A market has two phases: PRE (the 30-minute premarket) and POST (the token).
1. Launch
A creator picks a name, ticker, image and links, where their fees go, and the fee after launch (1%, 2% or 3%). They can add an opening buy in the same transaction.
The market opens immediately. All 100,000,000 TOK are minted to the market contract at this point, but nobody holds them yet.
2. PRE: 30 minutes of shares
- You buy shares with ETH. Shares live inside the market. They are not the token and you can't transfer them.
- You can sell shares back at any time before 00:00. The ETH comes straight from the market's reserve, so you don't wait for a buyer.
- The price moves along a curve: the more shares exist, the higher the price.
- Every buy and sell pays a 1% fee. A third of it goes to Genesis (see Fees and Genesis).
3. 00:00: the token
When the 30 minutes are up, trading in shares stops. Nobody has to press a button: the market switches by block time.
The shares still held turn into TOK. How much of the supply goes to holders depends on the final reserve and the final share count. The rest stays in the market as inventory for buyers after launch, so the split changes from market to market.
If nobody holds shares at 00:00, the market ends empty and no trading opens.
4. POST: trading the token
- Buy and sell TOK for ETH on the market. The ETH reserve from PRE stays in the market and keeps backing the token; there's no separate liquidity pool.
- Selling returns TOK to the market's inventory and pays you from the reserve.
- The fee is the rate the creator chose at launch (1%, 2% or 3%), split 70% creator / 30% platform.
5. Claims
Nothing is sent to you automatically. After 00:00, PRE holders sign two separate claims:
- Claim TOK: your share of the token supply.
- Claim Genesis: your ETH reward.