Every new token gets its own dedicated bonding curve contract — not a shared pool. Pricing follows a constant-product curve seeded with a "virtual pool" (no real money sitting there, it just sets the starting price). Every buy adds real USDC to that pool and pushes price up; every sell does the reverse. No market maker, no human intervention — the curve is the market.

A token is tagged GRADUATED on the Explore page once its curve's pool reaches 20,000 USDC — display-only for now, trading stays on the same curve either way.

Every token has two tax layers, both taken in USDC on every trade and paid out immediately — nothing accumulates in the curve contract itself:

Creator tax — set once at launch by the creator, 0-10% on buys and 0-10% on sells (independently). Paid straight to the wallet that created the token. Can't be changed after launch.

Platform fee — a fixed 0.1%, the same on every token, not adjustable by anyone. Goes to the FLY treasury and is earmarked for buying back and burning the FLY platform token once it launches.

One transaction does it all: deploy a fresh ERC20 (entire supply minted straight to its own curve contract, never mintable again) → deploy and initialize a dedicated curve with your chosen tax rates → (optional) if you set a buy amount at creation, your wallet's first buy executes in the same transaction.

Logo / pitch / X / Telegram / website are display-only metadata — the image is hosted off-chain, only the URL is stored on-chain. None of it affects trading logic.

Buying sends USDC straight to the curve contract; tax is skimmed off the top before the curve math runs. Selling requires an approval first (the page detects insufficient allowance and sends that transaction automatically); tax is skimmed off what the curve math says you'd receive. The displayed price is the marginal price for the next token — actual average fill price slides with trade size, which is just how a bonding curve behaves.

Factory: —
Each token's own contract and curve address are one click away from the Explore page, or look them up directly on the block explorer.