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Trading and the pool

There is no bonding curve and nothing migrates: each token trades from its first block in its own Uniswap v4 pool on Elysium, which starts with the whole supply in it and keeps it locked for good.

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Supply in the pool: 100%; One position, from the opening price up.
Half of it bought: At 4×; The opening price, while the seed is the pool's only liquidity.
Taken out: Never; The hook has no function that removes it.
Outside liquidity: Open; Anyone can add and remove, as on any pool.

The seed

Bought: now the quote paid for it, still in the poolStill token, sold as the price rises and on up to the pool's highest price

Graduation · 16.8×Price · 40×LP line · 142.6×Opening10×100×1,000×10,000×

Graduation · 16.8× the opening price: 76%of the supply bought out of the seed; about $10.8k of buying from a $3.5k opening, before fees
LP line · 142.6× the opening price: 92%of the supply bought out of the seed; about $38.3k of buying from a $3.5k opening, before fees
Each doubling: ×1.41the buying the last doubling took; so early buys move the price most

Figure 1. The seed: the whole supply as one position from the opening price up, drawn as how much token sits at each price on a log scale. With the price at 40× the opening, everything to its left has been bought.

At launch the supply is placed as one position from the opening price up to the highest price the pool can express. It holds only the token: as people buy, the price rises through it and what they pay stays in the pool. Half the supply has been bought by four times the opening price, and each doubling of the price takes about 1.4 times the buying of the one before, so early buys move the price the most.

That position belongs to the pool's hook, which has no function that removes liquidity of its own. Anyone else can add liquidity and take it back out whenever they like; from the LP line on it earns the pool's LP fee.

Two milestones

Nothing moves at either one: no bonding curve ends and no liquidity migrates. They are lines in the pool the token has always traded in. Graduation is the one terminals sort their columns by: how to track it.

Graduation: 16.8×; The opening price: about $58.7k of market cap from a $3.5k opening. Changes no fee.
LP line: 142.6×; About $499k from the same opening. Switches on the LP fee (Experimental).
Time past the LP line: 10 min; In total: a dip pauses the count, never resets it.
Once reached: For good; Neither milestone is ever undone.

Below
Short of graduation.
Crossed
A swap left the price past the line. The first swap of a later transaction confirms it, whichever way that swap trades.
Graduatedfor good
Past the line and confirmed. Moves no fee.
LP crossed
Past the LP line. The clock runs while the price stays there, up to 10 minutes in all.
LP activefor good
The next swap after the clock completes switches the LP fee on, and pays it.

Going backA sale in the same transaction can step a pool back from Crossed to Below; any later swap confirms it instead. A sell can step a pool back from LP crossed to Graduated while its clock runs. Nothing steps a pool back from Graduated or LP active.

LP linePriceCounted

LP fee onand stays on, whatever the price does nexta dip pauses the counta dip changes nothing now

Time past the line, counted

4:00

+6:00 = 10:00

0 min5 min10 min15 min20 min

Figure 2. The stages a pool moves through, one at a time, and the LP line's hold: past the line for four minutes, a dip, past it again; at 10 minutes in all the next trade switches the LP fee on.

Both are confirmed by a later transaction, so a price pushed past a line and pulled back inside one transaction confirms nothing. Nobody has to call anything: the first trade after the 10 minutes switches the LP fee on, and that trade already pays it. Below the LP line that slice of the fee goes to the creator side instead.

The wait is there because anyone may add liquidity: without it, someone could push the price past the line for a moment, switch the fee on and be the liquidity collecting it.

Where to trade

Here, or anywhere that trades Uniswap v4 pools: Uniswap's Universal Router or any other v4 router. A quote matches its trade exactly, and the fee is the pool's, shown before you sign. On every tier of the menu a pool trades from its first block, with no whitelist and no limit per wallet.

A pool may carry an anti-snipe fee (Fees): for its first seconds or minutes a buy pays more than the pool's fee, falling in a straight line to it, and a sale never does. Here it is shown as the price it makes, how many times the pool's price a buy pays, and a buy above 10% asks you to accept it first. Elsewhere, check what you would receive before you sign: an on-chain quote includes it. More under The anti-snipe fee.

How a router or a terminal reads, quotes and trades a pool is under Build on Montra.