> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ponzu.app/llms.txt
> Use this file to discover all available pages before exploring further.

# The Launch

> Presale graduates, liquidity is locked, anti-sniper fees protect the first hour. Automatic. Permissionless.

## Launch Trigger

The Presale auto-launches when the pricing strategy reports ready **and** the contract holds at least the launcher's net floor (`minRaise`). Anyone can also call `triggerLaunch` once those hold.

Readiness depends on the strategy:

* **Ponzu Auction** — demand has caught the target.
* **Ponzu Curve** — the 690,000-token allocation is sold.

The launcher sends **all** held ETH into locked liquidity. There is no treasury cut of the raise at launch. The pair is 310,000 tokens (31% of total supply) plus that ETH, opened as a Uniswap v4 pool through Ponzuki.

100% of the minted LP is locked. Genesis LP is credited 69% to the Presale and \~31% to Contributors (member-card holders). The farm has no genesis seat.

The remaining tokens are vested. Every token was paid for. Zero overhang, zero circulating supply at launch.

***

## Swap Fee Structure

Ponzuki is a Uniswap v4 hook with three modifications: dynamic launch fees, fees on **input**, and Distributor routing.

### Launch (First Hour)

**20% fee** decaying linearly to **1%** over 60 minutes. Charged on the input: buys pay in ETH, sells pay in the project token.

| Time After Launch | Fee Rate |
| ----------------- | -------- |
| 0 min             | 20.0%    |
| 10 min            | 16.8%    |
| 20 min            | 13.7%    |
| 30 min            | 10.5%    |
| 40 min            | 7.3%     |
| 50 min            | 4.2%     |
| 60 min            | 1.0%     |

Launch fees route to remaining LP, Kioke, and the Distributor. The first hour of trading, when fees are highest, generates rewards for presale holders and farm stakers.

### Anti-Sniper Protection

The design doesn't promise zero sniping. It makes the first-hour window expensive enough that sniper bots are unlikely to round trip small price movements.

***

### After First Hour

**1% fee on the input.** Same rate both ways:

* Buying (ETH → TKN): 1% of ETH in
* Selling (TKN → ETH): 1% of TKN in

Fees route through Ponzuki. A share compounds into LP, a share goes to Kioke, and the rest goes to the Distributor, which splits dynamically based on conviction.

**Why do this?:** Everything about Ponzu is to align holders over time. Buys accumulate ETH for holders. Sells accumulate project tokens. Presale holders and farmers can claim ETH any time, but tokens only once.

This is how they can collect yield without needing to constantly sell tokens.

***

<Card title="Diamond-Hand Vesting" icon="gem" href="/mechanisms/diamond-hand-vesting">
  One claim. Keep the vested portion, forfeit the rest.
</Card>