Windrose

How it works

Pick a currency, launch a token, and it trades on a bonding curve quoted in that currency. When the curve raises its target it graduates into a locked Uniswap v4 pool. Launching is one transaction.

Launch a token

Bonding curve

Buys push the price up and sells push it down along a constant-product curve. Part of the supply sells on the curve; the rest is reserved for the pool. Every quote shows the fee, price impact and minimum received before you confirm. Pay in the launch currency, or in USDG for synthetic currencies: the ac coin is minted for you in the same transaction.

Graduation

When the curve raises its target, curve trading closes. A 2% graduation fee comes off the raise; the rest plus the reserved LP tokens seed a full-range Uniswap v4 pool at the final curve price. That liquidity is locked forever. Anyone can call graduate on a filled curve.

Currencies and ac coins

USD launches settle in USDG and EUR launches in EURC where it is registered. Every other on-chain currency is an ac coin (acJPY, acINR, and so on): a synthetic minted from USDG at the oracle rate and redeemable the same way, backed by a USDG vault. Vaults mint at 100% collateral, so any registered currency works without a backer. The launch currency is fixed at launch.

All currencies

Fees

Trading: 1% per curve trade, 30% of it to the creator and 70% to the protocol. Graduation: 2% of the raise. Mint and redeem: 0.3% each way, 1% while the FX market is closed and the oracle price is stale. Pool trades after graduation pay the Uniswap 0.3% fee. Gas is paid in ETH.

Backing a currency (Earn)

Deposit USDG into an ac coin vault and receive backer shares. Backers earn 80% of the vault's mint and redeem fees; the protocol takes 20%. Backers are short the currency against the dollar: if it strengthens, vault equity falls first, and coin holders are only haircut once equity is gone. Withdraw any time while the vault is fully backed and the oracle price is fresh.

Portfolio