Reserve Curve

Curve shape

Direct launches use a one-billion-token inventory path.

Auction launches scale the same path to the 700 million tokens reserved for curve inventory.

Capital and price

• A buy adds net USDC and the curve share of its fee to curve capital.
• A sell cannot withdraw more USDC than executable curve capital.
• Quotes reflect current inventory, capital, fees, and user bounds.
• The collateral floor does not replace ordinary curve pricing above the floor.

Activation anchor

An Auction activates no lower than its clearing price. A Collateral-backed Deal activates no lower than its redeemable collateral floor. This prevents the first curve quote from opening below a value already established by the launch.