Bonding curves
A bonding curve quotes the launch token against a chosen quote asset. Buying increases the amount sold and raises the marginal price. Selling a recorded position back reduces the amount sold and lowers it.
This format is live on Base. The Stellar factory deploys the same kind of dedicated vault for each curve launch.
From opening to graduation
The vault is Scheduled before starts_at. At that timestamp it becomes Open, and eligible participants can buy or sell. There is no end date. Trading continues until a successful buy takes the recorded net quote reserve to or above the graduation target.
At graduation, both curve buys and sells stop permanently. Creator fee claims and team vesting claims remain separate operations.
On Base, follow the live launch page for how graduation settles. On the current Stellar prototype, pool creation and graduation payouts are not implemented. Reaching the target locks trading; it does not move the reserve into a market. See lifecycle.
Initial price and curve shape
The creator sets synthetic token and quote reserves. Their ratio establishes the initial marginal price. Their size relative to the sale allocation determines how sharply the price moves.
These reserves are pricing parameters. They do not represent quote tokens deposited by the creator.
For example, with 600 tokens in the sale allocation and virtual reserves of 1,800 tokens and 1,800 quote units:
| Point | Marginal price | Cumulative quote reserve, before fees |
|---|---|---|
| Before purchases | 1 quote unit per token | 0 |
| After 300 tokens sold | 1.44 quote units per token | 360 quote units |
| After 600 tokens sold | 2.25 quote units per token | 900 quote units |
These are illustrative parameters. Marginal price is the price of the next small increment, not the average price for a large purchase. Use the contract quote for the full amount.
Buying
A buy specifies an exact token amount and a payment cap, the maximum quote payment including the creator fee. The transaction transfers the quote payment into the vault and the purchased token directly to the buyer.
A quote does not reserve a price, inventory, or eligibility. On Stellar, a gated buy also checks the buyer's current reputation.
Selling back
The vault records how much each address purchased directly. That address can sell back up to its recorded position while trading remains open, provided it still holds the tokens.
Transferring tokens does not transfer the sell-back position. Team tokens and tokens received from another holder do not create a curve sell-back right. A sell-back uses the current curve price and normal fees; it does not refund the original payment.
Graduation accounting
The target counts the vault's recorded net quote reserve. Creator trading fees and direct donations do not count. A purchase fills in full and can overshoot the target.
For the Stellar formula, methods, and parameter limits, see launch contracts. For the live Base factory address, see Base factory.