Launch lifecycle

Every launch follows the same four steps. There is no path where a creator decides to do something different halfway through.

1. Create

The creator submits one transaction to HanokFactory.launch with a name, ticker, image, creator tax, and a few optional settings. The factory:

1. Deploys the token and its bonding curve at deterministic addresses.
2. Mints the entire supply to the curve. Nobody, including the creator, holds a bag before trading opens.
3. Snapshots the current fee policy into the launch, so later protocol changes cannot alter it.
4. Executes the creator's optional first buy inside the same transaction, before anyone else can trade.

2. Trade the curve

Anyone can buy and sell against the curve. The price is set by a constant-product formula with a virtual reserve, so it starts above zero and climbs as tokens are sold. Every trade pays the platform fee and the creator tax in ETH. Sells are always possible until the curve sells out. See bonding curve.

The first seconds of trading carry a decaying snipe tax.

3. Graduate

A fixed share of the supply is never sold; it is the pool's allocation. The buy that consumes the last sellable token closes the curve. In the same transaction the factory:

1. Sweeps pending fees to the escrow.
2. Hands the curve's ETH and the reserved tokens to the liquidity locker.
3. Creates the Uniswap V4 pool at the curve's closing price and mints a full-range position owned by the locker.
4. Burns tokens the collected ETH cannot pair with at that price.

If the automatic step runs out of gas, the launch is not stuck: graduate(token) is permissionless and the router retries it on the next trade. See graduation.

4. Pool

Trading continues on Uniswap V4. The pool charges no LP fee of its own; the Hanok hook charges the same platform fee and creator tax the curve did, still in ETH. Any V4-aware router or aggregator can trade the pool without integrating Hanok at all.

Phases

The factory records one of three phases per token. It is the authoritative signal for where to route a trade.

Phase	Value	Meaning
None	0	Not a Hanok token.
Trading	1	On the bonding curve. Includes the short window between selling out and graduation completing.
Graduated	2	Trading on Uniswap V4. Terminal.