Launch types explained

Every launch except direct liquidity starts with a presale. Buyers pay PBTC, and when the presale is over that PBTC becomes the token's liquidity on Uniswap V3. The launch type decides how the price moves during the presale and how the presale ends.

Bonding curve

The price rises continuously as tokens are bought. The first buyer pays the start price, the last buyer pays the end price. The creator chooses two things:

• a hard cap tier of $5,000, $10,000 or $25,000
• a price multiplier between 2× and 10× (with a 5× curve the last buyer pays five times what the first one paid)

The factory works out the start price, end price and presale allocation from those two settings and the token supply, using S = H × (3M + 1) / (R × M × (M + 1)) (start price S from hard cap H, multiplier M and the tokens R left after allocations). What matters about the formula: the token launches on the DEX at the curve's end price. The last presale buyer and the first market buyer pay the same, so there is no built-in dump at launch.

There is no deadline and no soft cap. The curve runs until it sells out, and it launches the moment it does. It cannot fail.

Buyers can sell back into the curve before it sells out, and the price walks back down. Sells carry a 5% fee: half goes to the creator, half is used to buy and burn COAL.

Fixed price

Everyone pays the same price until the presale sells out or the timer runs out. The creator sets a hard cap and a soft cap (both at least $10,000) and a duration of 7 to 180 days. The launch price is the presale price.

Stepped price

The price rises in tiers: 3 to 10 steps, each at a fixed price, with the last step 1.5× to 4× the first. Buyers always know exactly what they pay. The creator sets a hard cap of at least $20,000, a soft cap (the wizard enforces a minimum share of the hard cap based on the multiplier) and a duration of 30 to 365 days.

Direct liquidity

No presale. The creator funds the pool with at least $2,000 of liquidity in PBTC (we recommend $5,000 or more for smooth trading) and the token is tradable right away. Advanced Launch only, and PBTC payment only.

How a fixed or stepped presale ends

• When the timer runs out with the soft cap reached, the token launches automatically with what was raised.
• When the timer runs out below the soft cap, the presale fails automatically and every buyer claims a full refund.
• Once the hard cap is reached, the creator can launch early at any time from My Tokens instead of waiting for the timer. If they don't, the presale launches when the timer ends.

Protections on presales

• Whale protection caps each wallet at 0.5% to 10% of the presale allocation. Available on all three presale types. On fixed and stepped presales the creator can turn on vest excess over limit: purchases above the cap go through, but the excess is vested linearly instead of being rejected.
• Staking during the presale (fixed and stepped only) lets buyers stake their tokens in the project's staking pool before the presale ends.
• Early access. Every presale opens to the public 10 minutes after it is created. During those minutes, anyone can burn $10 worth of COAL on the token page to buy before everyone else.

After the launch

Buyers claim their tokens on the token page once the token is live. If the presale failed, the same page offers the refund instead.

Choosing

You want	Use
A fair launch where early supporters get the best price	Bonding curve
One price everyone understands	Fixed price
Early buyers rewarded, but with predictable tiers	Stepped price
Trading today, no presale	Direct liquidity