> For the complete documentation index, see [llms.txt](https://docs.anoncoin.it/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.anoncoin.it/platform-mechanics/bonding-curve.md).

# Bonding Curve

## How Price Discovery Works

When a coin is first created on Anoncoin, it enters the **bonding curve phase**. During this phase, the price is determined by a mathematical curve powered by **Meteora**.

***

## Key Parameters

| Parameter                 | Value   |
| ------------------------- | ------- |
| **Initial Market Cap**    | 30 SOL  |
| **Graduation Market Cap** | 420 SOL |
| **Curve Provider**        | Meteora |

***

## How It Works

1. **Launch** - The coin starts at a market cap of **30 SOL**
2. **Price Discovery** - As people buy, the price increases along the bonding curve
3. **Graduation** - When the market cap reaches **420 SOL**, the coin "graduates"
4. **Pool Creation** - Liquidity is migrated to a Meteora DAMM V2 pool

***

## During the Bonding Curve

| Aspect                | Detail                                       |
| --------------------- | -------------------------------------------- |
| **Creator fees**      | ❌ None - creators earn 0% during this phase  |
| **Trading fee**       | 2% total (1.6% platform + 0.4% protocol fee) |
| **Ticker protection** | 7-day exclusivity is active                  |
| **Trading**           | Buy & sell through the bonding curve         |

> 📌 **Why no creator fees?** This is intentional. Creators who launch on Anoncoin are rewarded for **long-term success**, not short-term volume farming. Fees only begin after graduation.

***

## Graduation

When the bonding curve reaches **420 SOL market cap**, the coin **graduates**:

```
    Bonding Curve                    Graduation                   AMM Pool
   (30 → 420 SOL)  ──────────────────────▶  ──────────────────▶  Meteora DAMM V2
                                                                  
   • Price on curve                          • Liquidity migrated
   • No creator fees                         • Creator fees begin
   • 7-day ticker lock                       • Dynamic fee scaling
```

After graduation, the coin transitions to the Meteora DAMM pool. See [AMM](/platform-mechanics/amm.md) for details.

***

Next → [AMM](/platform-mechanics/amm.md)