Trading and pricing
> V3 publication draft; not yet published. Economic terms follow the unfrozen specification v2 draft. {{待冻结}} means pending reconciliation with the final frozen specification. This page does not apply to V2 or existing tokens. Available actions depend on the verified release manifest.
Before graduation, the curve prices trades in native OKB. Buy proceeds after fees increase net reserves. Sells pay out of real reserves and deduct applicable fees. Ordinary transfers have no project transfer tax.
Let I be remaining curve inventory, R net OKB reserves, C initial sale inventory and VT, VQ virtual reserves. The continuous model is:
K = (C + VT) × VQ, (I + VT) × (R + VQ) ≈ K
P = (R + VQ) / (I + VT) in OKB per token.
The approximation reflects onchain integer rounding. Executable amounts require exact arithmetic and transaction checks. Draft values are C=750 million tokens {{待冻结}}, VT=375 million tokens {{待冻结}} and VQ=35 OKB {{待冻结}}. Virtual reserves are not withdrawable assets, extra supply or guaranteed exit liquidity.
| Term | Meaning |
|---|---|
| Spot price | Marginal price at the current state; different from the average price of a large order |
| Market cap | Price multiplied by a disclosed circulating-supply measure; sale inventory and locked budgets must not silently count as user circulation |
| FDV | Price multiplied by full supply, which is 1 billion tokens {{待冻结}} in this draft |
| Price impact | Price movement caused by the size of the order itself |
| Slippage | Execution movement allowed between quote and execution, bounded by minimum output or maximum input |
| Liquidity | Actual tradable assets within their price range; virtual reserves are not exit liquidity |
Gross is the fee-inclusive amount; net is what reaches the curve. Network gas is separate. Anti, tax and rounding affect received amounts; slippage is not a substitute for fees. Ordinary curve buy budgets and actual spend cannot exceed 140 OKB {{待冻结}}. The opening-budget exception is described in the launch page. This cap does not apply to sells or v4 trades.
After graduation, read the actual v4 pool rather than extrapolating the curve. USD values are market conversions of OKB, never inputs to curve pricing or graduation conditions.