> ## 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.

# Trading overview

> How to buy and sell Jettons on tonch — wallets, curves, fees, and the post-graduation handoff to DeDust.

tonch is a fully on-chain launchpad. You trade by signing TonConnect transactions from your own wallet — there is no exchange account, no deposit, no withdrawal. Every trade is a Jetton transfer or TON transfer to a curve contract that exists for exactly one token.

## Connecting a wallet

tonch works with any TonConnect-compatible TON wallet:

* **Tonkeeper** (mobile + browser extension)
* **MyTonWallet** (browser extension + standalone)
* **OpenMask** (browser extension)
* **Tonhub** (mobile)

Click **Connect Wallet** at the top of [tonch.app](https://tonch.app) and pick your wallet. Approve the connection request — TonConnect only asks for your address, not signing permissions. Each transaction is approved individually when you trade or launch.

You'll need:

* **TON for gas** — at minimum \~0.2 TON in the wallet for buys/sells.
* **TON to trade** — whatever amount you want to spend on the curve.

## Two trading phases

A Jetton's price discovery happens in two clearly separated phases.

### Curve phase (before graduation)

Before the curve fills (1,000 TON collected), all trading happens on the per-launch bonding curve. Buys and sells go directly to the curve contract — there is no order book, no market maker, no spread. Price moves deterministically along the virtual constant-product curve as the real TON reserve fills.

During this phase:

* The Jetton can only be bought from or sold back to the curve.
* Liquidity grows monotonically with each buy. It never leaves until graduation.
* There is a 1% fee on every buy and sell, taken from the curve and claimable by the deployer.

### DeDust phase (after graduation)

Once the curve hits 1,000 TON, the next graduation transaction migrates all reserves to a TON/Jetton pool on [DeDust v2](https://dedust.io/) and locks the LP Jettons. From then on:

* The original curve contract no longer accepts buys or sells.
* Trading happens on the DeDust pool like any other Jetton pair.
* DeDust's standard fee schedule applies (separate from tonch's curve fee).
* Liquidity is locked permanently — it cannot be withdrawn by anyone, including the deployer or the protocol.

See [After graduation](/trading/after-graduation) for how to trade on DeDust.

## Fees you'll see

| When         | Fee               | Who pays | Where it goes                            |
| ------------ | ----------------- | -------- | ---------------------------------------- |
| Curve buy    | 1% of TON in      | Buyer    | Held in the curve, claimable by deployer |
| Curve sell   | 1% of TON out     | Seller   | Same                                     |
| Network gas  | \~0.05–0.15 TON   | Trader   | TON validators (standard)                |
| DeDust trade | DeDust's fee tier | Trader   | DeDust LPs and protocol                  |

There is **no slippage protection on the curve** in the sense of an off-chain price oracle — the curve price is the on-chain price, computed deterministically from current reserves at the moment your transaction is processed. If a different trade lands between your quote and your transaction, your fill price will reflect the curve state at execution.

## What you cannot do

* You cannot trade a Jetton **after** the curve fills but **before** graduation finalizes — there is a brief window (usually under a minute) where the curve has crossed the threshold but DeDust seeding hasn't completed. The frontend will block buys during this window and show a "graduating" state.
* You cannot withdraw LP after graduation. There is no opcode for it.
* You cannot get a better-than-curve price as the deployer. The optional [dev-buy](/launching/dev-buy) goes through the same curve.