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The launchpad uses a virtual-reserve constant-product bonding curve. Price discovery is continuous between buys and sells until the curve graduates to Uniswap V3.

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Parameters (Base, Arbitrum)

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Formula

Constant product is preserved on each trade:

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How it works

1

Initial state

Virtual ETH = 2.44, Virtual Tokens = 1,073,000,191, Real ETH = 0, Real Tokens = 0.
2

Buy

Real ETH increases, Real Tokens increase — price rises along the curve.
3

Sell

Real ETH decreases, Real Tokens decrease — price falls along the curve.
4

Graduation

When Real ETH reaches 6.9 ETH, the curve can be finalized and liquidity migrates to a Uniswap V3 1% pool.