The CHAOS round is the public part of a launch. The curve opens to everyone, the first minute carries a surcharge that raises the cost of early trading, and the round ends when the raise hits the ceiling or the clock runs out.
Why it exists
The CHAOS round opens the curve to everyone before the pool handoff. Its first-minute surcharge raises the cost of early trades. It reduces some opening-sniping incentives without eliminating trading or venue risk.
The first minute
Every trade in the first 60 seconds pays a tax on top of the normal 1% fee. It starts at 99% and falls in a straight line to zero.
EARLY
Cheapest price
Highest tax.
- Second 0: 99% tax
- Second 15: about 75%
MIDDLE
Half and half
Price has moved, tax has halved.
- Second 30: about 50%
- Second 45: about 25%
LATE
No tax
Whatever price the crowd set.
- Second 60: 0%
- Then a normal curve
The countdown, the live tax, and every trade are on screen. You choose your second.
After the minute
| Rule | What it means |
|---|---|
| Buying | Anyone can buy at the curve price, up to the per-wallet cap the creator set for the whole round |
| Selling | You can sell back what you bought on the curve. Claimed round tokens add sell budget; transfers and reserved allocations do not |
| Price | The curve reserve cannot exceed the raise target |
How it ends
| End | When |
|---|---|
| Ceiling | The raise reaches the target. The round closes right there |
| Deadline | The clock runs out and the raise is at or above the floor |
| Extension | The clock runs out below the floor. The round runs one more length, as many times as the creator allowed (up to four), then closes no matter what |
Graduation uses the curve reserve and any pool-directed buy tax. If the curve closes before the ceiling, available unsold tokens can match the extra quote at the last curve price. At the ceiling, sellable inventory is exhausted; pool-directed buy tax adds quote without another token counterpart, so the pool opens above the last curve price. See Trading and graduation.