Single-Sided Liquidity

A TAPEZERO launch requires no quote asset from the creator. The entire token supply goes into the pool as a one-sided range position, priced from the opening tick upward. At the moment the market opens it holds tokens and nothing else.

AT LAUNCH

  token inventory   ████████████████████  1,000,000,000
  quote inventory   ·                     0

The first buy is what delivers quote asset into the market:

Quote inventory therefore accumulates through trading rather than being posted up front. That is what makes a stock-quoted launch possible at all: nobody has to acquire NVDA Stock Tokens simply to open a DOG/NVDA market.

What this is not

The position is locked

The launch position is owned by TapeLiquidityLocker, which has no withdrawal path and no owner. The creator cannot pull it, the protocol cannot pull it, and no upgrade can add the ability, because the contract is not upgradeable.

LP fees earned by that position are collected with a zero-delta modifyLiquidity — which moves fees and leaves the principal untouched — and routed straight to the fee vault. See Liquidity.

Consequences worth knowing

• Thin early liquidity. A market with little quote inventory moves a long way on a small trade. Early prices are not indicative of anything.
• Price impact is asymmetric at first. Until buyers have delivered quote asset, sells face very little depth.
• Rounding dust is burned. Converting the supply into a position leaves a few wei that cannot fit the range; the factory burns it, so "the whole supply went into the market" stays literally true.