Bonding curve

A curve token starts on its own bonding curve: a contract that always quotes a price, buys and sells against its own reserve, and needs no market maker. The price depends only on how many tokens the curve has sold, so every buyer sees the same price for the same position on the curve.

Supply

	Tokens
Total supply, minted once	1,000,000,000
Sold on the curve	800,000,000
Kept for the pool at graduation	200,000,000

Price

Point on the curve	Market cap
First buy	31.25 HYPE
Graduation	500 HYPE

The curve has raised 100 HYPE by the time it sells its last token, counted after fees. This graduation amount is fixed for each version of the launch factory and never changes for a token once it exists. On Elysium testnet it is set to a small value so launches can be tested end to end.

Fees on the curve

Every buy and sell pays 1% of its HYPE side:

Recipient	Share of the trade
Token creator	0.5%
The trader’s referrer	0.1%
Colysium	0.4%

When a trader has no referrer, the referrer share goes to Colysium. Fees are taken in HYPE, never in the token, so collecting fees never means selling the token.

Selling

You can sell back to the curve at any time before graduation. Selling a token needs a standard token approval for the curve contract first, which your wallet asks for once.

The final buy

The buy that takes the last token graduates the curve in the same transaction. If that buy sends more HYPE than the curve needs, the difference is refunded in that transaction.