> For the complete documentation index, see [llms.txt](https://navofamily.gitbook.io/navo-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://navofamily.gitbook.io/navo-docs/launchpad/how-it-works.md).

# How the launchpad works

The life of a token on Navo, from launch to graduation.

Navo will be a token launchpad on Elysium. A token will start trading on its bonding curve and will graduate when the curve sells all of its tokens.

```
 Launch ──▶ Bonding curve ──────────────▶ Graduation ──▶ Hybra pool
            price rises as people buy     curve sells out   1% fee, liquidity
            trade in HYPE                                   locked forever
```

## 1. Launch

A creator will launch a token on Elysium with a name, a symbol, an image and a short description. See [Launch a token](https://navofamily.gitbook.io/navo-docs/launchpad/launch-a-token).

## 2. Bonding curve

The new token will trade on its own **bonding curve**. You will buy and sell with HYPE. Buys will move the price up and sells will move it down.

The token page will show how close the curve is to graduation. Launching a token will not guarantee that it graduates.

## 3. Graduation

When the curve sells all of its tokens, the token will **graduate**:

* The curve will close.
* The HYPE from the curve and the reserved tokens will go into a new liquidity pool.
* **All graduated liquidity pools will be deployed on Hybra.**
* That liquidity will be locked forever. Nobody, including the creator and Navo, will be able to remove it.

After graduation, the token will trade in its Hybra pool. See [Buy and sell](https://navofamily.gitbook.io/navo-docs/launchpad/trade).

## Where the fees go

Every Navo trade will pay a **1% fee**, on the curve and in the graduated Hybra pool. The creator will receive **50% of fee revenue**, the Navo protocol **38%**, the Rebound Cash pool **10%**, **1%** will buy HYPE for the Hyperliquid Assistance Fund, and **1%** will buy back KNTQ and burn it.

Of every 100 in fee revenue, Navo will receive **38**, use **20 to buy back and burn NAVO**, and retain **18**. See [Fees](https://navofamily.gitbook.io/navo-docs/launchpad/fees).