> For the complete documentation index, see [llms.txt](https://docs.neuriio.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neuriio.xyz/get-started/bonding-curve.md).

# Bonding curve

Every token starts on a bonding curve: a smart contract that sells the token and buys it back at a price set by a formula. There's no order book and no seed liquidity, and everyone trades against the same curve.

## Supply

| Part              | Tokens               | Where it goes                                                     |
| ----------------- | -------------------- | ----------------------------------------------------------------- |
| Sold on the curve | 793,100,000 (79.31%) | To buyers, one trade at a time                                    |
| Pool reserve      | 206,900,000 (20.69%) | Into the token's pool at [graduation](/get-started/graduation.md) |
| **Total**         | **1,000,000,000**    | No creator, team or presale allocation                            |

## How the price moves

The curve is **constant product** over *virtual* reserves, the same model pump.fun uses. At launch it starts with a virtual HYPE reserve and 1.073B virtual tokens:

```
price = HYPE reserve ÷ token reserve
HYPE reserve × token reserve = constant
```

Each buy adds HYPE and removes tokens, so the price rises; each sell does the opposite. Early buyers pay less because fewer tokens have been sold, not because anyone got a special deal.

## Graduation threshold

The curve sells out when all 793.1M curve tokens are sold. How much HYPE that takes depends on the starting virtual HYPE reserve:

| Network           | Starting virtual HYPE | HYPE raised at graduation |
| ----------------- | --------------------- | ------------------------- |
| Elysium testnet   | 0.1                   | about 0.28                |
| Mainnet (planned) | 60                    | about 170                 |

The closing price on the curve is exactly the pool's opening price, so there's no jump at graduation.

## Buying and selling

* **Buy and sell any time** until the token graduates. After that, trading moves to its pool.
* **Fee:** 0.75% of each curve trade, paid in HYPE. See [Trading and fees](/trading/trading-and-fees.md).
* **Protection:** every trade has a minimum amount out (slippage limit) and a deadline. If the price moves past your limit, or the deadline passes, the trade cancels instead of filling at a worse price.


---

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