> ## Documentation Index
> Fetch the complete documentation index at: https://docs.zonk.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# Protocol overview

> The endpoint-cp-v3 launch, curve, fee, and graduation system.

The production protocol is `endpoint-cp-v3`. A factory creates one fixed-supply ERC-20 and one shifted constant-product curve per launch. The curve provides buy and sell liquidity until its exact terminal state is reached. At that point it atomically settles the reserved assets into a canonical full-range Uniswap V3 position owned by an ownerless per-token custodian.

| Phase                  | Venue                                | Reserve assets                                            | Trading state           |
| ---------------------- | ------------------------------------ | --------------------------------------------------------- | ----------------------- |
| Launch                 | Factory registration                 | 1B launch tokens in curve                                 | Curve active            |
| Curve                  | `ZonkCurveV3`                        | Up to 3 ETH active principal; diminishing curve inventory | Buy and sell            |
| Graduation transaction | Manager and settlement executor      | 200M tokens + 3 ETH                                       | Curve closes atomically |
| Graduated              | Canonical Uniswap V3 token/WETH pool | Full-range external liquidity position                    | Uniswap V3 swaps        |

The contracts do not promise that a token will reach graduation. Market participation determines whether the terminal condition is ever reached.

<Info>
  Curve fees and post-graduation LP fees use different accounting paths. See [Fees](/docs/protocol/fees).
</Info>