Bonding curve (virtuals template)

How tokens launched via the virtuals template trade pre-graduation and how they migrate to PancakeSwap V2 at threshold.

The virtuals template implements a bonding curve x·y=k priced in paymentToken (USDT on BSC). Each token launched via factory.launch("virtuals", params) gets its own curve instance — FFactory, FRouter, and Bonding contracts cloned from audited implementations.

This template is used for memecoin-style or agent-of-marketplace tokens that want to graduate to a public DEX once they hit a fundraising threshold. The platform’s own $FLOW token does not use this template — it uses dpnm instead.

Lifecycle states

Prototype

Token live on its bonding curve. Anyone can buy or sell against the contract. No DEX pair yet.

Graduating

Curve has filled to 80%+ of the graduation threshold. UI shows an “almost there” state.

Sentient

Threshold hit. Liquidity migrated to PancakeSwap V2 (BSC) or Uniswap V2 (Base). LP burned to 0xdead. Bonding curve is sealed.

Failed

Token did not reach threshold within the configured failure window. Curve closes. Holders can redeem at the curve’s last price.

How buys and sells work pre-graduation

Each trade goes through the cloned FRouter contract:

1. Caller approves paymentToken for the router.
2. FRouter.buy(token, amountIn, minOut) (or sell) is called.
3. The router computes the curve price using x·y=k, charges fees, mints (or burns) the appropriate amount of project token, and transfers paymentToken in or out.

Slippage is enforced via minOut. There is no order book — the curve itself is the counterparty. Buys and sells emit Buy / Sell events that the chain indexer in agentflow-api picks up to feed the live token page.

Graduation

When the locked paymentToken value reaches the per-token graduation threshold (set at launch time):

1. Curve seal

   The bonding contract halts new buys and sells.

2. Liquidity migration

   Locked paymentToken is paired with the protocol-reserved liquidity slice and seeded into a fresh PancakeSwap V2 (BSC) or Uniswap V2 (Base) pool through the Migrator contract.

3. LP burn

   LP tokens are sent to 0x000000000000000000000000000000000000dEaD. The pool is permanent and trustless.

4. Sentient state

   Token is now an ordinary ERC20 with a DEX pair. Trading lives on PancakeSwap; the Cabinet embeds the chart.

See Graduation for parameters and timing.

Failure path

If the threshold is not reached within the failure window, the token transitions to failed. Holders can redeem their balance at the curve’s last price (a “rage exit”). Project agents stop receiving compute budget. The creator can launch a new token with a fresh curve under a new ticker.

Why a bonding curve and not a fixed-price sale

A bonding curve gives instant liquidity without an order book. Early buyers get the lowest price; later buyers pay more, which compensates early backers without needing a vesting contract. The curve also creates a clean trigger for graduation — once price discovery has happened on-curve, the DEX migration starts from a known floor.

Bonding curve vs dpnm

Property	virtuals (this page)	dpnm
Price function	x·y=k	pool / supply
Pair token	paymentToken (USDT)	paymentToken (USDT)
DEX exit	Yes — graduation to PancakeSwap V2	No — closed system forever
Daily buy limit	None	max(50 USDT, pool * 0.001) per user
Income limit	None	1:2 on every buy
Marketing tree	Optional, off-chain	Built-in 3 × 10 on-chain
Best for	Memecoin / agent token	Affiliate / ecosystem currency

See Closed system for the full dpnm philosophy.

Live state

curl https://api.agentflow.website/tokens/example-agent

Response includes template ("virtuals" or "dpnm"), state, progressToGraduation (virtuals only), holdersCount, and lastTradePrice. See Tokens API.