. A full progress bar does not prove that a pool transaction succeeded. Check the state, pool details, and transaction on the market page. After graduation, pool liquidity and pool fees determine execution.
What if graduation cannot complete?
Recovery depends on the deployed contract version. The current source includes a seven-day graduation window followed by permissionless cancellation and proportional redemption of remaining quote reserves. Older deployments may only support retries. The market page reports which recovery path applies.
A liquidity lock limits withdrawal of the locked position. It does not prevent holders from selling, guarantee an active market, or replace an independent contract audit.
Sources and scope
LaunchLot product details reflect the current application and contract implementation reviewed on the date above. Network and third-party references are linked below. Availability and transaction costs can change.
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