launching

Launch a token against gold.

Or against NVIDIA, the S&P 500, oil, treasuries, ETH or the dollar. Creating a market takes one form and no gas, once the vault is live. Cleave submits the launch to the Pons factory from its own treasury and streams the status back to you.

The form is closed today. This page is the spec for when it opens.

The form

Name and ticker. Name 2 to 32 characters, ticker up to 10. Ticker becomes the base of the claim names: sTICKER for shields, xTICKER for probes.
Image. Uploaded to IPFS through Cleave. Square images look best in the table and the marquee.
Description and links. Up to 300 characters, plus X, website and Telegram.
Pair. Searchable, grouped by Dollar, Crypto, Stocks and ETFs & commodities, with the live USD price of each asset.
Max leverage. 2×, 3×, 4× or 5×, with a live preview of the three tranches’ strike weights and write-off points.

Choosing a pair

The pair is the reserve the bonding curve prices your token in. It is not a display currency. If you pair with GLD, buyers pay in tokenized gold and your token’s USD price moves with gold on top of its own curve. Pick the asset you want the market to be a bet against.

Group	Examples	Feel
Dollar	USDG	Token moves are pure curve moves.
Crypto	ETH, cbBTC	Standard launchpad behaviour, quoted in the coin.
Stocks	NVDA, TSLA, AAPL	A meme that trades like the stock plus its own curve. The stock token is a warehouse receipt, not the share.
ETFs & commodities	SPY, QQQ, GLD, SLV, USO, SGOV	Index, metal, oil or treasury exposure with a curve on top.

market hours Tokenized stocks and ETFs follow their own trading hours on Robinhood Chain. Off hours the pair price is the last print, so the USD quote of a stock paired token can be flat while its curve price still moves.

Max leverage

The number you pick is the opening elasticity of the Deep probe. Mid and Shallow are spaced evenly below it. A 3× market opens with probes at roughly 1.67×, 2.33× and 3×. A 5× market opens at 2.33×, 3.67× and 5×.

Higher leverage means thinner buffers. The Deep probe of a 5× market is written off after a smaller fall than the Deep probe of a 2× market. The preview on the launch page shows the exact write-off point for each tranche before you submit.

What happens next

Queued. Your launch is validated and enters the treasury queue. Rate limits apply per address and per IP.
Launching. The treasury signs and sends the Pons factory transaction. Cleave pays the gas.
Live. The token and curve addresses are recorded, the tranches are struck at the opening price and the market lists under New.
Failed. If the chain rejects the transaction you see the reason on the status card and can submit again.

The market page is at /m/<id>.

Fees and creator tax

Launch. Free. The treasury pays gas.
Creator tax. The Pons curve applies a creator tax on trades, 2 percent by default, paid to the creator address.
Probe trades. 0.5 percent of notional on every buy and sell of a shield or probe, paid to Cleave. That fee is what buys $CLEAVE.

← Core concepts · Trading probes →