Trading the Curve

All trading happens on the launch clone — resolve it once via factory.launchOf(token). There is no router: approvals go to the launch itself, and no function takes a token argument.

The four entry points

Two payment shapes, four distinct selectors — not overloads. All take a deadline and a mandatory recipient. Quote-token (ERC-20) entries — approve the launch first:

function buy(uint256 amountIn, uint256 minTokensOut, uint256 deadline, address recipient)
    external returns (uint256 tokensOut);

function sell(uint256 tokensIn, uint256 minAmountOut, uint256 deadline, address recipient)
    external returns (uint256 amountOut);

Native entries — only where the launch accepts native (acceptsNative()):

function buyWithNative(uint256 minTokensOut, uint256 deadline, address recipient)
    external payable returns (uint256 tokensOut);

function sellForNative(uint256 tokensIn, uint256 minAmountOut, uint256 deadline, address recipient)
    external returns (uint256 nativeOut);

buyWithNative has no amountIn — the amount is msg.value.

Units — read this twice

Everything is denominated in the quote token’s own decimals: amountIn, minAmountOut on sell, quotes, reserves, event amounts. One exception, deliberate:

sellForNative’s minAmountOut is denominated in the NATIVE coin, because that is the unit the caller receives. On a chain whose quote has 6 decimals and whose native view has 18, mixing the two is a silent 10¹² error, not a revert.

minTokensOut is always in launch-token units (18 decimals).

Recipient and refund semantics

Buys: tokens go to recipient; any refund goes to the payer (msg.sender). Only the curve-completing buy refunds — it takes exactly what is left on the curve and returns the overshoot (native refunds come back unwrapped, plus any sub-unit dust).
Sells: tokens always come from msg.sender — the transfer gate means nobody can hold pre-graduation tokens on another’s behalf. recipient redirects only the proceeds.

Quoting

On-chain views on each launch:

function quoteBuy(uint256 amountIn) external view returns (uint256 tokensOut, uint256 fee, uint256 refund);
function quoteSell(uint256 tokensIn) external view returns (uint256 amountOut, uint256 fee);
function quoteBuyWithNative(uint256 nativeIn) external view returns (uint256 tokensOut, uint256 fee, uint256 nativeRefund);
function quoteSellForNative(uint256 tokensIn) external view returns (uint256 nativeOut, uint256 fee);

quoteBuy/quoteSell return zeros instead of reverting outside the Trading phase — treat (0,0) as “not tradable”, not as a price.
quoteBuyWithNative is not quoteBuy(nativeIn / divisor): native→quote truncation is returned as dust in native units. Use the native quoter for native trades.

Reproducing the curve off-chain costs no RPC per quote once you hold the state. The curve is constant-product over virtual reserves:

x = virtualQuote + reserve          // quote side
y = virtualToken − sold             // token side

buy:  fee = amountIn · tradeFeeBps / 10000 ;  net = amountIn − fee
      tokensOut = y · net / (x + net)
sell: gross = x · tokensIn / (y + tokensIn) ;  fee = gross · tradeFeeBps / 10000
      amountOut = gross − fee

The buy that would exceed the remaining curve supply takes exactly what is left and refunds the overshoot (fees recomputed on the gross actually needed, rounding up). Read reserve() and sold() from storage and the constants (virtualQuote, virtualToken, curveSupply, tradeFeeBps, nativeDivisor) from config() — the interface deliberately omits them, so bind the concrete ABI.

Errors you will hit

Error	When
`Expired()`	`block.timestamp > deadline`
`SlippageExceeded()`	output below your minimum — also when `tokensOut == 0`
`WrongPhase()`	trading in `ReadyToGraduate` (curve full, graduation pending) or after `Graduated` — no arguments; read `phase()` to distinguish
`NativeNotAccepted()`	a native entry on a launch whose quote has no native representation
`TransfersLockedUntilGraduation()`	on the token: any transfer that isn’t launch↔wallet before graduation

The frozen window is a real state: between the curve filling (CurveCompleted) and someone calling graduate(), all four entries revert WrongPhase(). Surface it distinctly — the token is neither tradable on the curve nor on the exchange yet. Factory creationPaused never affects trading on existing curves.

Get Started

Exchange

Earn

Bridge

Launchpad

Raise

Points

Developers

The four entry points

Units — read this twice

Recipient and refund semantics

Quoting

Errors you will hit

​The four entry points

​Units — read this twice

​Recipient and refund semantics

​Quoting

​Errors you will hit

The four entry points

Units — read this twice

Recipient and refund semantics

Quoting

Errors you will hit