Markets and graduation

Quote assets

Every token trades against one quote asset chosen at launch. Native ETH is always there. Other assets appear when the Pons factory approves them: Robinhood stock tokens such as NVDA, TSLA, SPY and QQQ, plus USDG and cbBTC. Runway re-reads approvedPairTokens before each launch and lists the result at GET /api/runway/pairs.

Bonding curve

At launch Pons mints a fixed supply of one billion tokens into a constant-product curve. Traders buy and sell against the curve directly from their wallets; the startup page sends buy and sell to the curve contract with a 5% slippage limit. Each trade carries the curve fee, 1% on the current launch config. No pool exists yet.

Graduation

When the curve holds its graduation threshold, Pons sweeps the liquidity into a locked, full-range Uniswap v4 pool and trading moves there. Thresholds depend on the quote asset:

Values come from pairTokenEconomics on the factory at the time of writing. The startup page reads the live threshold from the curve.

Pons V2 contracts