How GIWAfun works
Independent community project. Not affiliated with, endorsed by, or operated by GIWA or Upbit. Runs on GIWA Sepolia testnet; testnet tokens and ETH have no monetary value. The contracts are unaudited testnet software.
01 One transaction to launch
The factory deploys a fixed-supply ERC-20 (1B tokens, 18 decimals) and a dedicated bonding-curve market, then moves the whole supply into the market. There is no mint function, no owner on the token, no transfer tax and no blocklist. The creation fee is 0.001 ETH. An optional first buy happens in the same transaction at the same price and fee as any other buy.
02 Pricing
Each market prices trades with a constant-product formula over virtual reserves: x · y ≥ k, where x = 0.125 ETH (virtual) + real ETH reserve and y = 1B (virtual) − tokens sold. All maths is integer and rounds in favour of the pool, so splitting a trade never gets a better price. The price starts at 0.0₉125 ETH per token.
03 Sale supply and what “progress” means
Up to 800M tokens can be bought from the curve. Progress is the share of the sale supply bought so far. The whole sale supply is sold when the real reserve reaches 0.5 ETH (a larger last buy is partially filled and the rest refunded). That buy also graduates the market in the same transaction: the reserve and a matching part of the remaining 200M tokens move into a Uniswap V2 pool at the curve's final price. Leftover tokens and the pool's LP tokens go to the dead address, so the liquidity can never be withdrawn. Until then nobody can send tokens to the pool address, so it can't be pre-seeded at another price. After graduation the curve is closed and trading continues in the pool (0.3% Uniswap fee, no platform or creator fee). Tokens launched with the earlier version don't graduate.
04 Solvency
Buyers’ ETH (minus fees) stays in the market as the real reserve. Because every circulating token was bought from the curve and the curve invariant holds, selling every circulating token at once returns at most the real reserve — sells are always covered. Nobody, including the factory owner, can withdraw a market’s reserve.
05 Fees
1% on every buy and sell, taken in ETH: 0.7% to the protocol treasury and 0.3% accrued for the token creator (claimable from the Portfolio page). Fees are fixed per market at creation and can never be changed.
06 Trade protection
Every trade carries a minimum output (your slippage tolerance) and a deadline (10 minutes). If the price moves too far or the transaction is mined too late it reverts instead of filling at a bad price. Selling needs a one-time ERC-20 approval of exactly the amount you sell.
07 Data
The blockchain is the source of truth. An indexer reads factory and market events from the deployment block, stores them in PostgreSQL for search, charts and stats, handles reorgs and can rebuild everything from chain. Charts use only confirmed trades. Trending: score = Σ (trade ETH × 0.5^(age / 6h)) over the last 24h × (1 + log₂(1 + unique traders in 24h)).
08 Metadata
Description, image and links are stored off-chain as content-addressed files. Their sha256 hash is written into the token contract at launch, so metadata cannot be swapped afterwards. Images are re-encoded to WebP before storage.