> 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/uniswap-v4-markets.md). # Uniswap v4 Markets After graduation, a Hello.Fun token transitions from its bonding curve into a Uniswap v4 market. Uniswap v4 becomes the continuing trading environment for the token, while the liquidity created through graduation remains permanently locked. ### From Bonding Curve to Uniswap v4 Every Hello.Fun market begins on a bonding curve. Once the launch reaches graduation, the accumulated reserves are used to establish a Uniswap v4 pool for the token and its pairing asset. ```mermaid flowchart LR A["Bonding Curve"] --> B["Graduation"] B --> C["Uniswap v4 Pool"] C --> D["Continued Trading"] ``` The token does not change during this transition. The pairing asset does not change. The market mechanism changes. ### The Graduated Pair The Uniswap v4 pool uses the same pair established when the token launched. For a current ETH paired launch: ```mermaid flowchart LR A["Token + ETH"] --> B["Bonding Curve"] B --> C["Graduation"] C --> D["Token + ETH"] D --> E["Uniswap v4 Market"] ``` ETH remains the quote asset after graduation. ### Creating the Pool Hello.Fun uses Uniswap v4 infrastructure on Robinhood Chain to establish the graduated market. During graduation, the protocol: 1. Moves the accumulated reserves 2. Creates the Uniswap v4 pool 3. Seeds the pool with the appropriate assets 4. Creates a full range liquidity position 5. Transfers the liquidity position into the Hello.Fun liquidity locker The creator does not need to create or configure the pool manually. ### Opening Market State The opening state of the graduated market is derived from the terminal state of the bonding curve. This connects the market established during bonding curve trading with the market that begins on Uniswap v4. ```mermaid flowchart LR A["Final Bonding Curve State"] --> B["Graduation"] B --> C["Opening Uniswap v4 State"] C --> D["Continued Market"] ``` Graduation is therefore a transition between market structures rather than the creation of an unrelated new market. ### Full Range Liquidity Hello.Fun creates a full range liquidity position for the graduated pool. The resulting position is transferred into the Hello.Fun liquidity locker. The liquidity principal then remains permanently locked while the pool continues supporting trading. ### Trading Through Uniswap v4 After graduation, normal buy and sell activity moves to the Uniswap v4 pool. When a user prepares a trade, Hello.Fun obtains a quote from the graduated market. The transaction includes minimum output protection based on the user's slippage settings. ```mermaid flowchart TD A["User Enters Trade"] --> B["Uniswap v4 Quote"] B --> C["Expected Output"] C --> D["Minimum Output Protection"] D --> E["User Signs Transaction"] E --> F["Uniswap v4 Swap"] ``` Users continue signing their own transactions through their wallets. ### Hello.Fun and Uniswap v4 Hello.Fun uses Uniswap v4 as the liquidity infrastructure for graduated markets. The protocol also uses a Hello.Fun hook as part of its graduated market design. The hook handles the Hello.Fun protocol fee and creator fee associated with swaps. ### The Hello.Fun Hook The hook has deliberately limited permissions. It operates after a swap to apply the relevant Hello.Fun trading fees. It does not have the permission used to intervene before a swap. This means the Hello.Fun hook cannot use a before swap action to block a sell or selectively prevent a trade from beginning. ```mermaid flowchart LR A["Swap Begins"] --> B["Uniswap v4 Swap"] B --> C["Hello.Fun Hook"] C --> D["Protocol Fee"] C --> E["Creator Fee"] ``` The hook also does not control normal token transfers or the graduated liquidity position. ### Fees After Graduation A graduated market can include: | Fee | Purpose | | ------------- | ------------------------------------------------------- | | Protocol Fee | Hello.Fun protocol fee applied to swaps | | Creator Fee | Fee established by the creator at launch | | Liquidity Fee | Fee generated through the Uniswap v4 liquidity position | The Hello.Fun protocol fee on pool swaps is **1%**. The creator fee remains the rate established for that launch. The pool liquidity fee is **1%**. These are separate fee components of the graduated market. ### Fees Cannot Be Raised for an Existing Launch The protocol fee rate is not adjustable for an existing launch. The creator fee is established when the token launches and remains fixed. The liquidity fee is fixed by the deployed market configuration. The graduated market therefore does not introduce a mechanism for later increasing these rates on an existing launch. ### Liquidity Remains Locked Trading fees can accrue while the underlying liquidity principal remains locked. The liquidity locker allows eligible fees to be collected without decreasing or withdrawing the liquidity position itself. ```mermaid flowchart TD A["Uniswap v4 Market"] --> B["Trading"] B --> C["Fees Accrue"] C --> D["Eligible Fees Collected"] A --> E["Liquidity Position"] E --> F["Principal Remains Locked"] ``` ### Trading Beyond Hello.Fun A graduated token exists in a standard Uniswap v4 pool on Robinhood Chain. This means the market is not dependent solely on the Hello.Fun interface for its existence. The graduated pool can also be interacted with through compatible Uniswap v4 interfaces. ### The Continuing Market Uniswap v4 is the second stage of the Hello.Fun market lifecycle. The bonding curve establishes the initial market. Graduation connects the two stages. Uniswap v4 provides the continuing liquidity market. **Bonding Curve → Graduation → Uniswap v4 → Continued Trading** The market grows beyond the curve. The liquidity stays. --- # 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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