How Token Launches Work

The Launch Lifecycle

A token goes through distinct phases:

1. Creation - Token is minted with initial parameters
2. Bonding curve - Early trading happens on the curve
3. Growth - Community builds, trading increases
4. Graduation - Token moves to a decentralized exchange
5. Open trading - Normal market dynamics apply

Creating a Token

On Spawned, token creation happens alongside your app:

1. Build your app
2. Launch a token connected to it
3. Set parameters (name, symbol, initial supply)
4. Token goes live on bonding curve

The token represents community ownership and investment in your project.

The Bonding Curve Phase

During this phase:

• Price starts low
• Early buyers get better prices
• Every buy pushes price up
• Every sell pushes price down
• Liquidity is guaranteed by the curve

This phase lets projects build momentum without needing exchange listings.

What Triggers Graduation?

When the bonding curve reaches a market cap threshold ($69K), the token graduates. This happens automatically - no action needed from the creator.

After Graduation

The token moves to Raydium, a decentralized exchange:

• Normal order book trading
• Liquidity pools instead of bonding curve
• Market makers and arbitrageurs participate
• Price determined by supply and demand

Fees and Economics

Trading fees - A small percentage of each trade goes to:

• Token holders (rewards)
• Token creator (ongoing revenue)
• Platform (operations)

Graduation - Liquidity from the bonding curve seeds the Raydium pool. This happens automatically.

Risks

Most tokens fail. Creating a token is easy; building something people want is hard.

Liquidity varies. Small tokens may have thin markets where large trades move price significantly.

Regulatory uncertainty. Token laws vary by jurisdiction. Understand your local regulations.