The bonding curve

Before graduation there is no order book and no liquidity provider. Price comes from a curve, and every buy and sell goes through it.

The shape

One billion coins are minted at creation. Eight hundred million of them sell on the curve. The remaining two hundred million are held back for the pool the coin graduates into.

The curve is a constant product with virtual reserves. Virtual means the curve behaves as though it already holds a starting balance on both sides, so the first buy pays a sensible price instead of nearly nothing. Nobody can withdraw the virtual part, because it does not exist.

What the raise is in

A coin is priced in one asset, and everything on the curve happens in that asset. You pay in it to buy, you are paid in it to sell, and the raise accumulates in it. The curve is sized at launch so that selling out raises a target amount, expressed in dollars at the asset's registered price and converted into units of it. That asset is a tokenized stock, SOL, USDC, or a bundle of stocks, and the curve does not care which.

That sizing is fixed at creation. If the stock's price moves afterwards, the curve does not resize; the coin simply becomes cheaper or dearer in dollar terms, exactly as anything priced in that stock would.

Rounding

Every division rounds toward the curve, never toward the trader. The difference is a single base unit on any one trade, and it means the curve can never be drained by repeatedly trading a dust amount.

The program also carries an invariant it checks on every trade: the vault always holds at least the curve's reserve plus every unclaimed fee. The test suite asserts it after each step of a coin's whole life.

The last buy

The buy that would take the curve past its end is trimmed to exactly what is left, and the excess is returned in the same transaction. You cannot overpay for the final tokens, and the curve cannot sell more than eight hundred million coins.

That trimmed buy is also the one that graduates the coin.