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

# 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](https://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](/mechanics/bonding-curve) for the math and [Reference / Contracts](/reference/contracts) for addresses.