> 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/introduction/core-principles.md). # Core Principles Hello.Fun brings several parts of a token launch and market into one connected system. Before launching or trading, it helps to understand the core concepts behind how the platform works. ### Launch A launch is the creation of a new token and its starting market through Hello.Fun. Each launch creates its own token contract and bonding curve. Trading becomes available as part of the launch process, so the token can begin forming its market immediately. ### Pair Every market needs two assets. On Hello.Fun, the pair determines the asset a launched token trades against. For example, a token paired with ETH uses ETH as its pairing asset. ETH is currently the live pairing asset on Hello.Fun. The pairing system is designed to support additional approved assets as Hello.Fun expands. ### Pairing Asset The pairing asset is the asset used to buy and sell a token within its market. During the bonding curve stage, buyers provide the pairing asset to purchase tokens. When tokens are sold back through the curve, sellers receive the pairing asset in return. At graduation, the pairing asset also becomes the quote asset in the token's Uniswap v4 market. ### Bonding Curve The bonding curve is the first market for a Hello.Fun launch. It determines how tokens are bought and sold before graduation. As users buy tokens, the launch progresses along the curve and builds the reserves used for graduation. The bonding curve therefore serves two purposes: * It provides the initial trading market. * It builds the liquidity needed for the next stage of the market. ### Graduation Graduation is the transition from bonding curve trading to a Uniswap v4 liquidity market. When a launch reaches its required graduation conditions, the accumulated reserves are moved through the graduation process and used to establish the new liquidity market. ```mermaid flowchart LR A["Bonding Curve"] --> B["Graduation"] B --> C["Uniswap v4 Pool"] C --> D["Continued Trading"] ``` Graduation does not end trading. It moves the token into the next stage of its market. ### Liquidity Liquidity is what allows assets to be exchanged within a market. For Hello.Fun launches, the liquidity used at graduation comes from the reserves accumulated through bonding curve trading. Once graduation takes place, those assets are used to create the token's Uniswap v4 liquidity position. ### Permanent Liquidity The liquidity position created during graduation is transferred into the Hello.Fun liquidity locker. The liquidity principal cannot be withdrawn, unlocked, transferred or removed from the locker. This makes the liquidity lock part of the protocol design rather than something that depends on the creator keeping the position locked. ### Uniswap v4 Uniswap v4 provides the liquidity market used by Hello.Fun tokens after graduation. Once a token graduates, its market transitions from the bonding curve into a Uniswap v4 pool. Trading can then continue through the graduated market. ### Creator Fee A creator can set a creator fee for their launch within the limits supported by Hello.Fun. The selected rate is fixed for that launch. Creator fees can accrue from trading during the bonding curve stage and continue after graduation through the token's Uniswap v4 market. Accrued creator fees can be claimed by the creator. ### Protocol Fee Hello.Fun applies a protocol fee to trading. The protocol fee is separate from the creator fee. The protocol fee is built into the trading mechanics and cannot be increased for an existing launch after it has been created. ### Slippage Slippage is the difference between the expected result of a trade and the result that may occur when the transaction is executed. Hello.Fun uses minimum output protection when a trade is submitted. This allows a transaction to revert instead of completing if the received amount falls below the user's accepted minimum. ### Price Impact Price impact measures how much a trade affects the market price because of its size relative to the available market. Hello.Fun displays price impact to help users understand the potential effect of a trade before confirming it. ### Market Data Hello.Fun tracks blockchain activity and turns it into readable market information. Depending on the token and its market stage, this can include: * Price * Market capitalization * Trading volume * Liquidity * Holder information * Transactions * Charts * Pair information This information is derived from indexed blockchain activity and presented through the Hello.Fun interface. ### HELLO Intelligence HELLO Intelligence is the AI powered product layer being built around the Hello.Fun ecosystem. It is designed to extend the experience beyond launching and trading by introducing focused products for creation, discovery, analysis, project understanding, activity monitoring and ecosystem growth. HELLO Pilot is the first product within this layer and brings AI assistance into the token creation experience. Additional HELLO Intelligence products will expand these capabilities across different parts of the Hello.Fun ecosystem. ### Wallet Control Hello.Fun is designed around wallet signed transactions. Actions that change blockchain state are signed by the user through their own wallet. Hello.Fun does not hold user private keys or take custody of user wallets. ```mermaid flowchart LR A["User Wallet"] --> B["User Signs Transaction"] B --> C["Hello.Fun Contracts"] C --> D["Onchain Execution"] ``` ### The Hello.Fun Model These concepts work together as one system. A creator can begin with an idea and use HELLO Pilot as part of the creation experience. The creator launches a fixed supply token. The token begins trading against its pairing asset through a bonding curve. Trading builds the reserves required for graduation. Graduation establishes the Uniswap v4 market. The resulting liquidity is permanently locked. Trading then continues through the graduated market. HELLO Intelligence expands around this foundation with products designed to help creators and traders create, discover, understand and navigate markets more intelligently. 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