> For the complete documentation index, see [llms.txt](https://docs.div.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.div.fun/for-creators/launch-modes.md). # Launch modes div.fun offers two ways to bring a token to market: a **bonding curve** or **direct liquidity**. The choice is made at launch and determines how the token opens, how it reaches an open market, and what you provide up front. ### Bonding curve The token starts on a [bonding curve](/core-concepts/the-bonding-curve.md) and [graduates](/core-concepts/graduation.md) to a HyperSwap V2 pool when the curve reaches its target. **How it opens:** trading begins immediately against the curve. Buyers pay HYPE into the curve; the curve prices the token from a formula. When the curve target is reached, the HYPE it collected seeds a HyperSwap pool, and the token graduates. The LP tokens are burned (sent to the dead address), permanently locking the liquidity. **What you provide:** no upfront liquidity. The curve builds the liquidity that will seed the pool, from the market's own buys. **Good for:** most launches. A curve gives fair, public price discovery, requires no capital from you beyond the launch fee, and cannot open into an empty order book. The dividend tax is active from the first curve trade — holders earn on every buy and sell throughout the curve phase. **Trade-off:** price is determined by the curve formula rather than the open market. A 0.5% protocol fee applies to bonding-curve trades. ### Direct liquidity The token opens straight onto a HyperSwap pool that you seed at launch. **How it opens:** you provide both sides of the initial liquidity, and the token is immediately tradable on the market. There is no curve phase. You receive the LP tokens at launch and can burn them from the token page to permanently lock the pool. **What you provide:** the liquidity to seed the pool, in addition to the 0.5 HYPE launch fee. **Good for:** a token that already has backing or a community, and wants to start on the open market from the first trade, with the option to publicly burn LP to demonstrate a permanent pool. **Trade-off:** you supply the capital up front, and you set the opening price by how you seed the pool rather than letting a curve discover it. ### Choosing | | Bonding curve | Direct liquidity | | ----------------- | -------------------- | ----------------------------- | | Upfront liquidity | None | Provided by you | | Price discovery | By the curve | Set by your seeding | | Dividends begin | From first trade | From first trade | | LP at graduation | Burned automatically | You receive it; burn optional | | Best for | Most launches | Tokens with existing backing | If you are unsure, the bonding curve is the conventional choice: it asks the least of you and gives the market a fair, legible start. Direct liquidity is the right call when you already have the capital and the demand to open on the market immediately, and you want to receive and optionally burn your LP tokens at launch. Continue to [economics](/for-creators/economics-and-fees.md) to see how fees and value flow in each mode. div.fun offers two ways to bring a token to market: a **bonding curve** or **direct liquidity**. The choice is made at launch and determines how the token opens, how it reaches an open market, and what you provide up front. ### Bonding curve The token starts on a [bonding curve](/core-concepts/the-bonding-curve.md) and [graduates](/core-concepts/graduation.md) to a HyperSwap V2 pool when the curve reaches its target. **How it opens:** trading begins immediately against the curve. Buyers pay HYPE into the curve; the curve prices the token from a formula. When the curve target is reached, the HYPE it collected seeds a HyperSwap pool, and the token graduates. The LP tokens are burned (sent to the dead address), permanently locking the liquidity. **What you provide:** no upfront liquidity. The curve builds the liquidity that will seed the pool, from the market's own buys. **Good for:** most launches. A curve gives fair, public price discovery, requires no capital from you beyond the launch fee, and cannot open into an empty order book. The dividend tax is active from the first curve trade — holders earn on every buy and sell throughout the curve phase. **Trade-off:** price is determined by the curve formula rather than the open market. A 0.5% protocol fee applies to bonding-curve trades. ### Direct liquidity The token opens straight onto a HyperSwap pool that you seed at launch. **How it opens:** you provide both sides of the initial liquidity, and the token is immediately tradable on the market. There is no curve phase. You receive the LP tokens at launch and can burn them from the token page to permanently lock the pool. **What you provide:** the liquidity to seed the pool, in addition to the 0.5 HYPE launch fee. **Good for:** a token that already has backing or a community, and wants to start on the open market from the first trade, with the option to publicly burn LP to demonstrate a permanent pool. **Trade-off:** you supply the capital up front, and you set the opening price by how you seed the pool rather than letting a curve discover it. ### Choosing | | Bonding curve | Direct liquidity | | ----------------- | -------------------- | ----------------------------- | | Upfront liquidity | None | Provided by you | | Price discovery | By the curve | Set by your seeding | | Dividends begin | From first trade | From first trade | | LP at graduation | Burned automatically | You receive it; burn optional | | Best for | Most launches | Tokens with existing backing | If you are unsure, the bonding curve is the conventional choice: it asks the least of you and gives the market a fair, legible start. Direct liquidity is the right call when you already have the capital and the demand to open on the market immediately, and you want to receive and optionally burn your LP tokens at launch. Continue to [economics](/for-creators/economics-and-fees.md) to see how fees and value flow in each mode. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.div.fun/for-creators/launch-modes.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.