How Launch works

Launch is the trading page on this site. Each listing has a price curve and an order book that work as one market. You sign every trade in your own wallet.

Two ways to list

Create: Make a brand-new token and list it in one go. It is named LAUNCH_XFER/YOURNAME. Costs 100 XFER, which is burned.
List your own: List a token you already made and hold. Bring the whole supply into this wallet first. Costs 10 XFER.

The price curve

Every listing starts with a bonding curve. You set the starting price, at least 0.01 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 0.01 XFER.

Example: How a buy moves the price

A listing opens at 1 XFER. A buy takes tokens off the curve, so the next token costs a bit more. A sell puts tokens back, so the price comes down. Big trades move it more than small ones.

The 15% cap

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.

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 2%, 5%, 10% and 15% presets.

The order book

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.
Take now only: Tick it to trade only what is available now. Nothing is left on the book.

Fees

Platform: 0.60% of each buy or sell, paid in the same signed transaction. The live rate shows when you sign.
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.
Book trades: The buyer pays the fees on top. The seller gets the full price.
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.

Chart orders

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 is refused when you place it.

Finding listings

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.

Do it

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

Prices can go down

A price on Launch is just the last trade. It can fall as easily as it rises, and a listing can have no buyers. Only trade what you are fine losing.

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.