A launch now begins with trading. The reserve, the payment token and the current market state replace the old timed-presale journey.
Trading begins at creation
The creator chooses the token identity and payment token, reviews the live quote and signs the creation transaction. Casa is optional. There is no free creator or team tranche; an optional Dev Buy is a purchase under normal fee and slippage conditions.
New tokens have a one-billion-unit supply with six decimals. Approximately 80% is allocated to the curve and 20% to migration, before rounding and protocol deductions. These supply percentages are different from ownership of the initial liquidity positions.
That makes creation a market decision as well as an identity decision. The selected payment token determines what buyers need, what sellers receive and how the reserve is counted. Review those settings together. A familiar ticker does not identify an asset by itself; the mint and the transaction quote establish what is actually being created or purchased.
Keep the three percentage stories separate: token distribution, initial liquidity positions and collected trading fees. An 80% curve allocation does not give the creator 80% of the pool, and a creator fee share does not create a revenue right for every token holder.
Reserve progress can move both ways
Buys increase net payment-token reserve after fees. Sells reduce it. CAPX is the default payment token, with a target of 15,000 CAPX net. Eligible graduated Capx tokens can also be used, with a target of 50,000,000 selected-token units. Neither target is a clock or a USD market-cap target.
The curve fee is 0.25%, collected in the payment token. Of that fee, 20% goes to Meteora, 40% to the creator and 40% to Capx. Read the current transaction quote, including minimum received and possible partial fill near the threshold.
A useful way to read progress is to ask what is in the reserve now, rather than how much has ever passed through the market. A busy trading session can include both buys and sells. Gross volume can grow while the net reserve falls, so volume, market valuation and graduation progress should never be treated as interchangeable measures.
Completion and migration are separate states
A completed curve can show migration pending while the graduated pool becomes ready. Once migrated, the same mint trades on DAMM v2; holders do not claim a replacement token. Initial creator and Capx liquidity positions are split equally and permanently locked, while fee rights remain.
Supported successful Launchpad v1 tokens retain their existing Raydium market and external Jupiter route. Those markets keep their history; current launch presets are not retroactive.
At the transition, check the market state before deciding what action is available. Reaching the threshold describes completion of the curve; it does not by itself mean a graduated pool is already accepting trades. Once the pool is live, the venue changes while the token identity continues. Existing holders should follow that mint into the market, without looking for a replacement-token claim.