> For the complete documentation index, see [llms.txt](https://hello-fun-1.gitbook.io/hello.fun-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hello-fun-1.gitbook.io/hello.fun-docs/eth-pairs.md). # ETH Pairs ETH is the first live pairing asset on Hello.Fun. When a token launches with ETH as its pair, ETH is used throughout the market lifecycle, from the first bonding curve trade through graduation and into the token's Uniswap v4 market. ### How an ETH Pair Starts A new launch begins with the created token on one side of the market and ETH on the other. ```mermaid flowchart LR A["New Token"] --> C["ETH Pair"] B["ETH"] --> C C --> D["Bonding Curve Market"] ``` The token begins trading against ETH immediately after the launch is completed. ### Buying With ETH During the bonding curve stage, users buy the launched token using ETH. The bonding curve calculates how many tokens the buyer receives based on the current state of the curve. ```mermaid flowchart LR A["Buyer"] --> B["ETH"] B --> C["Bonding Curve"] C --> D["Tokens"] D --> A ``` As buying continues, tokens move out of the bonding curve and the launch progresses toward graduation. ### Selling for ETH Users can also sell tokens during the bonding curve stage. The seller provides tokens to the bonding curve and receives ETH according to the current state of the curve. ```mermaid flowchart LR A["Seller"] --> B["Tokens"] B --> C["Bonding Curve"] C --> D["ETH"] D --> A ``` Selling remains available while the launch is in its bonding curve trading stage. ### Building ETH Reserves ETH collected through bonding curve activity contributes to the reserves used when the launch graduates. This means the graduated liquidity is built through market activity rather than requiring the creator to separately provide the market liquidity. ```mermaid flowchart TD A["Bonding Curve Trading"] --> B["ETH Reserves Build"] B --> C["4.2 ETH Graduation Threshold"] C --> D["Graduation"] D --> E["Uniswap v4 Liquidity"] ``` The bonding curve therefore does more than provide the first trading market. It also prepares the launch for its next market. ### Graduation For current ETH paired launches, the graduation threshold is **4.2 ETH**. As market activity progresses through the bonding curve and the launch reaches the **4.2 ETH threshold**, it becomes ready to transition into Uniswap v4. The accumulated reserves are moved through the graduation process and used to establish the token's new liquidity market. The opening market state is derived from the final state of the bonding curve. The 4.2 ETH threshold applies to the current ETH pair configuration. Other supported pairing assets can use their own configured graduation economics as they are introduced. ### The Pair After Graduation Graduation changes the market structure, but it does not change the pairing asset. A token that begins against ETH graduates into a token and ETH Uniswap v4 market. ```mermaid flowchart LR A["Token + ETH"] --> B["Bonding Curve"] B --> C["4.2 ETH Threshold"] C --> D["Graduation"] D --> E["Token + ETH"] E --> F["Uniswap v4"] ``` ETH remains the quote asset of the graduated market. ### Permanent Liquidity The liquidity position created during graduation is transferred to the Hello.Fun liquidity locker. The liquidity principal cannot be withdrawn, unlocked, transferred or removed from the locker. This means the creator does not receive control of the graduated liquidity position. The liquidity remains part of the continuing ETH market. ### Trading After Graduation After graduation, normal trading moves from the bonding curve to the Uniswap v4 pool. Users can continue buying and selling the token against ETH through the graduated market. The transition can be understood as: **Token + ETH → Bonding Curve → 4.2 ETH Threshold → Graduation → Token + ETH → Uniswap v4** ### Gas and ETH ETH also serves as the native currency used for blockchain gas on Robinhood Chain. This is separate from ETH being used as the pairing asset. A user may therefore use ETH for two different purposes: * **Pairing Asset:** ETH used to buy and sell tokens in an ETH paired market. * **Network Gas:** ETH used to pay the blockchain transaction cost required to execute onchain actions. Network gas is not a Hello.Fun platform fee. ### The First Hello.Fun Market ETH establishes the first live pairing market on Hello.Fun. A token starts against ETH. Its bonding curve builds its market and reserves. For the current ETH pair configuration, reaching the **4.2 ETH graduation threshold** makes the launch ready to graduate. At graduation, the accumulated reserves establish its Uniswap v4 liquidity. Trading then continues against ETH in the graduated market. **One pair from launch to open market.** --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://hello-fun-1.gitbook.io/hello.fun-docs/eth-pairs.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. 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