The curve
A new strategy token has one market at first: a bonding curve that Pons creates for it. The curve sells tokens until it holds 4.2 ETH, and at that point Pons hands the token over to a Uniswap v4 pool. Pons owns the curve and sets its numbers. Tokens launched through mystrat use Pons' standard ETH launch; an attached token keeps whatever launch it had.
The vault earns from the curve's very first trade, and the keeper collects those rewards into it every few minutes. A strategy therefore bids from its first day, and keeps bidding whether or not its token ever leaves the curve.
The numbers
| Tokens created | 1,000,000,000, every one of them placed on the curve |
|---|---|
| Starting valuation | 1.68 ETH |
| Starting price per token | 0.00000000168 ETH |
| ETH the curve must hold | 4.2 ETH after fees; about 4.72 ETH of buys if nobody sells |
| Tokens sold along the way | about 714.3 million, or 71.4% |
| Final price | 12.25 times the starting price |
| Final valuation | 20.58 ETH |
Read from the chain on 27 September 2026 for Pons' ETH launches. A curve keeps whatever settings it launched with, even if Pons later changes them for new launches.
How the price moves
Pons prices the curve with the same constant-product rule a Uniswap pool uses, starting from 1.68 ETH of pretend liquidity that sets the opening price. Buying adds real ETH on top and pushes the price up; selling removes it and brings the price down. Before you sign, the trade panel quotes the result and sets the minimum you will accept.
What a trade costs
Buying and selling on the curve both pay, in ETH:
- Pons' fee, 1%
- Pons keeps 0.3 points and passes 0.7 to the vault; the split is recorded when a token launches.
- The creator tax, 10%
- The vault receives all of it. mystrat sets it to 10% for every token it launches.
Of what arrives, the vault keeps 80% for the strategy and 10% each for the launcher and the platform. See fees.
The first seconds
Pons' launch factory is set up with an extra charge on buys in a token's first seconds, aimed at bots buying in the launch block. Its settings read 99% at the start and 3 seconds in length; how the charge is applied is Pons' business. A buyer who waits a few seconds after launch is clear of it.
Graduation
If a buy would carry the curve past 4.2 ETH, it is filled only up to the line and the unused ETH is refunded in the same transaction. The curve then stops trading in both directions. Pons opens the pool as a separate step, which any wallet may trigger and which can be retried if it fails; until then the token has no market on Pons, and the trade panel tells you so.
The pool opens where the curve's price ended, seeded with all 4.2 ETH and roughly 204.1 million tokens. The rest of the unsold supply, roughly 81.6 million tokens, is sent to Pons' locker along with the pool position, and Pons' published code has no function for taking either out. If the pool were still missing 7 days after graduation, the owner of Pons could redirect the curve's ETH and tokens; Pons calls that a rescue. For a strategy it means the token never gets a market on Pons and its vault can never run a burn pass, and the strategy page says so. mystrat refuses to attach a token whose graduation was rescued.
Where the supply ends up
| Part of the supply | Tokens | Share |
|---|---|---|
| Held by buyers from the curve | about 714.3 million | 71.4% |
| In the pool from graduation | about 204.1 million | 20.4% |
| Kept in Pons' locker | about 81.6 million | 8.2% |
No share of the supply is reserved for mystrat, the launcher or anyone else.
If it never reaches 4.2 ETH
Without 4.2 ETH the token remains on its curve and keeps trading there. Its vault still earns from that trading and still bids, on a smaller budget. What happens after graduation is on the pool.