the mechanism.

Four launch modes

A creator picks one of four ways for a token to get its starting liquidity. All four share the same fee structure (see Fees below) — they differ in where the price comes from and whether there's a real pool from the first block.

Hybrid and Instant liquidity are live on mainnet today. Bonding curve and Stock pair are still deferred — each has its own open item below — and show as "soon" in the launch form rather than being removed, since both ship later.

• Hybrid (default, live) — a real Uniswap v4 pool from block one, single-sided, no ETH required from the creator.
• Bonding curve (deferred) — a standalone curve contract, graduating into a locked v4 pool once it raises enough.
• Instant liquidity (live) — a real two-sided v4 pool, seeded with ETH the creator provides at launch.
• Stock pair (deferred) — Hybrid, but priced in a Robinhood Stock Token instead of ETH (see below).

Bonding curve mode soon

Deferred for now — graduation goes through a Uniswap V2 pool, and this mode needs a confirmed Uniswap V2 router address on Robinhood Chain mainnet before it deploys. Everything below describes how it'll work once that's resolved.

Every bonding curve launch gets its own curve contract holding the token's entire fixed supply (1,000,000,000). Price is set by a constant-product formula — the same invariant Uniswap itself uses, just applied to a pair of "virtual" reserves instead of a real pool:

Every buy pushes the virtual reserve up and the virtual token reserve down (and vice versa for sells), so price rises as more of the supply gets bought — smoothly, with no fixed steps or tiers. There's no real Uniswap pool, and no external trade, until graduation.

Hybrid mode

Hybrid launches straight into a real Uniswap v4 pool — no separate curve contract, and no ETH required from the creator. The pool starts single-sided: all of the token's supply sits in the pool, priced against a virtual ETH reserve (initialVirtualEth) set at launch, the same way a bonding curve's starting price is set. As it trades, it behaves like any other v4 pool — visible on Dexscreener and any other aggregator immediately, since it's a real pool from the first block rather than something that only becomes one after graduating.

A dedicated hook (HomepadHybridHook) handles fee routing on every swap, the same split described under Fees below.

Instant liquidity mode

Instant liquidity also launches into a real Uniswap v4 pool, but two-sided: the creator provides ETH alongside the token supply at launch time, seeding actual liquidity on both sides rather than starting from a virtual reserve. This means real slippage characteristics from block one, closer to a typical DEX listing than a curve-style launch.

Its own hook (HomepadHook) and swap router handle trading and fee routing, mirroring Hybrid's split.

Fees

Every trade — on any of the three modes — pays a 1% base fee, fixed protocol-wide. That base fee splits 70% to the token's creator and 30% to the platform side (which further routes to the $HOME treasury). It's taken out immediately on every trade — no contract holds fee money for later.

On top of that, each creator can choose an extra fee of up to 2% at launch time — entirely their call, and it goes 100% to them. So total fees on any given launch run 1%–3%, and whatever a creator adds beyond the 1% base is theirs alone.

Graduation

Bonding curve mode only — Hybrid and Instant liquidity are real pools from the start and have nothing to graduate. Once a curve raises enough (the graduation threshold, 10 ETH by default), trading on the curve stops. Anyone can then call graduate() — not just the creator — which pushes the remaining tokens and raised funds into a real Uniswap pool, then sends the LP tokens to a burn address. Nobody, including HOMEPAD itself, can pull that liquidity back out afterward.

Dev buy

A creator can optionally buy their own tokens in the same transaction as the launch, by sending ETH along with the call — launchAndBuy() instead of launch(), available on all three ETH-paired modes (Bonding curve, Hybrid, and Instant liquidity). It's the same "seed your own position atomically" pattern Pons and pump.fun-style pads use. For Instant liquidity, the same call also seeds the pool's own liquidity, so both happen atomically alongside the dev buy.

Stock-paired mode soon

Deferred for now — real Robinhood Stock Tokens can change price on corporate actions (stock splits, dividends), and the contracts don't yet account for that. Everything below describes how it'll work once that's resolved.

Robinhood Stock Tokens (AAPL, TSLA, NVDA, and others) are ERC-20s on Robinhood Chain, so a launch can be priced in one of them instead of ETH. Stock pair is Hybrid mode with an ERC-20 quote: the same single-sided Uniswap v4 pool from block one, the same fee routing, no quote token needed from the creator to launch — it just measures price in, say, TSLA rather than ETH. The starting price uses the same convention as every other mode: "this many TSLA would buy the entire supply."

Two mechanical differences follow from the quote being an ERC-20. First, v4 orders a pool's two currencies by address, and a stock token can sort on either side of a freshly-created token, so the factory records which side it landed on and places the single-sided range accordingly (below the price when the token is currency1, above it when the token is currency0). Second, a stock token can't ride along as msg.value, so buys — including the launch-time dev buy — pull the quote with transferFrom, which means a one-time approve the first time you buy.

Fees are taken in whichever currency comes out of the swap (the token on a buy, the stock on a sell) and routed live to the creator and the $HOME treasury, same split as everywhere else. The same factory will price launches in $HOME once it ships on mainnet — a $HOME pair is just a Stock pair with $HOME as the quote.

What can't happen

• No admin key exists anywhere in these contracts — nobody can pause, drain, or redirect a launch after it exists.
• Token supply is fixed at creation. Nothing can mint more.
• Graduated liquidity is burned, not locked with a timer or an owner — there's no key to it, ever.

None of this protects against a bad token — a creator can still launch something with a misleading name or description. It only protects against the platform itself being the rug.