> For the complete documentation index, see [llms.txt](https://docs.delphirhc.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.delphirhc.com/using-delphi/launching-a-token.md). # Launching a token A launch is one transaction. You give the factory a name, a ticker, the asset the token should trade against and a starting market cap, and it deploys the token, creates its pool, seeds the liquidity and registers the oracle before the transaction ends. ## What you choose **Name and ticker.** These are the ERC-20 name and symbol. They cannot be changed after launch. **Paired asset.** The asset the token is priced in and traded against. Any asset on the factory's allowlist can be chosen, which on testnet means ETH plus two test assets standing in for a stablecoin and a tokenized stock. The oracle reports prices in this asset, so a token paired with ETH has an ETH price and a token paired with a dollar stablecoin has a dollar price. **Image, description and links.** Shown on the token's page and cards. They are stored before the launch and the launch records where, so they cannot be lost or changed afterwards. See [Trading](/using-delphi/trading.md) for what the fees are. **Starting market cap.** The value of the whole supply at the opening price, in the quote asset. The factory derives the opening price from it. The app defaults to 3 ETH for ETH pairs. **Initial buy.** Optionally, an amount of the paired asset to buy with in the same transaction. This is the only way to be first into a pool, since the pool does not exist until the launch transaction runs. ## Advanced options These are optional and fixed at launch. **Creator wallet.** The address that receives the creator share of every trade. It defaults to the wallet that launches, and it can be a multisig or any other contract. **Creator tax.** An extra fee on every trade, from zero to ten percent, that goes to the creator wallet in full on top of the creator's share of the base fee. A token with a five percent creator tax charges six percent per trade, of which the creator receives five percent plus seventy percent of the remaining one. **Holder fee sharing.** Instead of a creator wallet, the creator share of every trade, and any creator tax, can go to the token's holders. Delphi deploys a rewards contract with the token and makes it the creator, so the fees accrue there, and each holder claims their part in proportion to what they held while the fees came in. The pool's own balance and burned tokens do not count as holders. This choice is permanent. **Snipe tax exemptions.** For the first three seconds after launch, buys pay an extra tax that starts at ninety-nine percent and falls to zero, so bots that buy in the launch block hand almost everything they send to the protocol. The creator wallet is exempt, and the launcher can declare other wallets, typically the team's, that are exempt as well. Exemptions only apply to trades through the Delphi router, which names the trader to the hook. ## What happens on-chain The factory mints a fixed supply of one billion tokens and opens a Uniswap v4 pool for it with the Delphi hook attached. All of the supply goes into a single concentrated liquidity position on the token side of the current price, so the pool starts at the opening price and the price rises along the curve as people buy. That position is locked: the hook refuses any attempt to add or remove liquidity, so the pool cannot be drained by whoever launched it. The hook registers the pool in its oracle at the same time, and the first observation is written when the first swap happens. If you included an initial buy, that swap is part of the launch transaction, so the oracle has its first observation before the launch is even confirmed. ## After launch The token page shows the price, the trades and the oracle's state. Until the oracle has twelve observations the TWAP is not readable and the page shows the count instead. See [Maturity and depth](/the-oracle/maturity-and-depth.md) for what the stages mean. ## Fees Launching costs a flat 0.01 ETH, paid in the launch transaction on top of any initial buy. After that, every swap pays a one percent fee in the quote asset, of which seventy percent accrues to you as the creator and thirty percent to the protocol. Your share is claimable from the token page at any time. The full breakdown is under [Trading](/using-delphi/trading.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.delphirhc.com/using-delphi/launching-a-token.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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