Pricing formulas
The curve, graduated pool and stock pool in one reference.
Bonding curve
F = 21,000,000; S = 16,800,000; R = network graduation target in sats; s = curve tokens sold. P₀ is the network’s configured starting price. P_end uses the reference 95% pool model to keep the curve endpoint unchanged under the current graduation split.
P_end = 0.95 × R / (F − S)
α = (P_end − P₀) × S / (R − P₀ × S) − 1
P(s) = P₀ + (P_end − P₀) × (s / S)^α
B(s) = P₀ × s + (P_end − P₀) × S / (α + 1) × (s / S)^(α + 1)
B(S) = RGraduated token pool
These are idealized formulas before integer rounding and execution checks. Pool token allocation is chosen to match the curve end price, not reset it.
X = pool BTC in sats; Y = pool tokens; k = X × Y
Spot price = X / Y
Buy x: n = x − fee; tokens out = Y − k / (X + n)
Sell t: gross sats = X − k / (Y + t); net = gross − fee
Current graduation: X = 0.50 × R; Y = X / P_endOracle-anchored stock pool
The virtual share side is B / A. Half the stock fee remains in the pool, and payouts depend on current B and A. These formulas are not a promise of a future quote or unlimited liquidity.
B = pool BTC in sats
A = stock USD price / BTC USD price × 100,000,000
Buy x: n = x − fee; stock units = B × n / (A × (B + n))
Sell v: gross = floor(B × A × v / (B + A × v)); net = gross − fee
fee = ceil(0.01 × trade value in sats)