Liquidity
Every Hash.fun market is a plain Uniswap v4 pool from the transaction that creates it. The whole token supply is placed in that pool as concentrated liquidity in the same call, and no contract or account can take it out again. The bonding curve is the shape of the liquidity, and the liquidity is real.
Where the tokens are
At launch the token contract mints 1,000,000,000 tokens to the launchpad, and the launchpad places all of them into the pool as two positions in the same call.
| Position | Tokens | Price range |
|---|---|---|
| Curve | 800,000,000 | opening price → cap price ($5,000 → $35,000 market cap at creation) |
| Reserve | 200,000,000 | cap price → highest usable tick |
Nothing is held back. The launchpad's own balance of the token after launch is zero.
How the curve behaves
Because the curve is a concentrated position, a buy in the first range behaves the way a bonding-curve buy does: each purchase moves the price higher and each subsequent buyer pays more. The pair coin those buyers pay in stays in the pool as the other side of the same position. When a holder sells, the pool pays them out of that coin. Sells are funded by what earlier buyers paid, not by a treasury.
Once all 800,000,000 curve tokens have been bought, the price passes the cap and trading continues in the reserve range without any transition. The site shows this as curve progress, from 0% to 100%.
Why the liquidity stays
The two positions are owned by the launchpad contract, not by the creator and not by the keeper. The launchpad's only position-level function is collectFees, which withdraws accrued swap fees and nothing else. There is no burn, withdraw, or migrate function and no owner override. The no-removal property is a tested invariant of the contract, fuzzed over its whole external surface.
The token contract has no owner. Supply is fixed at construction and there is no mint function afterwards.
What fees do to the pool
Fees accrue to the two positions in both assets, the token and the pair coin. Collection every 15 minutes moves them to the fee ledger and, from there, to holders, buyback, and protocol. See Fees. Collecting fees does not change the positions' principal liquidity.
Market pools and peg pools
Market pools and peg pools are different things. A market pool is Uniswap v4, holds the whole token supply, and pays its fees to holders. A peg pool is Uniswap V3, holds only one mining coin's ask and bid, and is repriced by the keeper. A trade from ETH to a market token crosses one of each on the way in. See Trading and routing.