How a Stonky token lives and dies

Every launch mints exactly 1,000,000,000 tokens. 800 million of them sit on a constant-product bonding curve; the rest is held back for the Uniswap pool. There is no mint function, no team allocation and no vesting schedule to watch.

The curve starts with a virtual reserve of the pair asset, which sets the opening price without anyone having to seed liquidity. As people buy, real gold, Treasuries, Ether or Bitcoin accumulates in the contract and the price rises along the curve. Selling walks it back down. The virtual reserve is never withdrawable — it only exists to shape the price.

Every buy and every sell pays a 1% fee in the pair asset. It is split down the middle and the split is enforced by the contract: the platform’s share is capped at 50% and cannot be raised after your token is live.

A Standard token is the simple case: you launch it, you collect your half of the fees, you claim whenever you like.

A Reward token redirects that half to holders. Every trade adds to a per-token reward index; your share accrues automatically while you hold and follows your balance when you buy, sell or transfer. It pays in the pair asset — hold a gold-paired Reward token and you are earning PAXG, not more of the token itself.

When the curve has collected its target amount of the pair asset, graduation fires inside that same buy transaction. The collected assets and a matching amount of tokens are deposited into the Uniswap V2 pair at the curve’s exact final price, and the LP tokens are sent to the burn address. Nobody — including us — can pull that liquidity out.

Every token left over on the launchpad is burned in the same transaction, so the circulating supply after graduation is exactly what the market bought plus what backs the pool.

The Uniswap pair is created at launch and locked until that moment, which closes the usual attack where somebody seeds the pool early and captures a slice of the liquidity that was supposed to be burned.