How it works

The lifecycle of a tonch Jetton from launch to permanent LP lock.

Every tonch Jetton goes through the same five-stage lifecycle. There are no shortcuts, no special creator paths, and no manual operations after launch.

1. Launch

A deployer signs one TonConnect transaction at tonch.app/launch. The transaction sends 3 TON to the singleton launchpad factory with the token metadata (name, symbol, description, image URL, optional socials).

The factory then:

1. Computes the future Jetton master address using TEP-64 onchain content + the standard Jetton master code.
2. Deploys a per-launch bonding curve sale contract that holds the token’s TON and Jetton reserves.
3. Deploys the TEP-74 Jetton master with 1B total supply, owned initially by the factory.
4. Mints 800M Jettons to the curve (the for-sale supply) and 200M to the curve’s holding wallet (the AMM reserve, held until graduation).
5. Logs a TokenLaunched external-out message containing the new Jetton’s address — picked up by the indexer in ~10–60 seconds.

2. Curve trading

The token opens on a virtual constant-product bonding curve with these starting reserves:

Reserve	Initial value
Virtual TON	300 TON
Virtual Jetton	1.010B
Real TON	0
Real Jetton	800M (for-sale supply)

Every buy adds TON to the real reserve and removes Jettons from the for-sale supply, paying a 1% fee. Every sell does the inverse. Price discovery happens entirely on chain — there’s no order book.

The deployer can optionally pre-fund a dev-buy at launch time. The dev-buy is just another buy on the same curve — same price, same fee, no preferential allocation.

3. Graduation trigger

When real TON collected reaches 1,000 TON, the curve becomes eligible to graduate. A keeper service monitors curves and broadcasts the op::graduate message automatically; alternatively, anyone can graduate the curve themselves.

4. DeDust seeding

op::graduate runs the migration in one transaction:

1. 10% of collected TON (~100 TON) is sent to the protocol treasury as the graduation fee.
2. 90% of collected TON (~900 TON) plus the 200M reserved Jettons seed a TON/Jetton volatile pool on DeDust v2.
3. Any remaining unsold curve Jettons are burned.
4. The LP Jettons that DeDust mints back to the curve are forwarded to the LP locker contract.

5. Permanent LP lock

The LP locker has only one accepted opcode: op::lock_lp (received via transfer_notification from the LP-Jetton wallet). There is no withdrawal opcode, no admin path, no upgrade method. Any non-LP-transfer message bounces back to its sender. Once the LP arrives, it stays locked forever.

Trading after graduation continues on DeDust v2 as a normal pool. Anyone can buy or sell using DeDust’s interface or any aggregator. The original tonch curve contract becomes inert — it no longer accepts buys or sells.

What’s transparent

• The curve constants — total supply, for-sale split, graduation target, virtual reserves, fee bps — are all stored in the factory’s state and readable via get_factory_config.
• The deployed addresses — Jetton master, curve, LP locker, DeDust vaults, DeDust pool — are all derivable from the launch transaction and indexed on-chain.
• The fees — 1% on every curve trade, 10% at graduation — are computed in the contract using fixed bps constants. They cannot be changed per launch.
• The LP lock — verifiable by reading the locker’s contract code on Tonviewer. There is no withdrawal opcode in the source.

See Mechanics for the math and Reference / Contracts for addresses.