What you can do
The protocol creates a fixed-supply ERC-20 and a dedicated curve for each launch. The token trades on that curve until the precise terminal condition is reached. If it is reached, the contract implements an atomic transition into a pre-reserved canonical token/WETH Uniswap V3 pool. See Graduation.
“Permissionless” means the launch function does not require approval. It does not mean every token is trustworthy, valuable, or likely to graduate.