Bonding curve launch

A bonding curve replaces a market maker with arithmetic. The contract holds the reserve asset, mints tokens to buyers at a price determined by how many already exist, and burns them on sale at the corresponding point on the same curve. There is no book to fill and no counterparty to find, so a launch can happen the moment the contract is deployed.

Most agent launchpads use one as the entry stage: a token is created, trades on the curve, and — if it accumulates enough reserve — graduates to a conventional liquidity pool. The curve stage and the graduated stage are different objects and are counted separately.

A curve guarantees a quoted price, not liquidity at that price, and says nothing about whether the project behind the token exists. Launch counts are counts of deployments, never of working agents.