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

# Curves

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A curve round raises USDC through a dynamic market sale: a live, public sale on a bonding curve. The mechanism is optimized for small rounds of **\$10K to \$50K** that want speed, price discovery, and a liquid token from the first buy.

## Presets

Each preset sets the amount that you take home and the **graduation market cap**: the valuation at which the sale completes and the token migrates off the curve into a live trading pool.

| Preset   | Raise target | Graduates at |
| -------- | ------------ | ------------ |
| Micro    | **\$10K**    | \~\$190K     |
| Standard | **\$25K**    | \~\$352K     |
| Pro      | **\$50K**    | \~\$622K     |

To raise more than \$50K, [book a call](https://cal.com/adam-bergeman/founder-call) and we configure a larger round directly.

## How the sale works

* There is no fixed price. The token price rises as more is bought, so earlier backers get a better price.
* The sale is a live market. Backers can buy and sell throughout the raise.
* The sale completes when it reaches the graduation market cap. The token then migrates into a live trading pool.

The sale collects more than the amount that you take home: the round also funds **onchain liquidity**, a reserve paired with tokens, so the market has depth to trade against after graduation.

## What you earn

A curve round pays you from three sources:

1. **The raise**: the preset amount, settled in USDC.
2. **Trading fees**: 0.7% of each secondary trade of your token after graduation, for as long as it trades. This is your fee, separate from [Star's](/about/fees).
3. **[Capital unlocks](/founders/capital-unlocks)**: more capital unlocks automatically as your market cap grows, to a maximum of \$8.6M.

## Token distribution

The supply is fixed at **1,000,000,000** tokens (Solana SPL). It splits three ways:

| Allocation  | Share   | Purpose                                                       |
| ----------- | ------- | ------------------------------------------------------------- |
| Public sale | **60%** | Sold to backers during the raise                              |
| Team        | **20%** | Locked - see [Team vesting](/founders/team-vesting)           |
| Liquidity   | **20%** | Seeds the trading pool when the token graduates off the curve |

## After graduation

The token is live and tradable. What follows has its own pages:

* [Capital unlocks](/founders/capital-unlocks): more capital unlocks automatically as the market cap grows.
* [Decision markets](/founders/decision-markets): the treasury and larger expenditures.
* [Post-launch](/founders/post-launch): managing the project, trading, and follow-on fundraising.

To launch a curve round from your terminal or your agent, read the [Quickstart](/quickstart).