Glossary

Anti-snipe window. The first couple of blocks after a launch, during which only the creator can buy in the launch block and no wallet may hold more than 5% of the initial supply or buy more than 5.5%. It expires permanently. Sells and transfers are never restricted.

Approval. A one-off transaction giving a contract permission to move a specific token on your behalf. Required before your first sell of any token.

Auto-Burn. One of the three token types: 1% per trade, split 0.4% to the creator, 0.3% burned, 0.3% to the platform. Chosen at launch, fixed for life.

Bonding curve. The formula a new token trades against before graduation. It sets the price from how much has been bought so far, so you always have a counterparty and never wait to be listed. 793,100,000 of the 1,000,000,000 supply sells on the curve.

Burn. Permanently destroying tokens. Burned supply is gone; it is not held anywhere. The burn is always in the token, never in ETH: where a burn share arrives as ETH, it is spent buying the token back first and those tokens are destroyed. Auto-Burn tokens burn part of every trade fee. Tax-Free tokens burn everything their pool collects after graduation. Standard tokens never burn.

Circulating supply. Tokens actually in existence and held by someone. On an Auto-Burn token it falls over time as trades burn supply. It does not drop at graduation, because nothing is burned there.

Claim. Pulling your own accrued creator rewards into your wallet. It is about you, and it exists both before graduation (paid in ETH from the token contract) and after (paid in WETH from the locker). Anyone can trigger it, but it always pays the creator address. Not the same thing as Collect. There is nothing to claim on a Tax-Free token, which earns its creator nothing.

Clamped buy. A buy larger than the curve's remaining allocation. The contract fills exactly what is left and refunds the difference rather than rejecting the trade.

Collect. The permissionless transaction that sweeps a graduated token's accrued Uniswap fees into the locker and splits them between the creator, the burn and the treasury. It is about the token, not about any one person, and it only exists after graduation. Anyone can run it, and it takes no address arguments, so nobody can redirect the proceeds. It needs at least 0.005 WETH of accrued fees to go through. Shown in the app as Run Collect & Burn. After it runs, the creator still has to Claim. On a Tax-Free token it burns the whole amount instead of paying anyone.

Contract address. The unique on-chain identifier of a token, and the only thing that reliably distinguishes one token from another. Names, tickers and images can all be copied.

Creator. The wallet that launched a token. Earns 0.7% (Standard) or 0.4% (Auto-Burn) of every trade, forever, and nothing at all on Tax-Free. The payout address can be handed over, two-step and creator-only, with no admin override.

Creator rewards. The creator's share of the fee. Accrues inside the token contract before graduation and inside the locker after it, in both cases until claimed. Tax-Free tokens produce none.

Curve progress. How much of the curve's token allocation has been bought, 0% to 100%. At 100% the curve has sold out and the token graduates.

FDV (fully diluted valuation). Price multiplied by total supply.

Gas. The network fee paid in ETH for any transaction. Separate from Honkfun's trading fee, and payable even on a Tax-Free token.

Graduating. The badge a token gets on the market table once its curve passes 85%. It has not graduated yet.

Graduation. The moment a token's curve sells out and it moves into a locked Uniswap pool. A threshold being reached, not a quality judgement.

Graduation fee. 0.01 ETH plus roughly 506,600 tokens, taken once per token at migration. Charged on both sides so the pool opens at exactly the curve's closing price. Applies to every type and every venue, Tax-Free included.

Holder. A wallet with a non-zero balance of a token.

Hook. A small contract Uniswap V4 consults at certain moments in a pool's life. Honkfun uses one to make sure a token's pool can only ever be opened by that token itself, so nobody can create it first at a price of their choosing and strand the raise.

IPFS. The distributed storage where token images live, so artwork is not hosted only by Honkfun.

Keeper. The app page listing every graduated token with the fees waiting to be collected and claimed, plus the buttons to do it. Also the automatic service that triggers migration when a curve sells out.

Liquidity. The assets available to trade against. Deeper liquidity means your trades move the price less.

Locker. The contract that holds the Uniswap liquidity position of every graduated token, permanently. It has no owner functions and no code path that can remove liquidity or move a position out. It is also where creator rewards accrue after graduation.

Market cap. Price multiplied by circulating supply.

Migration. The transaction that performs graduation. Anyone can call it, and Honkfun runs a keeper that does it automatically.

Pool ID. How a Uniswap V4 pool is identified, in place of an address. Every V4 pool lives inside one shared contract, so a V4 token has no separate pool contract to link to. A V3 pool does have its own address.

Price impact. How far your own trade moves the price. Grows with trade size. Across the whole curve the price rises about 14.7 times.

Protocol fee (Uniswap's). A setting on a Uniswap pool that can divert between a tenth and a quarter of the pool fee to Uniswap before anyone else is paid. It is off on Honkfun's pools, so the whole pool fee reaches the locker. It belongs to Uniswap rather than to Honkfun, so it is not ours to switch on or off.

Round trip. Buying and then selling the same token. On Standard and Auto-Burn it always loses money, because each leg pays the 1% fee. On Tax-Free the curve charges nothing, so only gas and price impact apply.

Slippage. The maximum price movement you will accept between submitting a trade and it landing. Exceeded, the trade reverts rather than filling at a worse price.

Sniping. Buying in the first seconds after a launch, before others can react. Limited by the anti-snipe window, and shown on each token's safety card as "bought at launch".

Standard. One of the three token types: 1% per trade, split 0.7% to the creator and 0.3% to the platform, no burn. Chosen at launch, fixed for life.

Tax-Free. One of the three token types: no fee on any trade, on the curve. Nobody earns from it, the creator included. After graduation its pool charges a small fee, and everything that pool collects is used to buy the token back and burn it. Chosen at launch, fixed for life.

Treasury. The platform's address, receiving its share of trade fees, the graduation fees, and its share of collected pool fees. Published on Network and addresses.

Uniswap V3. One of the two venues a token can graduate into. Pools have their own addresses and must use one of Uniswap's fixed fee tiers: 1% for Auto-Burn and Standard tokens, 0.05% for Tax-Free.

Uniswap V4. The other venue. Every pool lives inside a single shared contract and is identified by a pool ID rather than an address, and a pool can carry its own fee instead of picking from a fixed list, so it can be cheaper than V3 allows.

Venue. Which version of Uniswap a token graduates into, V3 or V4. Chosen by the creator at launch and fixed for the life of the token, like the token type.

Wallet sign-in. Signing a short message to prove an address is yours. Costs no gas and moves no funds. Needed for account features, not for trading.

WETH. Wrapped ETH, the form ETH takes inside a Uniswap pool. Creator rewards after graduation are paid in it. The app wraps and unwraps for you when you trade.