Trading and pricing

Before it graduates, a token does not trade against other people's orders. It trades against a bonding curve — a formula held by the contract that sets a price from how much has been bought so far.

There is no order book, no waiting to be listed, and no counterparty. You buy from the curve and you sell back to it, and the price moves with every trade.

The words on the page

Price — what one token costs right now, at the current point on the curve.

Market cap — price multiplied by circulating supply.

FDV — price multiplied by the full token supply.

Curve progress — how full the curve is, from 0% to 100%. At 100% the token graduates.

Price impact — how far your own trade moves the price. Bigger trades move it further, so the last token you buy costs more than the first.

Slippage — the most price movement you will accept between pressing the button and the transaction landing. If the price moves more than that, the trade reverts instead of filling at a worse price.

Buying

Open any token, use the Buy side of the panel on the right.

Enter an amount of ETH, or use the 0.01 / 0.05 / 0.1 / 0.5 shortcuts. Your balance is shown above the field and turns red if you enter more than you have.
You receive shows the live quote. Min received shows the worst outcome your slippage setting allows — that number is what the contract actually enforces.
Press the button and approve in your wallet.

Default slippage on the curve is 0.5%. You can change it from the settings pill next to the Buy/Sell switch — presets are 0.5%, 1% and 3%, or type your own between 0.1 and 100.

Selling

Switch to Sell. Enter a token amount or use the 25% / 50% / 75% / Max shortcuts.

Selling takes two transactions the first time: an approval that lets the contract move that token on your behalf, then the sell itself. The app runs them back to back — you will see the button read Approve, then continue into the sell once the approval confirms. Later sells of the same token usually need only one.

Trading does not need an account

A connected wallet is enough. You do not need to sign in to buy or sell.

When a trade fails

Common reasons, in plain terms:

Rejected in your wallet — you dismissed the confirmation. Nothing happened.
Slippage check failed — the price moved more than your tolerance while the transaction was pending. Retry, or raise slippage slightly.
Trading stopped — the token just filled its curve and is waiting to graduate. Nobody can buy or sell until it does. See Graduation.
Market cap threshold reached — your buy was large enough to overshoot the graduation target. The contract rejects it entirely rather than partially filling. Buy a smaller amount.
Not enough ETH — remember gas as well as the trade amount.

A cost worth internalising

Every trade takes 1% and burns some supply. Buying and immediately selling always loses money, no matter which way the price moved in between. The round trip is not free.