Trading and routing
Every trade on Hash.fun goes through the LaunchRouter. You pay in ETH, USDG, or a mining coin; the router crosses whatever pools sit between your asset and the market and settles in one transaction.
How an ETH buy travels
- ETH → USDG. The router wraps ETH and swaps it in the Uniswap V3 WETH/USDG 0.01% pool, the deepest ETH/USD pool on Robinhood Chain.
- USDG → mining coin. The router swaps USDG for the market's pair coin in that coin's peg pool, taking from the ask one tick spacing above the feed.
- Mining coin → token. The router swaps the coin for the market token in the v4 pool, inside its own
unlockCallback, and sends the tokens to you.
A sell runs the same path in reverse: token → coin in the v4 pool, coin → USDG against the peg bid, USDG → ETH in the V3 pool. Starting from USDG skips the first hop. Starting from a mining coin you already hold skips the first two.
| Function | Path |
|---|---|
buyWithEth |
ETH → USDG → coin → token |
buyWithUsd |
USDG → coin → token |
buyWithCoin |
coin → token |
sellForEth |
token → coin → USDG → ETH |
sellForUsd |
token → coin → USDG |
sellForCoin |
token → coin |
launchWithEth, launchWithUsd |
launch plus the first buy, same routes |
swapUsdForCoin, swapCoinForUsd |
USDG ↔ coin only, used by the rewards page to cash out |
Quotes
The site calls quoteBuy and quoteSell on the router before every trade. A quote simulates the full route at the current state of every pool it crosses and returns the exact amount out. Quotes are not views; they run as simulated transactions.
The site then subtracts 1% from the quote and passes the result as the minimum amount out. If pools move between your quote and your transaction such that you would receive less than that floor, the transaction reverts and you keep what you had. The 1% is a floor, not a fee. In a quiet market you receive the quoted amount.
Approvals
| Asset | Approval |
|---|---|
| ETH | none |
| USDG | once per router |
| each mining coin | once per router |
| market tokens | none; the token trusts the launchpad and the router |
Selling a market token never needs an approval. Paying in USDG or in a mining coin needs one approval per asset the first time you use it.
What you pay along the way
- The V3 WETH/USDG pool charges its 0.01% fee.
- The peg pool charges 0.30%, and the ask sits at least one tick spacing (about 0.60%) above the rounded feed price, while the bid sits at or below it.
- The market pool charges the creator's fee, 1% to 3%.
All of it is visible in the quote. Only the market pool's fee is distributed to holders.
When a trade cannot execute
A buy fails if the pair coin's ask is empty and the keeper has not yet refilled it. A sell fails if the pair coin's bid does not hold enough USDG to absorb the coin you are selling, since the bid holds only dollars earlier buyers paid in. In either case the transaction reverts with no partial fill. See Risks.