Bonding Curve

Price discovery before graduation. A quadratic curve with a linear floor, plus a tax that decays as supply grows. Denominated in the chain's native asset; the shape is identical everywhere.

Lots, not tokens

All curve trading is denominated in lots. One lot is 1,000 × 10⁹ (1,000 tokens). The curve runs from 60,000 lots (the deployer's pre-mint) to 800,000 lots, so 800,000 − 60,000 = 740,000 lots are actually purchasable.

Pricing

Let x be scaled supply above the floor and n the scaled trade size:

n       = delta_lots * 1000
x       = (supply_lots - INITIAL_SUPPLY_LOTS) * 1000

x_start = x            (buy)   |  x - n  (sell)
x_end   = x + n        (buy)   |  x      (sell)

quad    = PRICE_SLOPE * (x_end^2 - x_start^2) / TWO_TIMES_CAP
linear  = P_START * n
base    = quad + linear

Integrating the marginal price over the traded range in one step means a trade of any size costs exactly what the same volume would cost as a sequence of single-lot trades. There is no discount for size and no penalty.

Dynamic tax

The tax is computed from the average supply across the trade, so it is symmetric between buys and sells of the same range:

avg_supply  = min((x_start + x_end) / 2, ADDITIONAL_CAP_TOKENS_BASE)
tax_rate_bp = T_START_BP - (TAX_DECREASE_BP * avg_supply / ADDITIONAL_CAP_TOKENS_BASE)
tax_rate_bp = max(tax_rate_bp, T_END_BP)
tax         = base * tax_rate_bp / 10000

Buyers pay base + tax. Sellers receive base - tax. Tax accrues to the curve and is split 90/10 between deployer and protocol at graduation — or 10% to protocol and the rest to holders if the curve refunds instead.

Per-chain curve parameters

Trading rules

• Exact payment. buy() asserts msg.value == total. Quote immediately before sending; there is no refund of overpayment.
• Per-wallet cap. Post-trade balance may not exceed 36,000 lots. Checked against live balanceOf, not a stored figure.
• Deployer cannot sell. sell() rejects the deployer address outright.
• No selling at the floor. Supply cannot fall below 60,000 lots.
• No per-user storage. Holdings are read from the token contract, so a first buy costs no extra storage slot.