How it works
contract behaviour on Arbitrum One
Every number on this page is a deployed parameter rather than a claim. A coin bonds against exactly one token, chosen when it was launched, and every figure with a currency on it is in that token.
Lifecycle
launch, curve, graduationA name, a ticker, an optional image, and which quote token the coin bonds in. You pay gas in ETH, which on Arbitrum is a few cents. There is no listing fee, no presale, and no allocation to the team or to us. Supply is fixed at deploy and the contract cannot mint more.
The curve supply sells on a constant product curve with virtual reserves, priced in whichever quote the coin chose. Every buy moves the price up the same path and every sell moves it back down. Transfers between wallets are locked while the curve is open, so nobody can open a side pool before everyone can see the coin.
When the last curve token sells, anyone can call graduate. The raise and the tokens held back seed a Uniswap v4 pool, and the position NFT is sent to a dead address. The pool opens at exactly the final curve price, and its hook keeps charging the trade fee, so the creator keeps earning.
Curve shape
identical on every padEvery 2% of the raise buys fewer tokens than the 2% before it. Half of the curve supply sells for about a fifth of the raise, and the other half takes the remaining four fifths. That is not a fee and it is not a trick, it is what a constant product curve does, and it is the reason to read where a coin sits on the shape before you buy rather than after.
Every coin here is this shape, whatever it is priced in. What changes between them is where the puck is sitting.
The pads
one launchpad per quote tokenEvery coin bonds against one quote token, chosen at launch. On Arbitrum One there are 6 of them, in two kinds: plain crypto tokens, and Reality Protocol tokens that track the price of a share held off chain. The two behave differently enough that section 04 is about the second kind on its own. The choice is permanent either way: the quote is immutable on the launchpad contract and is mined into the address of the pool hook the coin graduates into, so a quote is a separate pair of contracts rather than a setting. The board shows coins from every pad together and every row says which one it is.
You do not have to hold the quote token to trade. Buy a coin that bonds in something other than ETH and the app swaps into that token, buys on the curve and refunds the ETH it did not spend, all in one transaction. Selling runs the same way in reverse. Gas is ETH whichever coin you are on, so ETH in your wallet is enough for the whole site. Holding the quote token already works too, and skips the swap.
Every target that is not denominated in a stablecoin is a fixed amount of its own token and not a fixed amount of value. Each was sized to be worth roughly the same as the others on the day it was added, the crypto pads on 6 September 2026 and the equity pads on 22 September 2026, and they drift apart from there: if a quote token halves against ether, so does what graduating a coin on its pad is worth. A dollar figure above is today's reading and not a property of the pad. Where there is no dollar figure, the app has no on-chain rate it trusts for that quote and says nothing rather than guessing.
Arbitrum One is an Ethereum L2 built by Offchain Labs on the Nitro stack. It has been live since 2021.
The swap that lets you pay in ETH routes through Uniswap, whichever venue holds the liquidity: v4 for USDC, v3 for ARB, and v3 by way of USDC for the equity pads, none of which has a WETH pool worth trading through.
Equity quoted pads
what they are, and what they can do to a curverHOOD, rAAPL, rSPCX are Reality Protocol tokens on Arbitrum One: ERC20s whose prices track shares held off chain by an issuer. A coin on one of these pads raises in that token, so its raise is a fixed amount of the token and its dollar value moves with whatever the share does.
That much is the same trade-off every pad quoted in something other than a stablecoin makes. What follows is not, and it is the reason these pads are documented separately. Every claim below was read off Arbitrum One on 22 September 2026, and the storage slots and addresses behind each one are written out in the deploy script next to the curve constants.
A balance in one of these tokens is a share count scaled by an index the issuer can change. One admin write rewrites every balance and the total supply in the same block, with no transfer and no mint behind it: at twice the current index, every holder's balance halves. For an equity the ordinary reason to do that is a stock split. The launchpad counts what it owes each open curve in raw units and expects its own balance to move with them, so a rebase mid-curve leaves the ledger and the balance disagreeing, and the pad can be left unable to pay out sells or to graduate. Nothing on this side can react to it: the quote token is fixed on the launchpad and mined into its pool hook's address, so there is no setting to change and no migration to run.
Two separate switches, either of which halts every transfer of the token for everybody until the issuer reverses it. Both are off today. While either is on, buys, sells and graduation on that pad all revert, and the raise stays where it is.
Each of these tokens is a proxy behind one shared beacon, owned by a 3-of-5 multisig with no timelock, so three signatures change what all of them do in a single transaction, effective that block. The beacon's whole log is five events: its own deployment on 17 April 2026, the handover to that multisig in May, and two upgrades since, on 29 July and on 27 August 2026. Neither upgrade brought the rebase. Both rebaseIndex and its admin setter already answer on the first implementation the beacon ever pointed at, so that power has been there from the first block. What the two upgrades did change is not readable from the log at all, and the pad underneath gets no say in the next one.
Every one of these tokens names the same vault(), 0xF880f4184CB09b826E21d5c8765Ff156da9Da876, and that address has no code and has never sent a transaction: a bare externally owned account, not a custodian contract anybody can inspect. Nothing on chain ties any of these tokens to the company in its name. The name is the issuer's claim, made off chain, and a pad quoted in one of them is quoting the token and not the claim.
The arbitrage that holds one of these near the share it tracks trades on weekdays between 09:30 and 16:00 New York time. A curve runs all week. Overnight and all weekend, what a raise on one of these pads is worth in dollars is a Uniswap spot price and nothing more.
Nothing beyond the shared rows above.
Apple has split its stock five times. For rAAPL the rebase above is not a hypothetical mechanism, it is the one that gets used.
SpaceX is private, so there is no public share price for anyone to arbitrage against and the peg rests on the issuer's own marks. Repricing or recapitalising a private company is exactly the kind of event a rebase exists to express.
Checked rather than assumed: transfers are permissionless, gated by a per-address freeze with no allowlist behind it; contracts can hold and send these tokens, which is what the Uniswap pool that prices them does all day; and there is no fee on transfer, because a swap into that pool credited it the exact amount it named and would have reverted on a wei less. None of those is what to worry about here.
None of this is a prediction that any of it will happen. It is what the deployed code permits the issuer to do, which is the only thing this site can tell you about a token it does not control. These pads run the same curve, the same fee and the same burned liquidity at graduation as every other pad here. What differs is what the raise is made of.
Graduation
what happens when the curve sells outThe last token sells, the pool opens, the liquidity is burned
Uniswap v4 pool live · LP burned · transfers open
Nothing unlocks before this and nothing is discretionary after it.
The last curve token is bought and the raise is complete. The curve stops quoting.
It is a permissionless call. The creator does not have to be online and cannot block it. Whoever sends the transaction pays the gas.
The raise and the reserved tokens seed a Uniswap v4 pool against the coin's own quote token. The listing price is exactly the final curve price, so there is no gap between the last curve buy and the first pool buy.
The pool's own LP fee is zero and the position NFT is sent to a dead address. Nobody can withdraw that liquidity afterwards, including us.
Until this point tokens cannot move between wallets at all, which blocks premature pools and off curve trading. From here the coin is a normal ERC20, and the pool's hook keeps routing the trade fee to the creator.
All five steps are contract behaviour, not policy. The contracts are unaudited.
Fees
charged in the coin's own quoteEvery buy and sell pays a 1 percent fee, charged in whatever the coin is priced in, and 30 percent of that fee routes to the creator address on every single trade. Graduation does not end it: the Uniswap v4 pool carries a hook that keeps charging the same 1 percent on every swap, so the creator earns on the curve and then on the pool, with no expiry. Launching costs nothing beyond gas. The creator does not receive tokens, cannot mint, and cannot change the curve after launch. The fee share is their whole upside.
Both columns are in the coin's own quote: 100 ETH of volume on an ETH coin pays you 0.3 ETH, 100 USDC of volume on a USDC coin pays you 0.3 USDC. A single 1 unit buy pays a 0.01 fee, of which 0.003 lands with the creator, claimable at any time on the earnings page.
Spec
the rest of it, on one screenQuestions
Can the creator rug?
The creator cannot mint, cannot change the curve, and cannot pull liquidity. Transfers are locked until graduation and the LP position is burned at graduation. The creator does earn a share of the trade fee, which is the whole of their upside from the mechanism.
Can I sell before graduation?
Yes. Selling back to the curve is open the whole time the curve is, at the same shape in reverse. What is locked before graduation is moving tokens between wallets, which is what blocks premature side pools.
What happens if a coin never sells out?
Nothing is forced. The curve stays open and you can buy and sell on it for as long as you want. The tokens stay non transferable until graduation happens.
Is there a price gap when a coin lists on the DEX?
No. The pool is seeded with the raise and the reserved tokens at the ratio that makes the opening pool price equal to the final curve price.
What do I need in my wallet?
ETH on Arbitrum, nothing else. It pays for gas, about a cent a trade, and it buys any coin here: on an ETH curve the app wraps it, and on every other curve it swaps for you inside the same transaction and refunds whatever it did not spend. Holding the quote token already works too and skips the swap. The bridge page shows how to get ETH onto the chain.
Can a coin change what it is priced in?
No. The quote is immutable on the launchpad a coin was created on, and that launchpad's pool hook has the quote mined into its address. Changing it would not be a setting, it would be a different coin on a different pair of contracts.
I sold a coin and received WETH. What is that?
Wrapped ETH, the ERC20 form of ETH that the ETH curves settle in. It is redeemable one to one for plain ETH at any time, and the trade panel shows an unwrap button whenever your wallet holds some. Selling a coin on any other pad pays out that pad's own quote token instead, or plain ETH if you ask to be paid in ETH.
What happens to my coin if its quote token rebases?
On the equity quoted pads this is the failure worth understanding, and section 04 sets out the mechanism. Short version: the launchpad counts what it owes each open curve in raw token units, a rebase rewrites its balance without touching that count, and the two can then disagree by enough that the pad cannot pay out sells or graduate. The quote token is fixed on the launchpad and mined into its hook's address, so there is nothing to switch and nobody who can switch it. The crypto quoted pads have no equivalent, because a balance in an ordinary ERC20 only changes when something moves it.
Is this mainnet?
Yes. arb.family runs on Arbitrum One. The contracts have not been audited, trade at your own risk.