Glossary

Protocol#

Bonding curve — the pool a launch trades against before it graduates. Prices trades on virtual reserves with a constant product, so it can quote from block one with nobody having deposited anything.

Virtual reserves — the two numbers that set the curve's price. They exist in storage; they are not balances.

Real reserves — the ETH the curve actually holds and the tokens it actually has left to sell.

Graduation — the atomic migration from the curve into a JoseonSwap pool, triggered by the buy that sells out the curve allocation.

Launch pool — the token/WETH pool a launch graduates into. Reserved when the token is created and opened only by the migration.

Plain pool — any other JoseonSwap pair, created permissionlessly. No creator, so LPs keep a larger fee share.

Reserved / open — a launch pool's two states. Reserved means it cannot be traded, drained, or synced; the migration's first deposit opens it, and from then on it behaves like any pair.

Locker — the contract holding a graduation's opening LP position. It has no withdraw function.

Amounts and units#

WAD — a fixed-point value scaled by 1e18. Prices and progress are WAD, so 1e18 means 100% or one whole unit.

bps — basis points, hundredths of a percent. 10000 bps is 100%, so the 2% curve fee is 200 bps and the 0.30% swap fee is 30.

Base units — the integer form of an amount: wei for ETH, and 1e18 per token. Every API amount is a decimal string in base units, because the values exceed what a JS number can hold.

Market cap — price times circulating supply.

FDV — fully diluted valuation, price times total supply. Since supply is fixed at 1B with no mint function, FDV and market cap converge as tokens leave the curve.

Price impact — how far your own trade moves the price, which grows with size against a given depth.

Slippage — how much price movement you are willing to accept between quoting and executing.

Lifecycle#

Curve active — state 0. Trading against the bonding curve.

Graduating — state 1. Trading paused mid-migration, and only one transaction wide.

Pool active — state 2. Trading through the router.

Progress — the share of the 800M curve allocation that has sold, WAD-scaled.

willGraduate — the flag a buy quote returns when your buy would end the curve.

Fees and roles#

Creator — whoever created the launch. Earns 70% of curve fees and, after graduation, 50% of the pool's swap fees.

CTO — a community takeover: the fee position reassigned to a new recipient. Only the immutable feeAdmin can do it, and earnings already accrued stay where they were.

Fee admin — the immutable address on LaunchRegistryV2 authorised to reassign a launch's fee recipient. Separate from the deploy / setup admin, and cannot be moved.

Fee recipient — the address in the registry that creator fees are paid to.

Fee shares — retired. A display-only split of the creator share across several wallets, never enforced on-chain and removed from the app on 2026-07-28. Tokens launched before that may still carry the metadata; it is historical and non-binding.

Pull payment — fees accrue and are claimed by a call rather than pushed on every trade. Keeps a swap cheap and free of external calls.

Infrastructure#

GIWA — the OP Stack L2 this runs on. Chain ID 91342 on Sepolia, roughly 1-second blocks.

Flashblocks — GIWA's preconfirmation RPC, ~200ms. Good for showing progress, not a substitute for a receipt.

Preconfirmation — an event that has been seen but not sealed. It can still change, so it is never treated as settled.

Indexer — the worker at api.joseon.fun that reads chain events and serves the JSON API and the live feed.

Stack — one complete deployment of all seven contracts. Versions coexist on-chain, but the app targets exactly one.

Confirmation depth — how many blocks the indexer waits before trusting a log, so a small reorg does not become bad data.