Trading

One venue before graduation and another after, with the same fee and different pricing guarantees.

Before graduation

Buys and sells go to the curve. You pay in the launch’s pairing asset and receive tokens, or the reverse. Because the curve is the only counterparty and its arithmetic is the same arithmetic that produced your quote, the price you were shown is the price you get, subject only to somebody else trading in the same block.

After graduation

Trades go through our own router into the launch’s Uniswap v4 pool. It carries an EIP-2612 permit, so a signature stands in for an approval transaction: your first pool trade costs one confirmation rather than two, and the ones after it cost nothing extra.

Pool quotes are estimates. What you receive depends on the liquidity your order passes through and on whatever else is included before it. The screen shows an estimate and says so.

Slippage

Your protection on both venues is the same instrument: a minimum amount you will accept, carried in the transaction. If the trade cannot deliver it, the whole thing reverts — you keep your funds and pay the gas. It is not a partial fill and it is not a refund of the difference.

The one time you will see a partial fill is a buy that finishes a curve. That buy fills up to the graduation boundary and returns the pairing asset it could not spend, in the same transaction.

Gas

Gas on GIWA is paid in ETH, which has one consequence worth repeating: a wallet holding only the token it just bought cannot sell it. The interface’s maximum-amount button leaves gas behind for this reason.