Bonding curve and graduation.
Each token starts trading on its own bonding curve, where buys move the price up and sells move it down. When enough ETH is in the curve, the token graduates to a Uniswap v4 pool.
On curve
buys and sells move the price
Swept
threshold reached
Graduated
trades in the v4 pool
Trading on the curve
A new token has no pool to seed. Its curve sells tokens for ETH and buys them back, and the price follows the curve as its ETH balance changes. Every trade pays the fees described in Fees.
Curve progress
Progress is the ETH held by the curve divided by the launch's graduation threshold. It's the bar shown on Explore and on each token page, read from Robinhood Chain.
Graduation
| Phase | What it means |
|---|---|
| On curve | The token trades on its bonding curve. |
| Swept | The threshold was reached and the curve's liquidity was collected. The pool is being created. |
| Graduated | The token trades in a Uniswap v4 pool. |
Where to trade
Buying and selling happens on Pons. Every token page on SNEAKS links to the token on the Pons launchpad.
Something unclear or missing? Tell SNEAKS on X.