Bonding and the 3,000-USDC target

The v4 pool is the bonding market

The creator’s launch transaction opens a one-sided token position in Uniswap v4. Buys add the quote currency and remove tokens from that position. Sells return tokens and remove quote currency. The v4 liquidity curve determines the price throughout.

There is no separate off-exchange sale, private bonding ledger, or later transaction required to make the token tradable. The creator signs the launch; traders sign their own swaps.

What must reach 3,000 USDC

FiatEx fixes the target at 3,000 native USDC in the hook. The creator cannot choose or change it. The contract measures the principal quote reserve represented by the launch position, excluding fees already separated from that position.

Quote pair value = principal quote reserve × current USDC price of that quote token
USDC pair value = principal USDC reserve
Milestone target = 3,000 USDC

For illustration, a reserve of 450,000 fxJPY valued at 150 fxJPY per USDC reaches 3,000 USDC. If the currency’s pool price changes, the valuation changes even when the fxJPY reserve does not.

This is not token market cap, trading volume, or a running total of buyer deposits. An fx pair can reach the target while its bridge pool holds much less than 3,000 USDC. Selling the entire reserve would move the price; the spot valuation does not promise 3,000 USDC in exit proceeds.

The same calculation applies to external quote currencies. If the bridge has no active liquidity, its reserve valuation is zero for this check and cannot trigger a new completion. A previously recorded completion remains recorded. Direct token/quote trades can still work without a USDC bridge.

Who records completion

The hook checks after a token buy and records completion once the valuation reaches the target. The swap caller pays for that transaction. An executed buyback also checks the milestone.

Some external exact-output routes process the token hop before the currency hop. If only the final currency price puts the reserve above target, the token callback can miss that final valuation. Anyone can call checkpointBonding(token) after the swap settles. The next token buy also checks.

The interface distinguishes a valuation above target from a completion event already recorded onchain. Completion stays recorded even if the valuation later falls.

What changes at completion

The recorded milestone changes. The pool address, liquidity position, curve, creator tax, buyback allocation, and withdrawal restrictions do not. There is no liquidity migration or new control handed to the creator.

Spot prices in small pools can be manipulated. Treat this milestone as a protocol measurement, not an audit result or evidence of sufficient exit liquidity.