Launch economics

Each standard launch has a fixed 1,000,000,000 token supply with 18 decimals. The production configuration assigns 800 million tokens to curve inventory and reserves 200 million for graduation. Before bond, circulating supply is the amount sold from the curve—not the full one-billion supply.

The curve uses virtual quote and token balances to establish a starting price without pretending that virtual USDC is withdrawable. A buy adds net USDC to both the real reserve and the virtual quote state, then removes purchased tokens from virtual supply. A sell performs the inverse.

Virtual quote

A pricing parameter. It is not USDC held by the curve and must not be labeled liquidity.

Curve reserve

Actual net USDC retained by the curve and available for sells or graduation.

Spot price

virtualQuote × 10³⁰ ÷ virtualTokenSupply, normalized to the 6-decimal USDC quote asset.

Each factory stores its exact net-reserve target and creator first-buy cap on-chain. The minimum trade is 0.10 USDC. These are contract rules: the interface previews them, but a transaction outside the rule set reverts even if a modified client submits it.

The displayed bonding progress follows the market-cap path from the curve's configured starting FDV to its configured migration FDV. It starts at 0%, reaches 100% at the configured terminal FDV, and enters Final Stretch at 50% of that configured path. The on-chain graduation condition remains the configured net-reserve target or exhausted curve inventory. The “to bond” amount is still target reserve minus current reserve.

The Arc curve charges 1% on buys and sells. Creator fee claims are inactive before bond. The contract sends that full 1% fee to the configured treasury; the other 99% of a buy grows the real curve reserve, which is handed to the graduator and paired with the reserved token supply at bond. There is no separate 0.5% pre-bond fee bucket in the deployed Arc bytecode.