# glossary

| Term                                | Definition                                                                                                                                                                    |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **AMM**                             | Automated Market Maker. The Uniswap V2 pair that takes over after graduation is a classic constant-product AMM.                                                               |
| **basefun token**                   | ERC-20 deployed by FactoryV2 (V1 design) or FactoryV3 (V2 design with FOT post-grad). 1B supply, 0/0 transfer fees pre-grad.                                                  |
| **Bonding curve**                   | The `BondingCurveV2` contract: virtual-liquidity constant-product curve that sells 757.5M tokens for USDC, then graduates.                                                    |
| **CURVE\_SUPPLY**                   | 757,500,000 tokens — the amount sold on the bonding curve.                                                                                                                    |
| **DexScreener**                     | Third-party indexer used post-grad to surface live Uni V2 market cap, volume, and 24h price change.                                                                           |
| **FactoryV2**                       | Original launchpad contract. Deploys V1 tokens (no fee-on-transfer).                                                                                                          |
| **FactoryV3**                       | Current launchpad contract. Deploys V2 tokens (1% FOT post-grad).                                                                                                             |
| **Fee-on-transfer (FOT)**           | A token design where 1% of every transfer that touches a registered Uni V2 pair is automatically skimmed to the `feeCollector` address. Only active on V2 tokens (FactoryV3). |
| **feeCollector**                    | Immutable address baked into V2 tokens that receives the 1% FOT skim. Set at deploy to the keeper EOA.                                                                        |
| **GRADUATION\_USDC**                | $10,000 — the curve's USDC reserve target. Crossing it triggers graduation.                                                                                                   |
| **GRADUATION\_LP\_USDC**            | $9,700 — the USDC seeded to the Uni V2 LP at graduation.                                                                                                                      |
| **GRADUATION\_TREASURY\_USDC**      | $300 — paid out to the treasury at graduation.                                                                                                                                |
| **Initial buy**                     | Mandatory ≥ $20 USDC purchase by the creator at deploy. Without it, Avantis can't open the perp (notional minimum).                                                           |
| **Keeper EOA**                      | Off-chain Node.js worker's wallet. Holds USDC briefly between LT mint and Avantis open; sweeps FOT fees post-grad and dispatches to treasury + creator.                       |
| **LP**                              | Liquidity Provider tokens — the ERC-20 you get for providing liquidity to a Uni V2 pair. basefun burns these at `0xdead` immediately after seeding the post-grad pair.        |
| **LP\_SUPPLY**                      | 242,500,000 tokens — paired with $9,700 USDC at graduation to seed the LP.                                                                                                    |
| **LT**                              | Leveraged Token. ERC-20 representing a fractional share of an aggregated Avantis perp. One LT per `(pairIndex, leverage, direction)`.                                         |
| **LTFactory**                       | Idempotent deployer for LeveragedToken contracts. Anyone can call `getOrCreateLT` to spawn (or retrieve) the LT for a given pair/leverage/direction.                          |
| **NAV**                             | Net Asset Value. The total USDC value backing all outstanding LT shares: `collateralDeposited + sum(Avantis PnL)`.                                                            |
| **pair (Uni V2)**                   | The USDC↔token Uniswap V2 pair created at graduation. Address derived deterministically by `IUniswapV2Factory.getPair`.                                                       |
| **pairIndex**                       | The Avantis market identifier (0–98). 0 = BTC, 1 = ETH, etc.                                                                                                                  |
| **Protocol fee recipient**          | The treasury EOA. Receives 0.5% of every swap and $300 per graduation. Mutable owner-only on the factory; immutable per-token once a token is deployed.                       |
| **Reserve (USDC)**                  | The USDC equivalent of the LT shares the curve owns. Drives the graduation trigger.                                                                                           |
| **Slippage**                        | Tolerance for how much the actual output can differ from the quoted output before the tx reverts. Default 1% in the UI; configurable.                                         |
| **TOTAL\_SUPPLY**                   | 1,000,000,000 tokens per launch. Fixed, immutable.                                                                                                                            |
| **Treasury**                        | The basefun protocol EOA. Receives 0.5% of every swap pre-grad, the $300 graduation cut, and the protocol half of post-grad FOT fees.                                         |
| **VIRTUAL\_USDC / VIRTUAL\_TOKENS** | Constants ($4,000 USDC + 303M tokens) added to the curve's reserves to give the AMM a non-flat initial price.                                                                 |


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