How it works
Uniswap v4 on Robinhood Chain (4663). One rate, one supply, one opening price, and a lock with no key.
Why does every token open at 1.7 ETH?
Because the price is not a launch parameter. Three constants in the factory decide it — the tick the pool opens at (201,936), the bottom of its range (155,904) and the spacing both sit on (336) — and `launch` takes no price argument at all. Elsewhere the person posting picks the opening tick, so two tokens posted on the same afternoon can open an order of magnitude apart and a buyer has to work out which is which first. Here there is one number to learn and it is the same every time.
Is it exactly 1.7 ETH?
It is 1.700080239474970520 ETH, and that is as near as this curve comes. A Uniswap pool's price moves in ticks of 1.0001, so not every number is reachable; 201,936 is the tick closest to 1.7 ETH for a billion tokens, and it is 0.005% over. The contract derives that figure from the tick rather than storing it, so the two cannot drift apart.
Is 1.7 ETH sitting in the pool?
No, and this is the important one. The pool opens single-sided: all token, no ETH. The market cap is what the supply is priced at, not money backing it — there is nothing in the pool to withdraw until somebody buys, and what they pay becomes liquidity that does not come back out.
What exactly is the 4%?
4% of everything paid into the pool, in either direction. Buy with ETH and the fee is 4% of the ETH; sell the token back and it is 4% of the token. Of that, 80% goes to whoever launched the token and 20% to the treasury. There is no second fee: the pool's own LP fee is zero, so this is the entire fee schedule.
Can the rate be changed later?
No. The rate lives in a Uniswap v4 hook, and a pool's hook is part of its key — fixed when the pool is opened. Not governed, not timelocked, not “no plans to change it”: a different hook is a different pool. The split is a constant in the same contract, with no setter under any spelling. The opening price is the same kind of thing: a constant in the factory, with no argument that reaches it.
Where does the liquidity go?
Into a contract with no function that takes any out. Liquidity leaves a v4 pool through exactly one door — a modifyLiquidity with a negative delta — and there is no such call in the locker. A v4 position is also a row in the pool manager rather than an NFT, so there is nothing to transfer, sell, borrow against or approve away by mistake.
What does the creator hold after launching?
No tokens at all. The supply is minted straight to the locker and goes from there into the pool; it never passes through the creator's wallet or the factory. “Nothing was held back” is not a promise anybody has to keep — there is no moment at which anybody holds anything to keep. What they own is a claim on the fee, and nothing else.
Why is the fee charged on the way in?
It costs a trader the same either way, but it decides what a creator earns. Charging the input means a buy pays its fee in ETH; charging the output would pay it in the token being bought, which is the one asset a creator already has plenty of.
Why does collecting need its own transaction?
Because the fee is banked as a claim rather than taken as cash. Moving real assets out of the pool manager mid-swap would mean the manager fronting ETH the trader has not paid yet — on a young pool with no ETH in it, that is a buy that reverts. So the hook mints an ERC-6909 claim during the swap and redeems it for the real thing when you collect.
- Locked liquidity means locked. Everything anyone pays to buy a token becomes liquidity and does not come back out — for the creator as much as for anyone else. The fee comes out; the liquidity does not.
- A fee is only earned when somebody trades. A launch nobody buys earns nothing. Nothing here makes anybody want a token.
- The opening price is a price, not a floor. Every token starts at the same valuation; what happens after the first trade is whatever the buying and selling does. The same starting line is not the same race.
- None of it is audited. The contracts are readable and tested against Uniswap’s own pool manager, which is not the same thing as audited.
- Anyone can launch anything. The board does not vet names, pictures or links, and a picture or a link on a notice was put there by whoever launched it. Read the contract address before you buy anything.