Trading and pricing

Before graduation, trades settle through the bonding curve bound to the token's release. The deployed routes use native OKB; arbitrary ERC-20 tokens and stablecoins are not accepted quote assets on these routes.

Use each asset's base units. Let I be remaining curve inventory and R its accounted net quote reserve:

Initial inventory C = 750,000,000 × 10^18.
Virtual tokens Vt = C / 2 = 375,000,000 × 10^18.
Graduation target T = 10^17 wei; virtual quote Vq = T / 2 = 5 × 10^16 wei.
Constant K = (C + Vt) × Vq.

A buy deducts fees before entering the curve. For net quote q, output is I + Vt − ceil(K / (R + Vq + q)). Selling t token base units produces gross quote R + Vq − ceil(K / (I + Vt + t)), then deducts the sell protocol fee and project tax. Orders must also satisfy inventory, protection, deadline and slippage checks.

The marginal reference price is (R + Vq) / (I + Vt). Both assets use 18 decimals, so this ratio reads as OKB per token. A marginal price differs from an order's average execution price. Slippage is the allowed quote-to-execution deviation; price impact is the change caused by the order itself. Check all applicable fees as well.

A buy at the graduation boundary is capped to the necessary net reserve and refunds excess OKB to the payer. Ordinary early buys still face their size limit. quoteFinalBuy supplies a quote without bypassing protection.

After graduation, use the official v4 pool. The original Batch1 Router supports exact-input only. Later Batch2, rewards and plain-buyback routers expose their own exact-input and exact-output methods. Use the ABI for the actual deployment and request an on-chain quote before submitting a trade.

V2 contents · 中文

Sources：S02、S03、S14、S15、S44。 Evidence report