Learn · Trading
The curve
How the price forms before a coin pools, with the actual numbers.
The formula
A constant product over virtual reserves. Virtual reserves give the curve a non-zero opening price and a smooth shape; only real ETH ever leaves.
(virtualEth + ethRaised) × (virtualTokens − tokensSold) = k virtualEth = 2 ETH virtualTokens = 1,073,000,000 buy: tokensOut = vTok − ceil(k / (vEth + ethNet)) sell: ethOut = vEth − ceil(k / (vTok + tokensIn)) (before fee)
The numbers
| Default curve | |
|---|---|
| Opening price | 0.0₈1863 ETH |
| Sold on the curve | 800M tokens |
| Pools once raised | ≈ 5.86 ETH, net of fees |
| Closing price | ≈ 2.88e-8 ETH |
| Open → close | ≈ 15.4× |
The owner can adjust the virtual reserves for future launches, within bounds. A live curve keeps the shape it launched with.
Same path for everyone
The curve remembers how much was bought, not who bought it. Two buys of 0.5 ETH land exactly where one buy of 1 ETH does. No allocations, no whitelist, no team supply.
Why a sell always clears
Before pooling, the only tokens outside the contract are the ones the curve sold, and a sell can never return more than the curve holds. The contract checks it anyway.