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A launch mints exactly 1,000,000,000 tokens. 800 million sit on a constant-product bonding curve; the remaining 200 million are held back for the Uniswap pool. There is no mint function, no team allocation and no vesting.

The curve opens with a virtual reserve of the backing asset, which sets the starting price without anyone seeding liquidity. As people buy, the real asset accumulates in the contract and the price rises along the curve; selling walks it back down. The virtual reserve is never withdrawable: it only shapes the price.

Supply

1,000,000,000, fixed

On the curve

800,000,000 (80%)

Held for Uniswap

200,000,000 (20%)

Curve

constant product, with a virtual reserve

A backing asset has to be a freely transferable ERC-20: a bonding curve is a contract, not a KYC’d investor, so anything that checks an allowlist on transfer simply reverts. That rules out BlackRock’s BUIDL and Ondo’s OUSG by construction, not by preference.

Backed’s xStocks pass that test: their only transfer gate is a sanctions blocklist, with no allowlist, so a curve can hold them. That is what makes tokenised equities usable here at all.

• TSLAxUS equity· 18 dec0x8aD3c73F833d3F9A523aB01476625F269aEB7Cf0
• NVDAxUS equity· 18 dec0xc845b2894dBddd03858fd2D643B4eF725fE0849d
• SPYxUS equity· 18 dec0x90A2a4c76b5D8c0bc892A69EA28Aa775a8f2dD48
• SPCXxUS equity· 18 dec0x68fa48B1C2FE52b3D776E1953e0E782b5044Ce28
• WETHEther· 18 dec0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2
• PAXGGold, LBMA· 18 dec0x45804880De22913dAFE09f4980848ECE6EcbAf78
• XAUtGold, Swiss· 6 dec0x68749665FF8D2d112Fa859AA293F07A622782F38
• USDYUS Treasuries· 18 dec0x96F6eF951840721AdBF46Ac996b59E0235CB985C
• wMUS Treasuries· 6 dec0x437cc33344a0B27A429f795ff6B469C72698B291
• USDCDollar· 6 dec0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
• USDTDollar· 6 dec0xdAC17F958D2ee523a2206206994597C13D831ec7
• WBTCBitcoin· 8 dec0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599
• wstETHStaked Ether· 18 dec0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0
• cbBTCBitcoin· 8 dec0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf

The pairs page shows each one with its live price and graduation target.

The swap fee is chosen by the creator at launch, anywhere from 0% to 5%, and is fixed forever: neither the creator nor the platform can change it once the token is live. The platform’s share of that fee is snapshotted per market at creation and is capped at 50% in the contract.

Swap fee

creator-chosen at launch, 0% to 5% of the quote value, both directions; fixed forever

Platform

its share is snapshotted at creation, capped at 50%

Creator or holders

the rest, never less than half

Launch fee

owner-set; 0 by default

After graduation

the same fee runs on the Uniswap V4 pool, harvested for life

The platform’s share accrues inside the contract and is withdrawn to the treasury separately, rather than being pushed on every trade. A stablecoin that blacklists the treasury would otherwise revert every swap, including sells.

A Standard token accrues the creator’s half to the creator, who claims it whenever they like.

A Reward token streams that half to holders instead. Each trade adds to a per-token reward index; a holder’s share accrues while they hold and follows the balance when they buy, sell or transfer. It pays in the backing asset: hold a gold-backed Reward token and you earn PAXG, not more of the token.

When the curve has collected its target, graduation fires inside that same buy. The collected asset and a matching amount of tokens seed a full-range Uniswap V4 position at the curve’s exact final price. The position is owned by the launchpad contract, which has no function to withdraw it: the liquidity is locked by construction, forever. Nobody, including the platform, can pull it out.

The swap fee the creator chose keeps running on that pool. Anyone can call harvestPoolFees to sweep what the position has earned back through the launchpad, where it flows to holders on a Reward token or to the creator on a Standard one, with the platform share applied. On a Reward token, the token-side fees are burned.

Every token left on the launchpad is burned in the same transaction, so the circulating supply afterwards is exactly what the market bought plus what backs the pool.

The token contract is written to pass the checks that GMGN and DexScreener-style scanners run: fixed supply with no mint function, no owner on the token, no blacklist, no pause and no transfer tax. The one restriction that exists before graduation: the transfer lock that keeps trading on the curve: lifts irreversibly at graduation.

Supply

fixed at launch; no mint

Owner

none on the token itself

Blacklist / pause / tax

none

Transfer lock

pre-graduation only; lifts irreversibly at graduation

Everything the site does goes through one contract.

createToken

name, symbol, backing asset, Standard or Reward, swap fee, metadata

buy / buyWithETH

quote in, minimum tokens out, recipient, deadline

sell / sellForETH

tokens in, minimum quote out, deadline

claimCreatorFees

creator only

claimRewards

any holder of a Reward token

flushPendingRewards

anyone; releases fees held below the distribution floor

harvestPoolFees

anyone; sweeps a graduated pool's accrued swap fees

withdrawPlatformFees

anyone; always pays the treasury address

sweepSurplus

owner only; can move nothing the contract owes (see below)

sweepSurplus(asset, to) is owner-only and worth understanding, because an owner-only transfer function is exactly what a rug looks like from the outside. It reads the contract’s balance of that asset, subtracts quoteOwed: the running total of every curve reserve, accrued creator fee, reward liability and platform accrual in that asset: and can send only the difference. If there is no difference it reverts. It is there for assets that arrive with no owner at all: a direct transfer to the contract, or rounding dust. It cannot touch a reserve, a fee or a reward, and it has no bearing on the graduated Uniswap position, which is not an ERC-20 balance and has no withdrawal path at all.

Selling is deliberately not pausable: a pause can stop launches and buys, never a holder leaving a curve.

0x9b4f5390A8be82f92ee806374B1BB14b2CBc8D95

The contracts carry a full test suite and several internal review passes, done by us. What follows is what the code actually guarantees, so you can check each claim against the verified source rather than take our word for it.

Solvency is asserted after every payout. The contract tracks what it owes per backing asset: curve reserves, accrued creator fees, the platform’s accrual and reward liabilities. Every path that moves an asset out ends with a check that the remaining balance still covers that total, and reverts otherwise. One market cannot be drained to pay another.

The pool is squatted at launch, and the price is pushed back at graduation. The Uniswap V4 pool is created the moment the token is, at the exact price the curve will end on, so nobody can create it first at a hostile one. A V4 pool with no liquidity can still have its price moved by a costless swap, so graduation swaps it back to that same deterministic price before a single unit of liquidity is added. Whatever that correction wins or costs is settled against the platform’s accrual, never against the market’s reserves.

The position cannot be withdrawn. The full-range position is owned by the launchpad, and no function anywhere in the contract removes liquidity or moves the position. harvestPoolFees collects fees only. The lock is the absence of a code path, not a promise or a timer.

Reward accounting. The per-token reward index carries enough extra precision that a distribution does not truncate to zero on 6- and 8-decimal assets like USDC and WBTC; amounts too small to distribute are held and released later byflushPendingRewards rather than lost. The launchpad, the pool manager and the burn address are excluded from rewards, so nothing accrues to inventory.

These contracts have had no paid third-party audit: only our own testing and review. Size your first launches with that in mind.

• Anyone can launch anything. A name and a logo prove nothing about who is behind them.
• Most tokens on any launchpad go to zero. Assume yours will and size accordingly.
• The backing asset moves too. A gold-backed token falls in dollar terms when gold does; an equity-backed one carries that company’s risk and its issuer’s.
• Tokenised equities are issued by a third party under its own terms, including jurisdiction limits. Read the issuer’s documentation before treating one as a share.
• Nothing here is investment advice.