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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, an anti-snipe window at open, 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 for the quote asset it launches in. Name, symbol, and imagery are permanent — pick them like they will outlive the launch. The token’s address is known before the launch exists, so it can be published ahead of time, and the creator can make an opening buy in the same transaction.
2

The opening seconds

For a short window after the launch opens, buys pay an anti-snipe surcharge that falls to nothing within seconds. See the anti-snipe window.
3

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, and your slippage setting bounds the worst execution you accept if others trade before you.
4

Graduation

The buy that completes the curve graduates the launch in the same transaction: the raised liquidity and remaining supply open a constant-product pool on the exchange. Nobody has to trigger it, and the buyer who completes the curve receives the graduation reward.
5

Exchange trading

The token trades in its exchange pool like any other asset — with its initial liquidity locked. See Graduation.

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The bonding curve

The curve is a deterministic price function held by the launch’s own 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
  • No empty-pool phase — the curve is the initial liquidity; a launch is tradable from its first block
Launches are priced in the quote asset they were created with — chosen from the assets governance approves; on Arc, natively dollar-denominated. The curve’s economic parameters and fees are set per quote asset, so the app shows current figures rather than these docs.

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The anti-snipe window

The first seconds of a launch are where bots win: a script buys before anyone else can see the token, and sells into everyone who arrives after. So a launch opens with a surcharge on buys — close to the whole trade in the very first second, falling steeply to nothing within seconds.
  • Selling is never surcharged.
  • The creator is exempt, and so are any addresses the creator names when launching — so an opening buy is never penalised.
  • The surcharge is kept by the protocol, not the creator, so a creator cannot profit from their own launch being sniped.
The app shows the fee on your buy before you sign.

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What the creator earns

  • A share of the curve’s trading fee on every trade — collectable at any time, even if the launch never graduates
  • A share of the graduated pool’s trading fees, for as long as the pool trades

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A standard token from the first block

A launched token is a standard ERC-20 from the moment it exists: you can send it, hold it in any wallet or contract, or burn it — burning reduces its supply permanently. Until graduation, the bonding curve is where the launchpad prices it.