Launch a Pool
Raphael is permissionless where the deployed contracts allow it: a new pool can be created without the protocol endorsing its token. Creating a market well, however, takes more care than creating one at all.
Plan the market
Before creating a pool, decide:
- the canonical contract address of each token;
- stable, volatile or concentrated design;
- fee setting or tick spacing;
- initial price and token ordering;
- initial liquidity depth;
- whether liquidity will be locked;
- whether a gauge or incentives will be requested.
Initial price
The first deposit may establish the market price, and a mistake is immediately exploitable by arbitrageurs. There is no grace period on a public chain.
For a basic pool, the deposited token ratio defines the initial price. For a concentrated pool, creation normally requires an encoded square-root price and a valid tick range.
Verify the human-readable price both ways before signing. Token decimals and token order can make an apparently correct raw ratio wrong by many orders of magnitude.
After creation
Creating a pool does not automatically:
- verify or endorse either token;
- create deep liquidity;
- create a gauge;
- make the pool eligible for emissions;
- protect LPs from loss;
- make the pool appear in every interface or token list.
Publish the verified pool and token addresses, explain administrative permissions, and avoid representing a community-created market as an official Raphael or Robinhood listing.
Bonding-curve graduation
A launchpad moving a completed bonding curve into Raphael must also define curve closure, price continuity, pool-conflict handling, atomic migration, LP custody and safe retries. See Launchpad Integrations for the complete graduation design.