Curve and graduation

Launch puts the full 1e9 on a bonding curve. k = phantomQuote × supply. Phantom quote is $5,000 in raw quote units. Buys and sells take 1% plus any extra tax on the quote leg before k moves. Because every book pairs against a dollar stable, the same dollars of buying move the USD price by the same amount on each chain — until local inventory diverges, which it will.

Graduation

A book graduates when $12,000 of real quote has entered the curve. About 70.6% of that chain’s supply has been sold. ~29.4% stays reserved for the pool. The last buy refunds excess and tries to seed a locked Uni V4 (RH, Arc) or Pancake Infinity (BSC) position. The sower plants that pool; the locker records the lock. There is no withdraw.

The Book page

On curve / Graduated is the real phase, not a UI flag. A graduated book trades on the hook pool. Graduation is not a listing and not an audit.