How it works

KEEL launches tokens through a bonding-curve mechanism. A creator deploys a token, the public buys it from the curve, and once the curve is bought out the launch graduates into a locked liquidity pool.

What makes KEEL different: every trading fee is routed into an immutable reserve contract that belongs to the token itself. Any holder can burn their tokens into that reserve to receive their pro-rata share of WETH.

Every step is a transaction your own wallet signs. KEEL never takes custody of tokens or funds.

Create, trade the curve, graduate, pool. There is no path where a creator changes the rules halfway through. Graduation happens automatically when the curve sells out. If that automatic step stalls, anyone can push the launch forward.

1. Create. The creator sets name, symbol, supply, image, and the immutable fee.
2. Trade the curve. Buyers and sellers interact with the bonding curve.
3. Graduate. Once the curve threshold is reached, liquidity is placed into a locked pool.
4. Pool trading. After graduation, fees continue to flow into the token reserve.
5. Redeem. Holders burn tokens to claim their share of the reserve at any time.

Creator fees land in a vault that belongs to the token. On each cycle, the vault deposits its share into the reserve contract under that token's address. The reserve is held as WETH.

There is no staking contract, no claim button, and no lockup. Holding is the only requirement. The reserve belongs to the token contract, not a person or admin key.

The reserve is held as WETH in the token contract. There is no owner wallet, no admin key, and no way to move the reserve except through the redemption function.

The reserve can only grow through trading fees and decreases proportionally when holders redeem. Supply decreases at the same time, so the floor is recalculated continuously.

floor = reserve / circulatingSupply

The floor is a protocol redemption value. It represents the WETH amount each token could claim if burned at that moment. It is not a guarantee that the market price will stay above it.

In practice, arbitrageurs can keep the market price near or above the floor because anyone can buy tokens on the open market, burn them, and keep the difference if the market price falls below the redemption value.

Calling redeem(token, amount) sends the specified tokens to the burn address and transfers the caller their pro-rata share of the reserve in WETH.

Example: if a token holds 2,500 WETH against 1,000,000 circulating tokens, burning 10,000 tokens returns 0.025 WETH.

1. Fill in the details. Upload an image, choose a name and symbol, write a description, and optionally add social links.
2. Pick the terms. Set the creator fee that feeds the reserve. The fee is fixed at creation and shown on the token page.
3. Sign the launch. Your wallet pays the launch fee and calls the factory. The entire supply is minted to the bonding curve. Your address is the deployer and the fee recipient.
4. Trade the curve. Anyone can buy and sell against the curve. The price is the curve.
5. Graduate. When the curve sells out, a liquidity pool is created and its liquidity is locked permanently. If the automatic step stalls, anyone can push graduation forward.
6. Reserve and redeem. Fees are deposited into the reserve contract. The floor is reserve divided by circulating supply, and holders can redeem at any time.