> For the complete documentation index, see [llms.txt](https://realmtrade.gitbook.io/realm-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://realmtrade.gitbook.io/realm-documentation/uniswap-v2-tokens/bonding-curve-phase.md).

# Bonding Curve Phase

Uniswap V2 tokens only. Price discovery on the bonding curve before graduation.

{% hint style="info" %}
**Uniswap V2 tokens only.** This page applies to tokens launched on the bonding curve, which exists to support Uniswap V2. It does not apply to Uniswap V4 tokens: those are [direct launches](/realm-documentation/basics/direct-launch.md), with no bonding curve, no liquidity tier and no graduation.
{% endhint %}

This phase rewards early believers while laying the foundation for liquidity growth.

**Once launched, the token enters the Bonding Curve Phase**.

* Price is determined by a bonding curve following the well-known constant-product AMM formula
* Users buy and sell directly via the Realm Launchpad curve contract
* Until graduation, the token can only be traded through Realm — it cannot be transferred to a liquidity pool
* 1% trading fee, collected exclusively in ETH, shared between the Treasury and the creator
* All fee and curve parameters are fixed when the token is created and immutable for its lifetime

### Price discovery

Every token has a fixed supply of **1,000,000,000 tokens**. The curve holds the tradable supply and prices it against the ETH collected so far, so the price rises as more ETH comes in and falls when holders sell back.

Roughly **71.4%** of the supply is sold through the curve; the remaining **285.7M tokens (28.57%)** are reserved for the Uniswap liquidity at graduation. If the creator locked supply in [creator vaults](/realm-documentation/basics/creator-vaults.md), that allocation is set aside up front and the curve is adjusted so graduation lands at exactly the same price and depth.

### Trading fee

A flat **1% fee** applies to every buy and sell, collected in ETH and split **70% to the creator, 30% to the Treasury**.

Creators earn from the very first trade, well before graduation. The creator's share accrues and is claimed from the profile page. See [Fee Structure](/realm-documentation/basics/fee-structure.md).

### Reaching graduation

The curve accepts ETH up to the [tier's](/realm-documentation/uniswap-v2-tokens/liquidity-tiers.md) graduation threshold — 3.75 ETH on the Standard tier. The purchase that crosses the threshold graduates the token to Uniswap V2 automatically, in the same transaction. Selling never triggers graduation.

Buys that would overshoot the threshold by more than **0.05 ETH** are rejected, keeping the graduation price predictable.