> ## 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, USDG, or a Stock Token as liquidity.

## Current market setup

| Setting        | Current value                                                  |
| -------------- | -------------------------------------------------------------- |
| Pair           | Launch token and the creator's selected paired asset           |
| 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 |
| Supported Stock Token at its configured reference price | FDV close to USD 4,000 |

FDV is a valuation reference, not money raised or deposited. For ETH and stock-paired markets, its USD value changes with the paired asset's market price. Stock price references can update the opening setting for future launches without changing an existing pool. Trading moves each live token price according to its own 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 paired-asset deposit from the creator.
  </Step>

  <Step title="Buys add the paired asset">
    Buyers send the selected paired asset, such as ETH, USDC, USDG, or a supported Stock Token, and receive launch tokens. Launch-token inventory decreases while paired-asset inventory increases.
  </Step>

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

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

Because the position starts with launch tokens and no paired-asset inventory, early sell quotes depend on assets added by earlier buys. A sell may be limited or unavailable until the pool has enough ETH, stablecoin, or Stock Token inventory 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 launch tokens only. If a configuration would require ETH, a stablecoin, or a Stock Token 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.