Trading & Curves
How bonding curves work on The Furnace.
Bonding curves
Each launched token gets its own on-chain bonding curve contract. Price is determined by a virtual constant-product reserve model — buys push price up, sells push price down.
Buying
Send ETH to the curve's buy function. You receive tokens based on the current reserve state minus fees. Slippage protection is available via minimum tokens out.
Selling
Approve the curve to spend your tokens, then call sell. You receive ETH back minus fees.
Before graduation
All trading happens on the curve. The token page shows live market cap, reserve, graduation progress, and a chart that samples on-chain mcap over time.
After graduation
Once the curve target is hit, the token graduates to Uniswap V3. On-chain trading on the curve stops; use the Uniswap link on the token page.