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

# Launch into a currency market

> Choose the relationship, define the asset, and understand the starting market.

A launch defines both a token and the market structure it enters. Start by choosing an FX pair or a single quote currency.

<Note>
  The R6 contracts are deployed on Arc mainnet. New launches are currently paused, and the public app is not hosted yet. Use this guide to understand the launch flow; check [release status](/reference/release-status) before submitting a launch.
</Note>

## Network and quote assets

The deployed release uses **Arc mainnet (chain ID 5042)**. USDC pays the 10-USDC creation fee and network gas. USDC and EURC are configured quote assets, with the EURC/USDC relationship admitted in the registry.

Currency admission and the global launch gate are separate checks. A configured currency cannot be used for a new launch while the gate is paused. See [deployed currencies](/developers/contracts#currencies-and-pair) for exact addresses.

## Choose a market structure

|                              | FX-pair launch                      | Single-currency launch                       |
| ---------------------------- | ----------------------------------- | -------------------------------------------- |
| Starting markets             | Two token pools                     | One token pool                               |
| Quote currencies             | Both currencies in an approved pair | One approved currency                        |
| Example                      | TOKEN/EURC and TOKEN/USDC           | TOKEN/USDC                                   |
| Ordinary creator fee         | Disabled                            | Optional, up to 10%                          |
| Holder reward fee            | Disabled                            | Off, or 0.03%–10% in R6                      |
| Nominal baseline trading fee | 0.15% per token-pool leg            | 0.30%, plus selected creator and holder fees |

The [fee reference](/economics/fees) explains fee bases, routing costs, and the opening surcharge.

## Configure the launch

<Steps>
  <Step title="Choose the currency relationship">
    Select an admitted pair for an FX launch, or an approved quote asset for a single-currency launch. The pair determines the two currencies traders can use at the token's canonical markets.
  </Step>

  <Step title="Define the token">
    Set the name, symbol, metadata, and fixed supply. Token identity comes from the deployed contract address, so names and tickers are descriptive labels.
  </Step>

  <Step title="Set the starting valuation">
    Choose the starting value for the full supply. This establishes an initial pool price. It is not money raised or a stablecoin deposit.
  </Step>

  <Step title="Review allocations and fees">
    An optional builder allocation can reserve up to 10% of supply under vesting. Single-currency launches can separately select creator and holder fees. These trading fee rates are fixed at launch.
  </Step>

  <Step title="Review and submit">
    Check the network, quote assets, supply, starting valuation, builder allocation, fee settings, and opening policy. A successful launch pays 10 USDC, with network gas charged separately.
  </Step>
</Steps>

## Starting valuation is a price input

For a single-currency example with one billion tokens and a 10,000-USDC starting fully diluted valuation:

```text theme={null}
initial token price
  = starting valuation / total supply
  = 10,000 USDC / 1,000,000,000 tokens
  = 0.00001 USDC per token
```

An FX launch derives the other currency's starting price from the approved currency pool, accounting for token decimals and price rounding. The actual initialized pool prices are authoritative.

The initial valuation does not measure how much could be sold at that price. Executing a trade changes the pool.

## Builder allocation and vesting

A builder allocation is token supply reserved for the creator, separate from trading fees. The current vesting contract has a **30-day cliff** and a **365-day linear schedule measured from launch**.

Nothing is releasable before the cliff. After it, the vested amount includes the elapsed portion of the year. At day 365, the entire allocation has vested. Released tokens go to the fixed beneficiary.

The remaining token supply seeds the canonical position or positions. FX-pair launches divide that market supply between the two token pools.

## What happens after launch

The pool or pools are seeded, then the launch's opening clock activates. The canonical LP principal is permanently locked; fees earned by that position can be harvested and compounded.

Trading can begin with the applicable [opening buy surcharge](/economics/opening-window). Its clock is shared across both token pools in an FX launch.

A launch does not guarantee demand, a particular token price, or profitable trading.

<CardGroup cols={2}>
  <Card title="Liquidity and price" icon="water" href="/markets/liquidity-and-price">
    Understand the canonical position and what its lock means.
  </Card>

  <Card title="Read the market" icon="chart-line" href="/markets/reading-the-market">
    Interpret the token's prices, volume, and valuation after launch.
  </Card>
</CardGroup>