> For the complete documentation index, see [llms.txt](https://docs.canhav.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.canhav.com/token-launch/amm-and-fees.md).

# AMM and fees

**Available now.**

**LaunchAMM** is a minimal AMM for token/ETH pools, deployed once on each chain. Protocol fee configuration is owned by that chain's timelock.

Most tokens reach it through graduation: a [bonding curve](/token-launch/bonding-curve.md) seeds its pool here. To trade in a pool, see [Buying and selling](/token-launch/trading.md).

For the full fee table (launch fee, caps, freeze-at-creation, zero supply take), see [Fees and economics](/token-launch/fees-and-economics.md).

## Pool mechanics

| Item            | Detail                                                                                                                                                                                                                                                                                                                          |
| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Pair            | Launch token and ETH                                                                                                                                                                                                                                                                                                            |
| LP fee          | 0.30%                                                                                                                                                                                                                                                                                                                           |
| Protocol fee    | Optional, opt-in, for pools a creator opens by hand. Default 20 bps. Hard-capped at `MAX_PROTOCOL_FEE_BPS = 50`.                                                                                                                                                                                                                |
| Protocol split  | 70% project / 30% platform (`PROJECT_SHARE_BPS = 7000`), enforced in bytecode                                                                                                                                                                                                                                                   |
| Fee destination | [FeeSplitter](/token-launch/contract-addresses.md) (never an EOA as the platform sink)                                                                                                                                                                                                                                          |
| Existing pools  | Protocol fee rate **frozen at pool creation**; changing the default does not rewrite old pools                                                                                                                                                                                                                                  |
| First liquidity | The first `addLiquidity` sets the price and is open to anyone holding the token. A pool the curve launcher seeds at graduation is created and funded in one call, so there is no gap. For a pool a creator opens by hand, another holder could set the opening price between `createPool` and the deposit; accepted on testnet. |
| Liquidity lock  | None for pools a creator opens. A pool seeded by the [curve launcher](/token-launch/bonding-curve.md) at graduation holds its shares in the launcher forever, since shares cannot be transferred or burned and the launcher never removes liquidity. Only `MINIMUM_LIQUIDITY` (1e3 shares) burns in every pool.                 |
| Graduated pools | Opted out of the protocol fee. The 0.30% LP fee compounds into the locked reserves.                                                                                                                                                                                                                                             |

## FeeSplitter

| Item      | Detail                                                                                  |
| --------- | --------------------------------------------------------------------------------------- |
| Ownership | Timelock                                                                                |
| Role      | Platform fee destination; payees set via timelock; permissionless audited distributions |

## What you can change (with delay)

AMM knobs such as the default protocol fee sit behind the [TimelockController](/token-launch/governance.md). There is no instant admin switch on production-bound parameters. Testnet `minDelay` is 300 seconds.

## Related

* [Bonding curve](/token-launch/bonding-curve.md)
* [Fees and economics](/token-launch/fees-and-economics.md)
* [Contract guarantees](/token-launch/contract-guarantees.md)
* [Governance](/token-launch/governance.md)
* [Contract addresses](/token-launch/contract-addresses.md)


---

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