how launches work

a coin on kobai lives in two stages. first it is a bud on a bonding curve. then, if enough people want it, it blooms into a regular pool on elysium.

planting a coin#

anyone can plant a coin. you choose a name, a ticker, an image and a short description, and pay the launch fee (TBD). the contract mints the full supply at once — 1,000,000,000 tokens by default — and splits it three ways:

| part | share | what happens to it | | --- | --- | --- | | the flower | 5% | locked in the coin's contract. owned by nobody. burns after the bloom. | | the curve | TBD | sold to buyers along the bonding curve. | | liquidity reserve | TBD | paired with the HYPE raised and moved to a DEX pool at the bloom. |

there is no team allocation and no creator allocation. if the creator wants tokens, they buy them on the curve like everyone else — the form lets them make the first buy in the same transaction.

the bonding curve#

while it is a bud, the coin can only be bought from and sold back to its curve. the price is set by a constant-product formula with virtual reserves, the classic launchpad design:

• h is the HYPE that has gone into the curve so far, t the tokens that have come out.
• H₀ and T₀ are virtual reserves chosen so the price starts low and the whole curve sells out exactly at the graduation threshold.
• every buy moves the price up the curve; every sell moves it back down. there is no order book and no one sets the price by hand.

prices are always quoted in HYPE. you pay HYPE, you receive the coin; you sell the coin, you receive HYPE.

graduation threshold#

when the HYPE in the curve reaches the graduation threshold (TBD), the last tokens of the curve are sold and the coin blooms. a buy that would go past the threshold is filled up to it and the rest of the HYPE is refunded in the same transaction.

where the liquidity goes#

at the bloom, in a single transaction:

1. the curve closes — no more buys or sells on it.
2. the HYPE raised and the liquidity reserve (TBD of supply) are deposited into a new pool on an elysium DEX (TBD).
3. the LP position is burned, so the liquidity can never be pulled.
4. the flower's clock starts: the first petal burns 24 hours later.

after the bloom the coin trades like any other token on elysium. kobai's own interface keeps showing it, with its five-petal meter, until the last petal has burned and beyond.

what "bud", "blooming" and "bloomed" mean#

• bud — on the curve, not graduated yet.
• blooming — graduated, in its five-day burn. the flame fee is on.
• bloomed — all five petals burned. the fire is out; the coin is 5% lighter than at launch, plus whatever the flame fee burned.