> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pumpevm.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# Fair Launch Protocol

> The 4 phases that govern every token launch.

Every launch on pumpEVM.fun follows the same four-phase Fair Launch Protocol.

## Phase 1: Pre-Bond

Users may only **purchase** tokens from the bonding curve. Purchased tokens are locked and non-transferable until the curve is finalized. Early buyers receive the best pricing and large holders cannot dump at launch.

| Action          | Available |
| --------------- | --------- |
| Buy tokens      | Yes       |
| Sell tokens     | No        |
| Transfer tokens | No        |
| View price      | Yes       |
| View allocation | Yes       |

## Phase 2: Bonding

Users may both **buy and sell** tokens. Fees apply only on sell transactions and scale with 24-hour volume. Graduation occurs when real ETH on the curve reaches **6.9 ETH**.

### Dynamic sell fees

| 24-Hour Volume | Sell Fee |
| -------------- | -------- |
| \< \$10,000    | 0.1%     |
| \<20,000       | 0.5%     |
| \<50,000       | 1%       |
| \<100,000      | 1.5%     |
| > \$500,000    | 2.0%     |

## Phase 3: Finalized

The token creator calls `finalizeCurve()` to migrate liquidity to Uniswap V3.

* A Uniswap V3 pool is created with a **1% fee tier**.
* **100% of Uniswap V3 fees** are directed to the token creator.
* Pre-bond tokens become transferable.
* All remaining tokens and ETH are deposited as liquidity.
* Trading continues on Uniswap V3.

## Phase 4: Distribution & Rewards(distributed monthly)

Fee distribution on bonding curve sells:

* **95%** to the token creator
* **4%** to the protocol
* **1%** to the top 5 token holders

Top holders are determined by on-chain balance; rewards are automatic.