> ## Documentation Index
> Fetch the complete documentation index at: https://docs.grapl.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Token and liquidity mechanics

> Fixed supply, direct Uniswap v4 launch and creator-owned liquidity.

The local protocol launches tokens directly into a Uniswap v4 pool paired with GRAPL. There is no bonding curve, fundraising threshold or graduation migration. Broader quote-asset support remains future work.

## One atomic launch

The creator supplies identity and fixed supply, initial price, LP fee, tick spacing/range, maximum funding, minimum effective capital, schedule, root and LP unlock time. The factory validates inputs and creates the token, registry entry, pool and liquidity in one transaction. Failure reverts all stages.

```mermaid theme={null}
flowchart TD
  Config[Explicit creator configuration] --> Factory[LaunchFactory]
  Factory --> Token[Create fixed-supply token]
  Token --> Registry[Register immutable pool schedule]
  Registry --> Pool[Initialize v4 and fund liquidity]
  Pool --> LP[Creator-owned LP position]
  Pool --> Remainder[Return excess capital and remaining supply]
```

## Supply and capital are different

All minted supply is allocated between initial LP and creator. There is no automatic 0.5% gacha allocation. Concentrated liquidity determines actual deposits: maximum funding does not mean all of it enters the position.

`LaunchLiquidity.capital0` and `capital1` record effective initial deposits. Initial price must fall strictly inside the range, and both capital minima must be met. Excess maximum funding is returned.

## Who controls liquidity?

The creator owns the position and can withdraw at or after its declared unlock time. The instant fixture uses zero, meaning no time lock. The scheduled fixture unlocks at the end of its exclusive interval. Neither establishes permanent locked liquidity or an approved product policy.

<Warning>
  Fixed supply does not guarantee liquidity, price stability or creator
  behavior. Removing a bonding curve does not by itself prevent scams or wash
  trading.
</Warning>

Local launch tokens and platform GRAPL have no post-deployment mint or upgrade function. See [local parameters](/reference/local-parameters), [presale timing](/concepts/public-presales) and [security](/reference/security).


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