# Bonding curves

New bonding-curve launches are not offered on the site at present: new tokens launch as [Signal v4](signal-v4.md) pools. Curve tokens that already exist keep their contracts, their terms and their markets, and this page describes them.

A Signal Curve token begins with a fixed supply and trades against a constant-product curve. Real pairing assets paid by buyers accumulate toward opening an exchange pool. The token's factory fixes its graduation venue: **Ramses** or **Project X**.

## Current standard shape

Generation 2 standard curves use:

| Term | Token amount |
| --- | ---: |
| Fixed total supply | 1,000,000,000 |
| Curve sale allocation | 750,000,000 |
| Tokens reserved for the pool | 250,000,000 |
| Initial virtual token reserve | 1,125,000,000 |

All amounts above are whole launched tokens; these tokens use 18 decimals. The virtual quote reserve is configured in the pairing asset's base units and snapshotted for each launch.

Ignoring rounding, donations and separately accounted fees, let the initial virtual quote reserve be `Q`. Selling the full sale allocation leaves 375 million virtual tokens, triples the virtual quote reserve to `3Q`, and accumulates `2Q` of real paired principal. The pool opens with 250 million tokens against that real principal, matching the final marginal curve price under those assumptions.

Dollar values shown for starting FDV, graduation funding and opening FDV are estimates. The contract's target is in the pairing asset, whose dollar price can move. Fees are not all graduation principal.

## What graduation does

When the sale allocation is filled, the curve attempts to seed the selected pool and burn the launch's liquidity tokens. Trading then uses the pool. The last buy can succeed even if the graduation attempt is deferred; a later call can retry it.

**Full curve and graduated pool are separate states.** Until graduation actually succeeds, a sell can reopen curve capacity. Indexers should use contract state and the `Graduated` event, not just a progress bar at 100%.

Burning the launch LP removes redemption of that LP position. It does not guarantee a token's price, market depth or safety, or mean every LP position subsequently created is burned.

## Existing tokens keep their terms

Earlier generation 1 curves used an 80/20 sale/pool allocation. They do not become 75/25 when a new factory is deployed. Read the token's own factory, curve and stored terms. `curve_version`, `factory_version` and `router_version` describe different things.

See [deployments](../developers/deployments.md) for contract identities and [graduation](../developers/graduation.md) for integration details.