Docs · 03
The price
The pool starts at the asset's start market cap and follows x · y = k from there. Every buy moves the price up, every sell moves it down.
A coin's price is set by its pool and nothing else. There is no order book and no listing price to negotiate: the pool quotes every trade from what it holds.
How the pool starts
At launch the pool holds the coin's whole supply and none of the asset. Its liquidity is one position that starts exactly at the asset's start market cap and reaches to the top of Uniswap's price range. The launch puts no liquidity below the start price: selling every coin bought from the pool brings the price back to where it started, not lower. (Anyone can add their own liquidity to a Uniswap pool at any price; only liquidity added that way could take the price below the start.)
- Venue
- Uniswap v4 on Robinhood Chain
- Pair
- Coin / the asset picked at launch
- Liquidity
- 1,000,000,000 coins, one position from the start price to the end of the range
- Asset in the pool at launch
- None: buyers bring it
- Pool fee
- 1% per swap, fixed
- Hook
- None: a plain pool any router can trade
- Who opens the pool
- The launchpad, in the launch transaction
How it moves
Inside that position the pool follows the constant-product rule, x · y = k, as if it had held the start market cap in the asset all along. Every buy adds the asset and takes coins out, so the price goes up; every sell does the opposite. The more the pool has sold, the more each further coin costs.
Here is what a first buy does to a fresh coin paired with ETH:
| First buy into a fresh ETH pair | Coins out | Market cap after |
|---|---|---|
| 0.1 ETH | 35M coins (3.5%) | ≈ 2.931 ETH |
| 1 ETH | 266.14M coins (26.6%) | ≈ 5.069 ETH |
| 5 ETH | 644.54M coins (64.5%) | ≈ 21.61 ETH |
| 20 ETH | 878.83M coins (87.9%) | ≈ 185.9 ETH |
The same holds for any asset, in its own units.
Where to trade
The pool is a plain Uniswap v4 pool with no hook: a pair of the coin and its asset, a 1% fee and a fixed tick spacing. Anything that trades Uniswap v4 can trade it from the block it opens in: this site, aggregators, wallets, trading bots and the Uniswap app.