How Launch works

Every asset lives under a root. Your root is the name you claimed with Sign in with X. You hold the admin token for it, YOURNAME!. The platform root is LAUNCH_XFER. The host keeps LAUNCH_XFER!. This wallet never spends that token.

Create / List Unsigned

Makes a new token under the platform root and lists it. The name is LAUNCH_XFER/YOURNAME. Costs 100 XFER, which is burned. You do not need to hold LAUNCH_XFER!.

Create / List Signed (X Account)

Lists an asset under your root, or one this wallet already holds. A child is YOURNAME/PROJECT. A unique is YOURNAME#ITEM. Bring the whole supply into this wallet first. Costs 10 XFER. This path does not use the platform root.

Launch, the wiki, and the web wallet share the vault in this browser. You sign every create, list, buy, and sell. The site does not hold the keys. The 12 words stay on this device.

The person who lists an asset is the creator. On ordinary trades their fee is set aside for them to claim from the listing. It is kept out of the XFER that backs the curve, so sells can still be paid.

Every listing starts with a bonding curve. You set the starting price, at least 0.0000001 XFER per token. Supply can be 1 to 1,000,000,000 tokens.

The curve holds the listed tokens. 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, so each buy costs a little more than the last.

The curve stays open for the life of the listing. Buys stop only when it has no tokens left. The price cannot be pushed below 0.0000001 XFER.

For the first 30 minutes after a listing opens, one buy can take at most 15% of the tokens the curve still holds. This stops a single buyer taking the whole listing at once. After 30 minutes the cap lifts.

The cap only counts what you buy from the curve. Tokens you buy from other people's sell orders on the book do not count toward it. The buy box has 5%, 15%, 25% and 50% buttons. While the cap applies they pick that share of the cap; after it lifts, that share of what the listing still holds.

Next to the curve is an order book. You can post a buy below the curve price or a sell above it, and it waits there until the price reaches it.

Who fills first

Best price first. At the same price, the oldest order first.

How trades route

A buy takes cheaper resting sells first, then the curve, step by step. A sell does the reverse.

Escrow

Your order's XFER or tokens are held while it rests, and come back if you cancel.

Smallest order

1 XFER. A leftover under 1 XFER is refunded automatically.

Limit

Up to 5 open orders per side.

Cancel

Any time from 2 minutes after you place it.

Sell now / Buy now; cancel anything left

Tick it to trade only what fills now: the listing's reserve at the curve price (up to what it holds) and resting orders. Anything left is cancelled, not left on the book.

Total on a fair trade

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.

Platform

0.60% of each buy or sell, paid in the same signed transaction. The live rate shows when you sign. 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%.

Creator

0.30% of each buy or sell, set aside for the person who listed it. They claim it from the listing. Listings made before this fee existed may not charge it. Together with the platform fee, a fair trade pays 0.90%.

Book trades

The buyer pays the fees on top. The holder who sells receives the price.

Unique first sale

The first buy of a unique (one token, a name with #) pays the listing price to the lister. The buyer also pays the 0.60% platform fee. There is no separate creator fee on that sale, because the lister already receives the price. After that the curve closes and it trades on the order book only.

Network fee

0.01 XFER per kB, paid to the lottery winner.

The creator fee is kept apart from the tokens and XFER that back the curve.

A chart order waits for a price. Click a price on the chart, tap the + that appears, and set how much to buy or sell. When the price reaches it, it runs a normal buy or sell from this wallet.

Chart orders live only in this browser tab while your wallet is unlocked. Locking the wallet or closing the tab cancels them. They are not on the chain or the book until they fire. A buy that would break the 15% cap, while it applies, is refused when you place it.

Tabs: All, Tokens, NFTs, Real-world assets. Sort: Trending (recent trades), Most traded (last day), New, Gainers (price change over the last day). Search matches a token name or the lister's @handle.

Every trade is public on the chain. The explorer's Trades page lists today's Launch trades. See Explorer guide.

List it for sale · Buy and sell · Place or cancel a book order