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Guide

Trading and pricing

How the bonding curve prices every buy and sell.

The bonding curve#

Each token has its own curve inside a custom Uniswap v4 hook. At launch, the curve holds all 1,000,000,000 tokens. There is no liquidity to add, and nobody can add it. The hook rejects liquidity deposits.

The curve tracks three numbers:

tokens
Tokens left in the curve. Starts at 1,000,000,000.
raised
Pair asset paid into the curve by buyers, minus what sellers took out. Starts at 0.
virtualQuote
A fixed virtual reserve in the pair asset. It sets the starting price and never changes. It is 1 ETH for ETH pairs.

Buying#

You pay an exact amount of the pair asset. The tax comes off first. The rest buys tokens:

net    = amountIn - tax
tokens = curveTokens * net / (virtualQuote + raised + net)

Each buy moves the price up. Bigger buys get fewer tokens per unit.

Selling#

You sell an exact amount of tokens. The curve computes the gross payout, then takes the tax from it:

gross  = (virtualQuote + raised) * tokensIn / (curveTokens + tokensIn)
payout = gross - tax

A sell can never pay out more than raised. The virtual reserve is not real money, so it can't be withdrawn.

Price and market cap#

Price
(virtualQuote + raised) / curveTokens, in the pair asset per token.
Market cap
Price times 1,000,000,000. Shown in the pair asset, with a USD estimate when a price feed exists.
% bought
The share of supply that has left the curve.
Curve reserves
The real pair asset held for this token (raised).

Starting price#

Before any trade, the price is virtualQuote / 1,000,000,000. On an ETH pair that is 0.000000001 ETH per token, a starting market cap of 1 ETH.

Slippage and deadline#

  • Every trade sets a minimum output. If the price moves past it, the trade reverts and you keep your funds.
  • The default slippage tolerance is 0.5%. You can set 0.1% to 5% in the trade panel.
  • Every trade must confirm within 10 minutes of signing, or it reverts.
  • Quotes round down.

How to trade#

  1. Open the token

    Find it in Explore and open its page.

  2. Choose Buy or Sell

    Enter the amount you pay. On a sell, MAX fills your full balance.

  3. Check the estimate

    The panel shows the estimated and minimum amount you receive.

  4. Sign

    Approve the token first if the app asks, then confirm the swap. Your balances refresh when it confirms.

If you close the page while a swap is pending, the token page shows Check submitted swap next time you open it.

Graduation#

Every Scrible token starts on a bonding curve. When the curve has collected its graduation target, it closes in the same transaction and the token graduates.

At graduation, the collected quote asset and a matching amount of tokens seed a full-range Uniswap v4 position at the curve's final price. The position is locked forever: no contract can remove it, and no one can add or remove liquidity. The tokens left over are locked forever too. Nothing is burned.

Before a token graduates, the price comes from the Scrible hook's curve accounting. After graduation, trades run through the new pool. In both phases the token keeps its 1% to 10% tax, the same fee split, and the same holder rewards. Trade through Scrible or through the factory's buy and sell functions.

Price chart#

The token page builds its chart from onchain trade events. There is no offchain indexer, so the chart shows only trades the app can read from the chain. It shows price, volume, and the last 8 trades.

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