The pool
Where the supply sits from the first block, and how the price moves through it.
One single-sided position
A launch mints 1,000,000,000 tokens, opens a Uniswap v4 pool and deposits all of them into it as one position. The position holds tokens and no ETH, which is why a launch needs no liquidity from anybody.
The reason is a convention. In v4 a pool's price is currency1 per currency0 — here, tokens per ETH. A position placed entirely below that price is on the token side of the market: it is made of tokens waiting to be bought, and it can be opened without a wei of ETH. The pool is initialised just outside the range, at tick 207,200; that gap holds no liquidity, so the first buy costs nothing to cross it and starts at the edge of the position.
price (ETH per token)
~992× opening ───── tick 138,000 ← nothing left to buy here
│
│ the band: the whole supply, as one position
│
opening price ───── tick 207,000
tick 207,200 ← where the pool opensThe numbers
| Every launch | |
|---|---|
| Pair | native ETH / token (ETH is currency0, address(0) in Uniswap v4) |
| Fee tier | 1% (10,000), tick spacing 200 |
| Hook | none |
| Opens at | tick 207,200, just above the band — no liquidity sits there |
| Position range | ticks 138,000 to 207,000 |
| Opening price | the price at tick 207,000, ≈ 1.025 × 10⁻⁹ ETH per token |
| Opening market cap | ≈ 1.025 ETH, fully diluted |
| Band | ≈ 992× the opening price, ≈ 1,016 ETH fully diluted at the top |
| In the position | the whole supply, 1,000,000,000 tokens |
| Position owner | the launcher contract |
How the price moves
A buy sends ETH into the pool and takes tokens out of the position, which walks the price up the band; a sell puts tokens back and takes ETH out, walking it down. Nothing else moves it. The price cannot leave the band in either direction: at the top there are no tokens left in the position to sell, and at the bottom the pool is back where it opened with the whole supply inside it.
No curve, no graduation
There is no bonding curve, no presale, no allocation, no team supply and no graduation step. Nobody holds the supply at launch — it is in the pool — and the pool is an ordinary Uniswap v4 pool from the transaction that created it, so there is no moment when the coin changes venue and nothing to wait for. The creator has no more claim on it than the next buyer; see Security for what nobody can do to it.