One transaction opens the market.

You choose the name, the ticker, the image, the description, the links, and the pool fee. Your wallet signs the creation. Opening a market costs no protocol fee. You pay gas only.

The name can be up to 32 characters. The ticker is 2 to 10 letters or digits. The image is an https or ipfs link, or a file uploaded before you sign. If you leave the website blank, the token page on this site is what gets stored. None of that metadata can be edited after the transaction confirms.

What the transaction does

All of it happens, or none of it does.

1. Deploy the token. An ERC-20 with 18 decimals and a fixed supply of 1,000,000,000. There is no mint function, no owner, and no transfer restriction other than the rebate rules. A sale or a send to a normal wallet disqualifies that wallet from future rebates. A burn to the dead address does not.
2. Create the pool. A Uniswap v4 pool, no hook, tick spacing 10. The fee in the pool key is the fee you froze: 2%, 3%, 4%, or 5%, written as 20000, 30000, 40000, or 50000. The default is 3%.
3. Place the whole supply. One liquidity position, initialised so the market cap is about $5,000. The position holds tokens and no quote. See The open.
4. Lock the position. The NFT goes to the locker. Collecting fees is a decrease of zero liquidity, which is how Uniswap pays owed fees without touching the principal. The locker has no function that transfers the position out or removes that liquidity.
5. Bind a treasury. That treasury is this token’s only. The 30/30/15/15/10 split is copied in and does not change. The creator recipient is required. The zero address is rejected.

An optional buy can be included in the same transaction. That is the only buy guaranteed to be first. There is no snipe tax and no trading delay. Other wallets can buy in the same block or the next one.

Which pool you open

One pair

On Arc the quote is USDC. On Robinhood the quote is native ETH. WETH is not the Robinhood pair.

A stock

One pool against that stock. USDC or ETH is not the pair. The site still lets a buyer pay ETH: it swaps ETH into the stock, then the stock into the new token. A sell runs the same path backwards. The entry is recorded because the tokens are delivered to the buyer.

Several quotes

A multi launch opens up to five pools in one transaction and splits the supply evenly. Each pool opens at the same price, so the token has one opening market cap, spread over several books. On Robinhood one of the pools is ETH. The others are quotes the pricer can value. Because the pools share a token, a buy in one of them lifts the price there, and the other pools are the places a seller can meet it.

What you can change later

Almost nothing. The fee, the quotes, the metadata, and the lock are fixed. The current creator recipient can hand that role to a new address. Fees still sitting in the pool follow the new address. Labs cannot seize it or redirect it.

Anyone else may add their own liquidity to the pool later, and remove their own. That liquidity earns a share of the pool fee in proportion to what is in range. The locked launch position is the position the protocol collects from. There is no lock on liquidity somebody else added.