Bonding Curve — Protocol Parameters

Concrete protocol parameters for the Genesis Bonding Curve — the fixed numbers that define every launch created via the Metaplex API.

Summary

All Genesis Bonding Curve launches share the same protocol-level parameters. These values are set by the Metaplex API and cannot be overridden per-launch.

• Fixed supply and decimals — every curve starts with 1,000,000,000 tokens at 6 decimal places
• Immutable virtual reserves — virtualSol and virtualTokens are set at curve creation and define the full price trajectory from first trade to graduation
• Two-tier fee structure — 0.50% protocol fee plus an optional creator fee on every swap; separate fee schedule applies after graduation to the Raydium CPMM pool
• Automatic graduation — fires when baseTokenBalance reaches zero; no manual trigger required

For the AMM pricing model that uses these parameters, see Theory of Operation. For the raw swap formulas, see Advanced Internals.

Protocol Parameters

Every Genesis Bonding Curve launch is created with the following fixed protocol values.

Fee Schedule

Two distinct fee schedules apply over a token's life: one while the bonding curve is active, and a different one after graduation to Raydium.

Bonding Curve (Active Phase)

Fees apply to the SOL side of every swap. Both fees are calculated independently on the gross SOL amount and do not compound. Net SOL in or out = gross − protocol fee − creator fee.

Post-Graduation (Raydium CPMM Pool)

After the curve graduates, trading moves to the Raydium CPMM pool. A different fee schedule applies:

Price and Graduation Calculations

With the protocol defaults, the following values are fully determined at curve creation.

Starting Price

The starting price is the ratio of the virtual reserves, converted from on-chain units (raw token units and lamports) to human units (tokens and SOL).

startingPrice (tokens per SOL) = (virtualTokens / 10^decimals) / (virtualSol / 10^9)

virtualTokens is stored in raw units and virtualSol in lamports, so divide by 10^decimals (10^6 with protocol defaults) and 10^9 respectively before quoting a tokens-per-SOL price. This is the price a buyer sees on the very first swap (before any real SOL enters the pool).

Market Cap at Graduation

At graduation, baseTokenBalance = 0 and all real tokens have been sold. The real SOL accumulated equals the graduation target. The fully-diluted market cap at graduation:

graduationLamports = (k / virtualTokens) − virtualSol
  where k = virtualSol × (virtualTokens + baseTokenAllocation)
graduationSOL = graduationLamports / 10^9

priceAtGraduation (lamports per raw unit) = k / virtualTokens^2
fdvAtGraduation (SOL) = totalSupply (raw units) × priceAtGraduation / 10^9

Constant Product Invariant

The invariant k is fixed at curve creation and never changes while the curve is active.

k = virtualSol × (virtualTokens + baseTokenAllocation)

k is constant throughout the life of the curve (rounded up on every swap).

Notes

• Virtual reserves are included in every BondingCurveSwapEvent — off-chain price calculation does not require a separate RPC call to fetch the bucket account
• The protocol fee rate and virtual reserve values are set by Metaplex and cannot be overridden per-launch via the createAndRegisterLaunch API
• Graduation fires automatically on the swap that exhausts baseTokenBalance — the same transaction that clears the last token also triggers migration to Raydium
• Creator fees accrue in creatorFeeAccrued (not transferred per-swap); creatorFeeClaimed tracks cumulative claims; both reset-relative-to-accrual on each claimBondingCurveCreatorFeeV2 call

Quick Reference

FAQ

What is the starting price of a Genesis Bonding Curve token?

Starting price in tokens per SOL = (virtualTokens / 10^decimals) / (virtualSol / 10^9) — virtualTokens is in raw units and virtualSol in lamports, so both are converted before quoting the price. It is determined entirely by the protocol defaults — creators cannot set a custom starting price.

How much SOL is raised by the time the curve graduates?

The real SOL accumulated at sell-out equals the graduation target listed in the Protocol Parameters table above. This follows directly from the constant product formula: graduationLamports = (k / virtualTokens) − virtualSol, divided by 10^9 to express it in SOL.

Can creators change the virtual reserves or token supply?

No. virtualSol, virtualTokens, token supply, and decimals are protocol defaults set by the Metaplex API. There is no API parameter to override them per-launch.

Is the creator fee included in the 0.50% protocol fee?

No. The protocol fee (0.50%) and the creator fee (up to 0.60%) are independent. Both are calculated on the gross SOL amount of the swap and subtracted separately. They do not compound.

Do the bonding curve fees apply after graduation?

No. After graduation, the bonding curve account is closed and trading moves to the Raydium CPMM pool. The post-bond trading fee schedule applies — see the Post-Graduation Fee Schedule table above.