> 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/understanding-pairing.md). # Understanding Pairing Pairing is at the center of how markets are created on Hello.Fun. Every new token launches against a pairing asset. That asset becomes part of the token's market from the bonding curve through graduation and into Uniswap v4. The pair is not added after the launch. It is part of the market from the beginning. ### What Is Pairing? A pair connects a launched token with another asset that can be used to trade it. On Hello.Fun, the newly launched token forms one side of the market. The selected pairing asset forms the other. ```mermaid flowchart LR A["Launched Token"] --> C["Pair Market"] B["Pairing Asset"] --> C C --> D["Buying"] C --> E["Selling"] ``` The pairing asset determines what users provide when buying and what they receive when selling. ### The Pair Across the Market Lifecycle The pair remains relevant throughout the complete lifecycle of a Hello.Fun launch. During the bonding curve stage, users trade the launched token against its pairing asset. Trading builds reserves. When the launch graduates, those reserves are used to establish the next market. The same pairing asset then becomes the quote asset of the graduated Uniswap v4 pool. ```mermaid flowchart LR A["Token + Pairing Asset"] --> B["Bonding Curve"] B --> C["Reserves Build"] C --> D["Graduation"] D --> E["Token + Pairing Asset"] E --> F["Uniswap v4 Market"] ``` The market structure changes at graduation. The pair remains. ### Buying Through a Pair Before graduation, a buyer provides the pairing asset to the bonding curve. In return, the buyer receives the launched token according to the bonding curve. ```mermaid flowchart LR A["Buyer"] --> B["Pairing Asset"] B --> C["Bonding Curve"] C --> D["Launched Token"] D --> A ``` As tokens are purchased, the launch progresses through its bonding curve. ### Selling Through a Pair Selling reverses the interaction. The user provides the launched token to the bonding curve and receives the pairing asset according to the curve mechanics. ```mermaid flowchart LR A["Seller"] --> B["Launched Token"] B --> C["Bonding Curve"] C --> D["Pairing Asset"] D --> A ``` Buying and selling therefore take place within the same pair market. ### Pairing and Reserves Trading through the bonding curve builds the reserves used for graduation. These reserves are important because Hello.Fun does not rely on the creator to separately provide the graduated market liquidity. Instead, the market itself builds the reserves through bonding curve activity. At graduation, those reserves become part of the liquidity used to establish the Uniswap v4 market. ### Pairing and Graduation Pairing also affects how a launch progresses toward graduation. Hello.Fun can define market economics for each approved pairing asset. This allows different approved assets to have pairing configurations appropriate to their markets. Once a token launches, the pair and its launch economics are established for that launch. Later changes to the available pairing asset list do not alter an existing launch. ### Approved Pairs Pairing on Hello.Fun is curated. An arbitrary asset cannot simply be entered and used to create a new pair market. A pairing asset must be supported and approved before creators can use it for new launches. ```mermaid flowchart TD A["Pairing Asset"] --> B["Configured"] B --> C["Approved"] C --> D["Available for New Launches"] D --> E["Used in Pair Market"] ``` This allows Hello.Fun to expand pair choice while keeping the launch and graduation process structured. ### Pairing Today ETH is currently the live pairing asset on Hello.Fun. This means current launches begin against ETH and, after graduation, continue into a token and ETH Uniswap v4 market. The pairing architecture is designed so that additional approved pairing assets can be introduced as Hello.Fun expands. ### Why Hello.Fun Is Built Around Pairs Most launch experiences focus almost entirely on the token being created. Hello.Fun also focuses on the market it enters. The pairing asset affects how users enter the market, how reserves build and what market exists after graduation. That makes the pair part of the launch itself. **The token is one side of the idea.** **The pair is the other.** --- # 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/understanding-pairing.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. 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