02 — For grown-ups
The floor formula, and a launch from open to tail
Floor = F ÷ tokens outside the program
F is the money the program holds for the floor. Every holder is backed by it, and a sell of any size is paid at the floor or better, less its fees.
The floor does not fall while anyone outside the program holds the token. A sell into the cushion, the skim and a burn each raise it.
Every launch trades against FLOOR from its first block. It holds two pots: F, the floor’s money, and C, the cushion that buys above the floor.
| Stage | What happens | Where the money goes |
|---|---|---|
| The window | The first tokens sell at one flat price, so the first block gives no edge. | Into F and C, after the Marketcap Milestones |
| Graduation | The buy that sells the window out graduates the launch. Nothing moves to another venue. | The rest of that buy fills on the Stack |
| The Stack | The program sells its inventory along a curve. The price rises as it sells and never falls on a buy. | F first, for each new token; C to its target; the rest raises the floor |
| A sell | The cushion buys above the floor, along its curve. F pays the floor for the rest. | Out of C, then F; the skim stays in F |
| The tail | Once the Stack sells out, the last 1% trades as the program’s own liquidity, to an unbounded price. | F first, then the range keeps the rest |
Before graduation a window trade pays two flat fees on top: the Platform fee and the $FLOOR fee, 0.50% each. After it, every fee and every Marketcap Milestone follows its curve on the launch’s market cap.
A Marketcap Milestone sits inside the price of a buy on the way up, so the buyer pays the price shown and nothing on top. It is not a fee.
Every fee a trade can pay, with its rate and where it goes, is listed on the technical page.
Trade