> ## Documentation Index
> Fetch the complete documentation index at: https://docs.o1.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Single-sided liquidity

> How the opening value, token-only liquidity, changing pool inventory, and permanent Uniswap v4 market work.

Every launch opens a real Uniswap v4 pool. All tokens available to the market begin on the token side of the opening price, so the creator does not need to deposit ETH, USDC, or USDG as liquidity.

## Current market setup

| Setting        | Current value                                                  |
| -------------- | -------------------------------------------------------------- |
| Pair           | Launch token and the creator's selected quote                  |
| Opening value  | FDV close to USD 4,000 under the current quote assumptions     |
| Pool supply    | Fixed supply minus immediate and vested allocations            |
| Liquidity      | One continuous token-side range beginning at the opening price |
| Range share    | 100% of the pool supply                                        |
| Position owner | `LaunchHook`                                                   |
| Removal        | Permanently disabled                                           |

The liquidity range uses Uniswap's spacing value of `200`. This controls where the range can begin and end; it does not force prices or trades to move in fixed steps.

## Opening FDV

Current launches have a fixed supply of **1 billion (1,000,000,000) tokens**. The opening FDV is the opening token price multiplied by that complete supply.

| Quote assumption | Current opening target |
| ---------------- | ---------------------- |
| ETH at USD 1,800 | FDV close to USD 4,000 |
| USDC at USD 1    | FDV close to USD 4,000 |
| USDG at USD 1    | FDV close to USD 4,000 |

FDV is a valuation reference, not money raised or deposited. For ETH markets, its USD value changes with the live ETH price. Trading then moves the token price according to Uniswap v4 market activity.

## How inventory changes

<Steps>
  <Step title="The market opens with tokens">
    The permanent position starts with the pool supply in launch tokens and no quote deposit from the creator.
  </Step>

  <Step title="Buys add quote currency">
    Buyers send ETH, USDC, or USDG and receive tokens. Token inventory decreases while quote inventory increases.
  </Step>

  <Step title="Sells return tokens">
    Sellers send tokens back to the pool and receive quote currency at the live Uniswap v4 price.
  </Step>

  <Step title="The position stays active">
    Remaining tokens and accumulated quote currency continue supporting the market inside the same permanent position.
  </Step>
</Steps>

Because the position starts with tokens and no quote inventory, early sell quotes depend on quote currency added by earlier buys. A sell may be limited or unavailable until the pool has enough ETH, USDC, or USDG to return.

```text theme={null}
pool supply = 1,000,000,000 - immediate allocations - vested allocations
```

## Token-only launch check

Before the launch completes, the contracts verify that opening the position requires tokens only. If a configuration would require ETH or a stablecoin from the creator, the transaction stops.

## Why liquidity is permanent

* `LaunchHook` owns the position;
* its liquidity cannot be decreased or removed;
* outside accounts cannot modify the locked position;
* there is no transferable LP token or position NFT;
* there is no administrator withdrawal or recovery path.

The assets remain inside Uniswap. o1 can adjust settings for later launches but cannot remove or rewrite an existing position.