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Trade & Graduate

tip

Buys and sells go through the bonding curve until the token reaches max supply. The last buy that crosses the line graduates the token, pays a 0.1% refund to the wallet that triggered it, and seeds locked v4 liquidity - all in one transaction.

Buying​

When you buy on the bonding curve:

  1. Your ETH is checked against the trading-fee schedule (currently 1.5%, applied to the ETH leg).
  2. If you arrived via a referral link, your direct (and, if applicable, indirect) referrer is recorded on this first qualifying trade. The relationship is set once and persists across every future trade you make on any Factory token. See Referrals.
  3. The post-fee ETH is added to the curve, the curve mints your tokens, and they land in your wallet.
  4. If the curve cannot give you the minimum output you specified, the trade reverts.

The minimum-output check is your slippage floor. The Factory does not impose a default - you pick it. Front-ends quote your expected output via the bonding curve's quote functions; pass a value that reflects how much slippage you are willing to accept.

A safer quote is available near graduation: it caps the buy to the remaining supply on the curve, so a quote cannot over-promise tokens when the curve is nearly empty.

Selling​

Sells use the same fee shape as buys, applied to the ETH proceeds rather than the ETH input. You specify how many tokens to sell and the minimum ETH you will accept; if the curve cannot deliver that much net of fees, the sell reverts.

Transfer restrictions before graduation​

While a token is still on the bonding curve, only a small allow-list of contracts (the curve itself, the Factory, the optional vesting contract) can move it around. ERC20 approvals work normally so router-style flows continue to function, but peer-to-peer transfers and burn() are blocked until liquidity exists.

These restrictions are what stop people from draining the curve, bypassing the curve through OTC swaps, or burning supply to manipulate price before there is any LP. The moment the LP is seeded, every restriction is lifted at once.

Trading fees in one paragraph​

Every trade pays 1.5% on the ETH leg. If you have a referrer, part of that 1.5% is split with them - but the total fee you pay is identical either way. See Fees & Revenue for the full breakdown.

Graduation​

The exact moment a buy pushes the token to its max supply, the Factory triggers graduation in the same transaction. In a single atomic step the token:

  1. Wraps the accumulated curve ETH into WETH.
  2. Pays the graduation fees: 0% Protocol (skipped today), 5% Creator (to the fee receiver - your wallet, a custom address, or the staking vault), and a 0.1% refund to the wallet that triggered graduation.
  3. Forwards the remaining ETH and the 200M reserved tokens to the Liquidity Manager.
  4. The Liquidity Manager mints two concentrated Algebra V4 positions per pool - one centred above the seed price (token-heavy) and one below it (WETH-heavy). 95% of the liquidity goes into the custom pool, 5% into the default POL pool when it is enabled.
  5. The LP NFTs are sent to Harvester. They are permanently locked there - only the fees the positions earn can ever be collected.
  6. Transfer restrictions are lifted. From this point on, the token behaves like any standard ERC20.

Once graduation returns, the token is live on Cypher's Algebra V4 AMM with a public, locked, dual-position liquidity profile.

Graduating on purpose​

In normal use graduation happens by accident - somebody's buy is big enough to cross the supply line. But you can also graduate a token on purpose by sizing a buy to exactly clear the remaining curve supply. The 0.1% refund is a direct reward for doing so, and it usually covers the gas comfortably.

The MCP server and OpenClaw plugin ship with a Graduation Sniper strategy that watches tokens approaching the line and submits the trigger transaction automatically. See AI Tools.

Checking on a token​

The frontend at factory.cyphereth.com surfaces everything you might want at a glance - current price, market cap, TVL, holders, whether the token has graduated, where the LP NFTs live, and per-token activity. The AI tools expose the same data programmatically through plain-English queries ("what's the price of MOON", "has SCAT graduated yet?", "show me my positions").