> ## 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.
# One token, three connected markets
> A practical introduction to launching into a currency pair.
FX lets a creator launch a token into an existing currency relationship. For an EUR/USD launch, the token trades against both EURC and USDC.
The result is a triangle: two new token markets connected by an existing currency market.
## The three edges
| Market | What changes hands | Where it comes from |
| ------------ | ------------------------------------ | ------------------------------------- |
| TOKEN / EURC | The launched token and euros onchain | Created by the FX launch |
| TOKEN / USDC | The same token and dollars onchain | Created by the FX launch |
| EURC / USDC | Euros and dollars onchain | Existing, approved currency liquidity |
Both token pools trade the **same ERC-20 token**. Moving between the euro and dollar sides does not require a wrapped version of the token.
The pair describes the token's market structure. Launching into EUR/USD does not make the token a stablecoin, a claim on euro reserves, or a product that automatically tracks the EUR/USD exchange rate.
## Follow a trade
A trader holding USDC can buy the token directly, or take a route through EURC when the available quote is better.
```mermaid theme={null}
flowchart LR
U["USDC"] -->|"TOKEN / USDC pool"| T["TOKEN"]
```
One pool connects the input currency to the token.
```mermaid theme={null}
flowchart LR
U["USDC"] -->|"EURC / USDC pool"| E["EURC"]
E -->|"TOKEN / EURC pool"| T["TOKEN"]
```
The route converts currencies first, then buys the token. Each pool contributes its own fees and price impact.
More routes create more opportunities for execution. They do not guarantee that an indirect route is cheaper. The useful comparison is the final amount received for the same input.
## How prices connect
Suppose these illustrative spot prices hold:
* One TOKEN costs **0.01 EURC**.
* One EURC trades for **1.10 USDC**.
* The implied TOKEN price is **0.011 USDC**.
```text theme={null}
TOKEN price in USDC
= TOKEN price in EURC × EURC price in USDC
= 0.01 × 1.10
= 0.011 USDC
```
If the direct dollar market trades far enough away from that relationship, traders may buy through the cheaper path and sell through the more expensive one.
This is triangular arbitrage. It connects prices through actual trading. Fees, liquidity, price impact, gas, and competing traders determine whether an apparent difference can be executed profitably.
## What a launch adds
An FX launch creates two native Uniswap v4 token pools and seeds their canonical positions. It uses approved external currency liquidity for the third edge. Multiple launches can connect to the same underlying currency market.
FX also supports **single-currency launches**, which create one token pool. These have different fee and reward options.
Understand quotes, pair admission, and pool pricing.
Read a quote and compare execution paths.
Understand what supports execution across the triangle.
Work through route outputs and transaction limits.