02 — For grown-ups
A launch’s three states
| State | What happens | What sells |
|---|---|---|
| Bonding | The window sells at one flat price. The buy that sells it out graduates the launch. | The window |
| Graduated | WAGMI sells Stack 1 at the graduation price, and holders earn a large share of every buy. | Stack 1 (WAGMI only) |
| Graduated | The price rises as the program sells along its curve. | The Stack (Stack 2 on WAGMI) |
| Post-graduation | The last Stack sold out. The price moves on trading volume, and the floor stays under every bag. | The tail |
Trade
Every holder is backed by the floor.
Every launch's token trades against the program, with its floor under it. Find one and trade it.
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