> 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/the-launch-lifecycle.md). # The Launch Lifecycle Every token launched through Hello.Fun follows a defined lifecycle. A token begins on its bonding curve, where its initial market forms through buying and selling. As the launch progresses, it moves toward graduation. Once graduation is reached, the accumulated reserves are used to establish a Uniswap v4 liquidity market and trading continues there. The process is designed as one continuous journey. ```mermaid flowchart LR A["Token Creation"] --> B["Launch"] B --> C["Bonding Curve"] C --> D["Market Growth"] D --> E["Graduation"] E --> F["Liquidity Creation"] F --> G["Permanent Liquidity Lock"] G --> H["Uniswap v4 Trading"] ``` ### Token Creation A Hello.Fun launch begins when the creator submits the launch transaction from their wallet. Two contracts are created for the launch: 1. The token contract 2. The bonding curve contract The token has a fixed supply of **1,000,000,000 tokens** with **18 decimals**. The entire supply is minted once during creation. There is no additional mint function, which means the token supply cannot be increased later. Once created, the token supply is transferred into the bonding curve. ### Launch The market becomes active as part of the launch process. There is no separate trading activation stage. Once the launch transaction is completed, users can begin interacting with the bonding curve. This is the starting market for the token. ### Bonding Curve Trading During this stage, the bonding curve manages buying and selling. Buyers provide the pairing asset and receive tokens from the curve. Sellers return tokens and receive the pairing asset according to the curve mechanics. Trading activity builds the reserves that will later be used during graduation. ```mermaid flowchart TD A["Pairing Asset"] --> B["Bonding Curve"] B --> C["Token"] C --> D["Buyer"] D --> E["Sell Token"] E --> B B --> F["Pairing Asset Returned"] ``` ### Progressing Toward Graduation The bonding curve is not intended to remain the token's permanent market. Each launch has defined graduation conditions. As trading progresses, the launch moves toward those conditions. When the required graduation state is reached, the token becomes ready to transition from its bonding curve into a Uniswap v4 liquidity market. ### Graduation Graduation is the point where the structure of the market changes. The reserves accumulated during the bonding curve stage are moved into the graduation process. The protocol then prepares the token and pairing asset for the new Uniswap v4 market. Graduation takes place in two core stages: 1. The launch reserves are moved from the bonding curve into the graduation process. 2. Those assets are used to establish the Uniswap v4 liquidity pool. The opening state of the graduated market is derived from the final state of the bonding curve. ### Permissionless Completion Graduation is designed so that completion does not depend entirely on Hello.Fun or the token creator. When a launch becomes ready to graduate, the process can begin automatically. If automatic graduation does not complete successfully, the protocol allows graduation to be completed by another user. This prevents a launch from depending on one specific wallet to complete the transition. ### Liquidity Creation Once graduation completes, the accumulated reserves are used to create liquidity on Uniswap v4. The liquidity position spans the full price range. This establishes the token's next market and moves trading away from the bonding curve. ### Permanent Liquidity Lock The liquidity position created during graduation is transferred to the Hello.Fun liquidity locker. The locker permanently holds the liquidity principal. It does not contain a function that allows the liquidity principal to be withdrawn, unlocked, transferred or removed. The liquidity position therefore remains in place after graduation rather than remaining under the control of the token creator. ### Trading After Graduation After graduation, the token no longer relies on its bonding curve for normal trading. Trading continues through its Uniswap v4 market. ```mermaid flowchart LR A["Bonding Curve Market"] --> B["Graduation"] B --> C["Uniswap v4 Market"] C --> D["Continued Trading"] ``` The launch has now completed its transition from a newly created token into an open liquidity market. ### One Lifecycle Hello.Fun connects each stage of this process. **Create → Launch → Trade → Graduate → Create Liquidity → Lock Liquidity → Continue Trading** The bonding curve provides the starting market. Graduation provides the transition. Uniswap v4 provides the continuing liquidity market. Together, these stages form the Hello.Fun launch lifecycle. --- # 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. 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