Bonding curve & graduation

• Supply: 1,000,000,000 tokens, 6 decimals, minted once. The mint authority is revoked at creation and there is no freeze authority.
• Token program: a Token-2022 mint with its metadata stored in the mint and no metadata authority. A token with a creator fee also carries a transfer fee nobody can change.
• Curve: 793.1 M tokens (79.31% of supply) are sold on a constant-product curve that starts with virtual reserves of 20 SOL and 1,073 M tokens. The price is the SOL reserve divided by the token reserve: buys raise it, sells lower it. The starting market cap is about 18.6 SOL. A token with a creator fee keeps back a little more for its pool (213.3 M at 3%, so the curve sells 786.7 M) and its curve is scaled to match, so graduating costs nobody anything (see Migration).
• Graduation: when the last curve token is sold, about 57 SOL raised. The final buy is trimmed to exactly what is left and charges only for that. From then on the curve accepts no buys or sells.

Migration

• Migration is permissionless. bang!’s crank runs it right after graduation; if it is slow, anyone can.
• 0.25 SOL of the raised SOL is the migration fee, and up to 0.04 SOL pays the rent for the new pool accounts (any unused part goes to the protocol).
• The rest of the SOL and 206.9 M tokens create a Meteora DAMM v2 pool, which opens at the curve’s final price. For a token with a creator fee, moving those tokens would withhold the fee; the program takes every bit of it back, so the pool gets the full 206.9 M and nobody, the creator included, earns anything from graduating. (The pool’s own pull withholds the fee once more; that part is put back into the pool’s locked vault.)
• The pool has a single position, permanently locked. It belongs to the token’s launch account, so nobody can ever withdraw the liquidity and only the program can claim its fees.
• The pool opens for trading the moment it is created. Its fee starts at 99% and falls by about 1.3 percentage points every slot (0.4 seconds), reaching 1% after about 30 seconds: a bot that buys in the first moments pays almost all of its buy in fees. This makes sniping the new pool expensive.

Pool shape

The locked liquidity is spread over every price, like a classic constant-product pool, so the pool always has both SOL and tokens to trade against, however far the price runs.