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One mechanism for everyone

The launchpad is permissionless: no application, no review, no listing negotiation. Anyone can create a token, and every token gets the same mechanism — a bonding curve, a transfer gate, and a locked-liquidity graduation. Token sales are a separate product — see Raise.
Tokens launched here are community experiments. They are not vetted, reviewed, or endorsed by Lunya.

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The lifecycle of a launched token

1

Creation

Anyone creates a token through the launchpad, paying the creation fee set for the deployment. Name, symbol, and imagery are permanent — pick them like they will outlive the launch. The token is a standard ERC-20 with one addition: a transfer gate that keeps it inside the bonding curve until graduation.
2

Curve trading

The token trades against the bonding curve: buys move the price up the curve, sells move it back down. Quotes are computed on-chain — what you are quoted is what the contract executes, subject to your slippage tolerance. The curve price moves with every trade, so your slippage setting bounds the worst execution you accept if others trade before you.
3

Graduation

When the curve completes, anyone can trigger graduation — it is permissionless, and the caller earns a reward for doing it. The raised liquidity and remaining supply open a constant-product pool on the exchange.
4

Free trading

The transfer gate lifts. The token is a normal ERC-20 trading on a normal exchange pool — with its initial liquidity locked. See Graduation.

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The bonding curve

The curve is a deterministic price function held by the launchpad contract:
  • On-chain quotes — buy and sell prices come from contract state, not from an off-chain order book
  • Two-way trading — you can sell back to the curve at any time before graduation, at wherever the curve is now, not where you bought
  • The curve is the only market — pre-graduation tokens cannot move wallet-to-wallet, so there is no OTC price to compare against; the curve price is the price
  • No empty-pool phase — the curve is the initial liquidity; a launch is tradable from its first block
Launches are priced in the pair asset configured for the deployment — on Arc, natively dollar-denominated. The curve’s economic parameters (virtual reserve depth, creation fee, graduation reward) are likewise set per deployment, so figures are shown in the app rather than fixed in these docs.

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The transfer gate

Before graduation, the token cannot be transferred between wallets — it can only be bought from and sold to the curve. This closes the pre-launch side-market: no OTC deals, no seeding exchange pools early, no transfers that bypass the curve price. At graduation the gate lifts permanently.