> ## 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. # Token economics > Fixed supply, allocations, reserves, and lifecycle state. ## Per-token immutable structure | Allocation | Tokens | Share of supply | Initial holder | | -------------------------- | ------------: | --------------: | ----------------------------------------- | | Bonding-curve distribution | 800,000,000 | 80% | Per-token curve | | Graduation liquidity | 200,000,000 | 20% | Per-token curve until terminal settlement | | Total | 1,000,000,000 | 100% | Minted once during initialization | The token has 18 decimals. `ZonkTokenV3.initialize` mints the entire fixed supply to the curve. The creator receives no direct token allocation from factory creation. An optional dev buy is a separate market buy from the curve. ## Before graduation * Buyers receive tokens from the 800M curve allocation. * Net buy principal increases the active ETH reserve. * Sellers return tokens to the curve and receive ETH from active reserve, minus the trading fee. * Forced or accidental ETH is excluded from quote and spot-price accounting as unaccounted ETH. ## At graduation The curve must have sold exactly 800M tokens and accumulated exactly 3 ETH of net active reserve. The remaining 200M tokens and the 3 ETH are forwarded atomically for Uniswap V3 settlement. Active curve trading closes. ## After graduation Market state belongs to the external token/WETH Uniswap V3 pool. The permanent custodian holds the full-range LP NFT; a separate residual escrow permanently accounts for the small token or WETH amount left by exact integer liquidity minting. Supply and protocol constants are global parameters. Price, holders, traded volume, reserve progress, and graduation state are live per-token values.