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

# Launch curve

> How Tulip launches a credit/USDG market with zero USDG and permanently locked Uniswap v4 liquidity.

Tulip launches model markets without asking the creator to seed USDG. The factory supplies a one-sided Uniswap v4 concentrated-liquidity position containing only model credits.

## Zero-USDG initialization

At launch:

* The pool contains no creator-supplied USDG.
* The launch position contains the configured model credit supply.
* The pool starts at the preset's low displayed USDG-per-credit price.
* Buyers move real USDG into the pool and receive credits.
* Sellers can receive only real USDG accumulated by the position.

This creates a curve-like launch experience using native AMM liquidity. Tulip does not maintain a virtual USDG balance or execute the swap inside custom hook accounting.

## Native v4 execution

Trades execute through Robinhood Chain's Uniswap v4 `PoolManager`, Permit2, and Universal Router. The Tulip hook returns only the current native LP-fee override before a swap.

The hook does not:

* Consume or replace the swap.
* Return custom balance deltas.
* Custody trader assets.
* Maintain a shadow reserve.
* Restrict standard v4 event visibility.

## Permanent market

There is no graduation threshold and no migration to another pool. The launch pool remains the canonical market for the life of the listing.

The LP position NFT is minted directly to `TulipV4LiquidityLocker`. The locker verifies that fee collection does not change principal and distributes only accrued swap fees.

## Curve presets

Protocol governance configures approved presets. A preset commits to:

| Parameter               | Meaning                                                          |
| ----------------------- | ---------------------------------------------------------------- |
| Credit supply           | Fixed token supply placed on the curve.                          |
| Initial USDG per credit | Starting displayed price, represented with 18-decimal precision. |
| Terminal multiplier     | Price span represented by the position's tick range.             |
| Tick spacing            | Uniswap v4 tick granularity.                                     |
| LP creator share        | Creator percentage of collected swap fees.                       |

Tulip's production preset uses three billion credits, a low initial price, a broad price range, tick spacing `60`, and an 80% creator share of collected LP fees. This inventory is three times the original preset, producing three times the native v4 liquidity at the same price and tick range. Review every preset value before signing; those values become permanent for the launched market.

<Card title="Swap and inference fees" icon="percent" href="/protocol/fees">
  See how the configurable LP fee differs from the fees charged during inference settlement.
</Card>