Bonding curve

Each new listing opens a bonding curve. Buying from it pushes the price up. Selling into it pushes the price down. The math is a constant product: the XFER side times the token side stays the same. You set the starting price, and it cannot be below 0.0000001 XFER.

Step by step

1. Pick Buy or Sell on a listing and enter a quantity. A buy pays the smallest amount of XFER that delivers that quantity after fees, plus a slippage ceiling. Presets are 0.50%, 1.00%, 2.00%. The default is 1%. The most you can set is 50%.
2. On a fair curve the platform fee is 0.60% (60 bps) and the creator fee is 0.30% (30 bps). Both come off a buy before the curve, and both come out of a sell's curve payout. The creator fee is kept out of the reserve. A fair trade pays 0.90% in total: 0.60% platform and 0.30% creator. Of the 0.60% platform fee, 0.20% goes to the listing's pool when it has stakers. If the pool has no stakers, the platform keeps the 0.20%. The creator keeps 0.30%. The trading fee share has been live since Oct 18, 2026 at 6:33 PM ET. Trades before that are not paid back into pools.
3. One buy from the curve can take at most 15% of the tokens the curve still holds. Buys from other people's book orders do not count toward that cap. The buy box has 2%, 5%, 10%, and 15% presets.
4. If the price moves past your ceiling, the trade is refused. Unused room in the ceiling stays in this vault.
5. Buys from the curve stop when it has no tokens left. A unique closes its curve after the first sale and then trades on the order book only.
6. Book orders sit beside the curve. Order book and trigger orders.

Example

Example: A fair buy and a fair sell (example amounts)

Example amounts, so the fee split is easy to check. This is not a live price.

Fair buy of 1,000 XFER: Platform 0.60% is 6 XFER. Creator 0.30% is 3 XFER. 991 XFER goes to the curve.
Fair sell, curve payout 100 XFER before fees: Platform 0.60 XFER. Creator 0.30 XFER. The seller receives 99.10 XFER.
Slippage ceiling: A buy whose exact cost is 100 XFER, with the default 1% ceiling, can spend at most 101 XFER. Anything above the exact cost stays in the vault.
Sold out: When the curve holds no tokens, buys from it stop. The last fill is what the chart can print. A unique is sold out of its curve after the first sale.

Common mistakes

Ignoring the 15% cap and sending one buy for the whole curve. Lower the amount, or split it. Book fills do not count toward the cap.
Setting slippage to 0 and then blaming the wallet when a moving price refuses the trade.
Expecting a sold-out curve to keep selling inventory it no longer holds.
Treating the creator fee as part of the reserve. It is kept apart so sells can still be paid.

FAQ

Do old listings charge the creator fee?: Fair listings do. Listings made before this fee existed may not. The live platform rate is shown when you sign.
Can the price fall below the minimum?: No. The price cannot be pushed below 0.0000001 XFER.
Where does a unique's first sale go?: The lister receives the listing price. The buyer also pays the 0.60% platform fee. There is no separate creator fee on that first sale, because the lister already receives the price.

The wiki explains how the software works. It is not legal, tax, securities or financial advice. Rules differ by country and change over time. Nothing here is a promise that XFER or any token will have value. Terms of Use.