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There is no bonding curve on maki.finance, no graduation, and no migration. A launch is a listing: one transaction puts your token on a real DEX with locked liquidity, and it trades there from the block it was born in.

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What one transaction does

createToken performs all of this atomically, on the venue the creator picks (SushiSwap or Uniswap v3):
  1. Deploys the ERC-20. Exactly 1,000,000,000 tokens, 18 decimals, minted once. No owner, no mint function, no pause, no blacklist, no transfer fees.
  2. Creates and initializes the WETH/token pool at the global opening price, in the 1% fee tier.
  3. Locks the entire 1B supply as liquidity. The full supply is minted as one single-sided position and sent straight into the venue’s immutable FeeLocker vault. It can never be withdrawn by anyone. Only the swap fees it earns can be collected.
  4. Executes the optional dev buy, before anyone else can reach the pool.
By the time the transaction confirms, the token has a live pool, locked liquidity, and a price. There is no second phase and nothing left to trigger.

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The launch geometry

Every launch opens with identical numbers, on either venue: The position is single-sided: it spans the price range from the opening tick downward-in-tokens, holding 100% tokens and zero ETH at launch. Buyers swap ETH into the position’s range; the ETH they pay becomes the pool’s real reserve.

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The opening price is a permanent floor

No liquidity was ever minted above the opening tick, so a sell can never push the price above the launch price. The price can only go above it while buys hold it there. If everyone who ever bought sold back, the price would return exactly to the opening price, never below the pool’s solvency. This is the direct-listing equivalent of curve solvency: the pool always holds exactly the ETH that buyers put in, and rounding in v3 favors the pool.

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The dev buy

A creator can attach ETH to the launch transaction to make the very first buy:
  • It executes at the public opening price, inside the same transaction, before any other trade can land.
  • The creator receives zero free tokens. The dev buy is the only way for a creator to own their own launch.
  • It is visible on-chain forever, labeled as the dev buy. Check it before you ape.

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What can never happen

The two venues

SushiSwap and Uniswap v3: identical geometry, one registry.

Fees

Where the 1% pool fee goes, and what the launchpad charges (almost nothing).