Market Lifecycle

1. 01Draft
2. 02Configured
3. 03Simulated
4. 04Launch transaction
5. 05Market open
6. 06First trade
7. 07Live market

Draft

Nothing is on-chain. The composer holds a configuration in the browser. It can be shared as a blueprint URL, which is also nothing on-chain.

Configured

Every parameter has a value and the client-side validation passes. The protocol has not seen it yet.

Simulated

TapePreviewer has computed the intended market: opening tick, quote price and age, sample buyer output, every fee. This is a read call — it costs nothing and commits nothing.

Launch transaction

The protocol re-validates everything the client validated, plus the things only the chain can check: the quote's live oracle answer, its freshness, its decimals, and whether a corporate action is pending. Any failure reverts the whole transaction.

Market open

The pool exists, the entire supply is a locked single-sided position, and the configuration is frozen. The market has a price but no quote inventory yet.

First trade

The first buy delivers the first quote asset into the pool. From here the market has two-sided inventory and behaves like any other Uniswap v4 pool with a hook.

Live market

No migration step, no graduation, no bonding-curve-to-AMM transition. Temporary rules expire on their own schedule — anti-snipe ends at its block count, the launch tax decays to zero — and nobody can extend them.