> For the complete documentation index, see [llms.txt](https://zerotick-trade.gitbook.io/documentation.v1.2/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zerotick-trade.gitbook.io/documentation.v1.2/token-launch/zerotick-bonding-curve.md).

# ZeroTick Bonding Curve

Every token launched on ZeroTick starts on a **bonding curve**: an automated pricing mechanism that replaces an order book with a fixed formula. The formula sets the token price from how far along the curve the token has sold, so pricing is transparent and predictable from the moment the token goes live. When the curve fills, the token **graduates** to a decentralized exchange (DEX) and trades from a normal liquidity pool.

{% hint style="info" %}
"Graduate" is the milestone where a token finishes its bonding curve and moves to a DEX. On the Marketplace you see this as a token reaching the **Migrated** column.
{% endhint %}

### How the curve prices a token

A bonding curve is a formula, not a counterparty. The price depends only on how far along the curve the token is:

* **Every buy moves the price up**, because it pushes the token further along the curve.
* **Every sell moves the price down**, because it moves the token back along the curve.
* There is no order book and no market maker to trade against. The next price is always set by the formula, so you can see it before you trade.

### From first buy to graduation

{% stepper %}
{% step %}

#### The token goes live on the curve

When a creator launches, the token deploys straight onto a bonding curve and trading opens immediately, with the price at the start of the curve.
{% endstep %}

{% step %}

#### Buys and sells move the price

As people buy, the price climbs the curve; as people sell, it eases back down. Net buying is what carries a token toward graduation.
{% endstep %}

{% step %}

#### The curve fills toward its threshold

Every net buy fills more of the curve. Progress is measured against a graduation threshold, the target the curve needs to reach before it can graduate.
{% endstep %}

{% step %}

#### The token graduates to a DEX

When the curve reaches its threshold, the token graduates automatically. Liquidity is deployed to a decentralized exchange, and the token trades from a standard liquidity pool from then on. Creators take no action; graduation happens on its own.
{% endstep %}
{% endstepper %}

{% hint style="warning" %}
Graduation is permanent. Once a token graduates to a DEX, it does not return to a bonding curve.
{% endhint %}

### Audited third-party curves

Rather than write and audit its own curve contracts, V0 launches deploy through established third-party launch protocols whose code has already been professionally audited. Examples of the providers ZeroTick integrates include **Meteora**, **Doppler**, and **Nad.fun**. Meteora's contracts were audited by Code4rena, and the Uniswap V4 core that Doppler builds on was audited by the Uniswap Foundation.

Using audited infrastructure lets ZeroTick reach mainnet without the months and cost of auditing custom contracts that hold user funds. The exact curve depends on the provider: most use a classic bonding curve, while some (such as Doppler) use an auction-style curve. All of them share the same lifecycle. They fill, then graduate.

{% hint style="info" %}
ZeroTick's own bonding-curve types, including a linear and an exponential curve, ship with ZeroTick's custom contracts in V1.
{% endhint %}

### No transaction protections in V0

V0 launches run on plain bonding curves with no transaction-level safeguards. ZeroTick's fairness protections (anti-bot, anti-whale, insider protection, anti-MEV, bundle protection, and buy/sell limits) are not part of V0. Project cards and the trading page do not show protection indicators while V0 is live.

{% hint style="warning" %}
Because V0 has no built-in protections, a launch carries the same risks as any unprotected bonding curve. Assess your own risk before you buy or launch.
{% endhint %}

Read [Bonding Curve Protections](https://zerotick-trade.gitbook.io/documentation.v1.1/token-launch/bonding-curve-protections) for what each protection does and which version it arrives in.

### Following a launch on the Marketplace

The **Marketplace** groups every token by where it is in this lifecycle, using its bonding progress:

| Column           | What it means                                                                                  |
| ---------------- | ---------------------------------------------------------------------------------------------- |
| **New launch**   | The token is early on its curve and still filling.                                             |
| **Bonding soon** | Bonding progress has passed the halfway mark (50%) and the curve is filling toward graduation. |
| **Migrated**     | The token has graduated to a DEX.                                                              |

On each project card, a **progress ring** around the token image and a **Bonding progress** percentage show how full the curve is. Once a token graduates, the ring is replaced by a **Migrated to:** label naming its destination DEX. A token's column follows its live bonding progress, so it advances as the curve fills.

You do not need to be on the token's chain to take part. You can buy or sell into a bonding curve from any supported chain, and cross-chain trading stays available after graduation. See [Cross-chain trading](https://zerotick-trade.gitbook.io/documentation.v1.1/trading/cross-chain-trading) for how that works.

### What graduation changes

|                     | On the bonding curve       | After graduation                                         |
| ------------------- | -------------------------- | -------------------------------------------------------- |
| Price is set by     | the curve formula          | the DEX liquidity pool                                   |
| Where it trades     | the bonding curve          | a standard DEX pool                                      |
| Cross-chain trading | available through ZeroTick | available through ZeroTick, or trade directly on the DEX |

Trading fees differ before and after graduation. For the current breakdown, see [Fees & Pricing](https://zerotick-trade.gitbook.io/documentation.v1.1/fees-and-pricing).

<details>

<summary>Do I choose which curve my token uses?</summary>

The curve comes from the launch provider ZeroTick uses for your launch. Graduation runs automatically once the curve fills, so there is nothing to manage after you launch.

</details>

<details>

<summary>What happens to a token that never fills its curve?</summary>

It stays on the bonding curve and keeps trading there. A token only leaves the curve by graduating, which happens when it reaches its graduation threshold.

</details>

<details>

<summary>Can I trade before a token graduates?</summary>

Yes. Tokens trade on the bonding curve from the moment they go live, well before graduation. Buying and selling on the curve is what moves a token toward graduation.

</details>

### Related pages

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Bonding Curve Protections</strong></td><td>What each fairness protection does and which version it arrives in.</td><td><a href="https://zerotick-trade.gitbook.io/documentation.v1.1/token-launch/bonding-curve-protections">https://zerotick-trade.gitbook.io/documentation.v1.1/token-launch/bonding-curve-protections</a></td></tr><tr><td><strong>V0: Launch &#x26; Trade</strong></td><td>How V0 launches, graduates, and trades across chains.</td><td><a href="https://zerotick-trade.gitbook.io/documentation.v1.1/v0-launch-and-trade">https://zerotick-trade.gitbook.io/documentation.v1.1/v0-launch-and-trade</a></td></tr><tr><td><strong>Marketplace</strong></td><td>Where tokens appear as they move through the curve.</td><td><a href="https://zerotick-trade.gitbook.io/documentation.v1.1/marketplace">https://zerotick-trade.gitbook.io/documentation.v1.1/marketplace</a></td></tr><tr><td><strong>Fees &#x26; Pricing</strong></td><td>Trading fees on the curve and after graduation.</td><td><a href="https://zerotick-trade.gitbook.io/documentation.v1.1/fees-and-pricing">https://zerotick-trade.gitbook.io/documentation.v1.1/fees-and-pricing</a></td></tr></tbody></table>