> 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/liquidity-on-hello.fun.md). # Liquidity on Hello.Fun Liquidity on Hello.Fun is built through the launch itself. Graduated liquidity is funded by the reserves accumulated through bonding curve trading. When the token graduates, those reserves are used to establish the token's Uniswap v4 market. ### How Liquidity Is Built Every Hello.Fun token begins on a bonding curve. As users trade, reserves accumulate within the launch. When the token reaches graduation, those reserves are used to create its Uniswap v4 liquidity market. ```mermaid flowchart LR A["Token Launch"] --> B["Bonding Curve Trading"] B --> C["Reserves Build"] C --> D["Graduation"] D --> E["Uniswap v4 Liquidity"] ``` The liquidity therefore develops from market activity during the bonding curve stage. ### Liquidity Comes From the Bonding Curve Graduated liquidity is funded by the reserves accumulated through bonding curve trading. Hello.Fun does not separately add liquidity to the graduated market. The launch process connects the initial bonding curve market with the liquidity required for graduation. ```mermaid flowchart TD A["Bonding Curve Market"] --> B["Trading Activity"] B --> C["Market Reserves"] C --> D["Graduation"] D --> E["Liquidity Position"] ``` This creates a direct path from the starting market to the continuing market. ### Liquidity at Graduation When the launch becomes ready to graduate, the accumulated reserves move through the graduation process. A Uniswap v4 pool is created for the token and its pairing asset. The appropriate token supply and accumulated reserves are then used to seed the pool. The opening market state is derived from the final state of the bonding curve. ### Full Range Liquidity Hello.Fun creates the graduated liquidity as a full range Uniswap v4 position. Once the position is created, it is transferred into the Hello.Fun liquidity locker. The creator does not receive ownership or withdrawal control over the graduated liquidity position. ### Permanent Liquidity The Hello.Fun liquidity locker permanently holds the liquidity principal. The locker does not provide a path for withdrawing, unlocking, transferring or decreasing the locked liquidity principal. ```mermaid flowchart LR A["Uniswap v4 Pool"] --> B["Liquidity Position"] B --> C["Hello.Fun Liquidity Locker"] C --> D["Permanent Liquidity"] ``` The liquidity lock is therefore enforced through the contract structure rather than depending on a creator choosing not to remove liquidity. ### Liquidity Is Not Burned The graduated liquidity position is not sent to a burn address. It is held by a dedicated liquidity locker contract. This distinction matters. The liquidity position continues to exist and support the market, while the locker prevents the liquidity principal from being withdrawn. ### Residual Supply During graduation, the protocol determines how much token supply can enter the liquidity pool while maintaining the intended opening market state. Any remaining supply that cannot enter the pool without changing that state is transferred to the residual vault. The residual vault does not provide a withdrawal function. ```mermaid flowchart TD A["Token Supply at Graduation"] --> B["Supply Used for Liquidity"] A --> C["Residual Supply"] B --> D["Uniswap v4 Pool"] C --> E["Residual Vault"] ``` This separates the supply used for liquidity from any supply that cannot be included without affecting the opening market. ### Liquidity After Graduation Once graduation is complete, the Uniswap v4 pool becomes the token's continuing trading market. Users can continue buying and selling against the same pairing asset. The liquidity created during graduation remains locked while the market continues operating. ### From Market Activity to Market Liquidity Hello.Fun connects liquidity directly to the launch lifecycle. **Trading Activity → Reserves → Graduation → Uniswap v4 Liquidity → Permanent Lock** The market builds the reserves. Graduation turns those reserves into liquidity. The liquidity remains in the 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. 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