Launchpad
Launch coins from a bonding curve to a fully onchain hybrid AMM/CLOB exchange while earning creator fees.
Crystal Launchpad lets anyone create a token that can begin trading immediately.
New launchpad tokens start on a bonding curve. As people buy the token, its price rises automatically according to the curve. Once enough activity has occurred, the token graduates into a normal Crystal market with both an orderbook and AMM liquidity.
There is no separate migration step for users. Graduation happens automatically.
How It Works
A launchpad token has two stages:
Launchpad
Bonding curve
Buy and sell through the launchpad
Graduated
Crystal orderbook + AMM
Trade like any other Crystal market
1. Create a token
Anyone can create a launchpad token by providing:
a name;
a symbol;
metadata;
a description; and
optional social links.
Crystal creates both the token and the market it will eventually graduate into.
The creator does not need to manually create liquidity or deploy a separate market.
If native currency is sent while creating the token, it is immediately used to buy the newly created token.
2. Trade on the bonding curve
Before graduation, users buy and sell against the launchpad's bonding curve.
The bonding curve automatically determines the token price based on how many tokens remain available.
As users buy:
the token reserve falls;
the native reserve rises; and
the token becomes more expensive.
As users sell:
tokens return to the curve;
native currency leaves the curve; and
the token becomes cheaper.
This gives every newly created token an immediately available market without requiring an external liquidity provider.
Token Supply
Each launchpad token has a fixed supply of:
Of that supply:
are available through the launchpad curve before graduation.
The remaining:
are reserved for the AMM liquidity used by the graduated Crystal market.
Crystal also uses additional virtual reserves for pricing. These virtual reserves affect the shape of the bonding curve but are not extra circulating tokens.
Fees
Launchpad trades pay a fee.
The fee is split between:
the token creator; and
the Crystal protocol.
The creator's share is controlled by the launchpad configuration.
After graduation, trading uses the fee settings of the graduated Crystal market instead, while the creator fee remains but the fee split may change.
Graduation
A token graduates once the bonding curve reaches its configured graduation point.
At graduation, Crystal automatically:
activates the token's Crystal market;
makes the pair available through normal Crystal routing;
activates the market's AMM liquidity;
enables normal orderbook trading; and
transitions future trading to Crystal's standard market infrastructure.
No action is required from the token creator or holders.
A buy can even cross the graduation point and continue into the newly activated market in the same transaction.
After Graduation
Once graduated, the token behaves like a normal Crystal market.
Users can trade through:
normal swaps;
the orderbook;
market orders;
limit orders; and
the AMM.
The launchpad buy and sell interfaces also continue to work and automatically route through the graduated market.
Liquidity After Graduation
Crystal prepares the token's initial AMM liquidity when the token is created.
The AMM starts with:
plus the corresponding native-side liquidity determined by the launchpad curve.
The LP tokens for this initial liquidity are permanently locked, so this initial market liquidity cannot simply be withdrawn by the token creator.
Trading Across Graduation
A launchpad buy can span both stages.
For example:
This happens in one transaction.
From a user perspective, the transition is automatic.
Quotes
Crystal provides quote functions for launchpad trades.
Use:
to estimate a trade before submitting it.
Quotes account for:
the bonding curve;
launchpad fees;
graduation; and
the graduated market when applicable.
Launchpad Events
Before graduation, launchpad trades emit:
When graduation occurs, Crystal emits the normal market initialization events.
After graduation, trades use the normal Crystal market events such as:
depending on how the trade executes.
Summary
The Crystal Launchpad is designed to take a token from creation to a fully functioning Crystal market automatically:
The creator does not need to manually bootstrap a pool, migrate liquidity, or deploy a second market. Crystal handles the entire transition on-chain.
Content on the launchpad is entirely user created and is not endorsed by nor reflects the views of Crystal Labs and/or any its employees.
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