Core Concepts

Market

A TAPEZERO market is not simply an ERC-20 token. It is the whole assembly:

• the launch token
• the quote asset
• a Uniswap v4 pool
• the T0 hook holding that market's frozen rules
• a locked liquidity position
• a Market Manifest

Quote

The asset the launch token is priced against, and the asset every fee is denominated in. Currently ETH (as WETH) and approved Robinhood Stock Tokens. See Quote Assets.

Opening FDV

The intended fully diluted valuation at which the market opens. With a fixed supply it fixes the token's opening USD price.

Supply

1,000,000,000 DOG

Opening FDV

$10,000

Implied DOG price

$0.00001

First tick

Uniswap prices live on a discrete lattice of ticks, so the intended opening price almost never lands exactly on one. The first tick is the valid tick nearest the intended price under TAPEZERO's rounding rule — which always rounds so the market opens at or below the requested valuation, never above it.

Market rules

Optional behaviour enforced inside the swap by the T0 hook: anti-snipe, launch tax, auto burn, the 500th-buy pot. Rules are part of the frozen configuration and are covered by the config hash.

Manifest

The permanent record of a market's launch-time configuration: token, quote, opening valuation, rules, fee recipients, config hash and the block it was frozen at. See Market Manifest.