> 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/how-pair-assets-work.md). # How Pair Assets Work A pairing asset is the asset a Hello.Fun token launches and trades against. It is part of the market from the moment the token launches and remains part of that market after graduation. Hello.Fun uses an approved pairing system rather than allowing any asset to be used automatically. ### The Role of a Pairing Asset The pairing asset serves several purposes throughout a launch. It is used to: 1. Buy tokens during bonding curve trading 2. Receive value when selling during bonding curve trading 3. Build reserves as the market develops 4. Form the graduated liquidity market 5. Remain the quote asset after graduation ```mermaid flowchart TD A["Pairing Asset"] --> B["Bonding Curve Trading"] B --> C["Reserves"] C --> D["Graduation"] D --> E["Uniswap v4 Pool"] E --> F["Continued Pair Market"] ``` The pairing asset therefore connects the initial market with the graduated market. ### Approved Pairing Assets Hello.Fun uses an approval system for pairing assets. An asset must be configured and approved before creators can use it for new launches. Creators cannot enter an arbitrary token address and automatically create a new pairing market. ```mermaid flowchart LR A["Asset"] --> B["Pair Configuration"] B --> C["Pair Approval"] C --> D["Available for New Launches"] ``` This gives Hello.Fun a structured way to introduce additional markets. ### Pair Configuration Each supported pairing asset can have its own configuration. This allows Hello.Fun to account for differences between assets rather than requiring every pair to use exactly the same market parameters. Pair configuration includes the economics used by the bonding curve and graduation process. These settings determine how a launch using that pairing asset progresses toward its graduated market. ### Pair Validation A pairing asset must also be compatible with the launch and graduation system. The pairing system validates important asset properties, including the information required to correctly handle the asset and establish its market. This helps ensure that an approved pairing asset can move through the complete Hello.Fun lifecycle. ```mermaid flowchart TD A["Pair Asset"] --> B["Validation"] B --> C["Market Configuration"] C --> D["Approval"] D --> E["Launch Support"] E --> F["Graduation Support"] ``` ### Pairing During the Bonding Curve Once a token launches, its pairing asset becomes the asset used for its bonding curve market. When users buy, the pairing asset enters the market. When users sell, the pairing asset is returned according to the bonding curve. This activity creates the reserves required for the next stage of the launch. ### Pairing at Graduation When the launch reaches graduation, its pairing asset moves with it. The accumulated reserves are used alongside the launched token to establish the Uniswap v4 liquidity market. The pairing asset then becomes the quote asset of that graduated pool. ```mermaid flowchart LR A["Token"] --> C["Bonding Curve"] B["Pairing Asset"] --> C C --> D["Graduation"] D --> E["Uniswap v4"] E --> F["Token + Pairing Asset Market"] ``` The pair does not disappear when the bonding curve ends. It continues into the open liquidity market. ### Existing Launches Stay Consistent Pair approval controls whether an asset can be used for new launches. If the available pair list changes later, existing launches are not changed. A launch keeps the pair and market economics established when it was created. This means removing a pairing asset from new launch availability does not rewrite the configuration of tokens that already launched with that asset. ### Expanding the Pairing System The pairing architecture is designed to support additional approved assets over time. New pairing assets can be configured and introduced without changing the pair selected by existing launches. ```mermaid flowchart TD A["Hello.Fun Pairing System"] --> B["ETH"] A --> C["Additional Approved Assets"] B --> D["Launch Markets"] C --> D ``` ETH is currently the live pairing asset. Additional pairing assets can be introduced as they are supported and approved. ### One Pair Through the Lifecycle A Hello.Fun pair connects the complete market journey. **Choose Pair → Launch → Trade → Build Reserves → Graduate → Continue Trading** The market changes as the launch develops. The pairing asset stays with it. --- # 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/how-pair-assets-work.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. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.