Buy and sell
Buying exchanges your selected funding asset for a meme. Selling exchanges the meme for your selected output. The pool's quote identity stays fixed even when you pay or receive ETH through a longer route.
Choose a route
| Intention | Basket-paired launch | Direct-stock launch |
|---|---|---|
| Buy with the quote you hold | Basket → meme | Stock token → meme |
| Buy with the complete recipe | Components → mint basket → meme | No basket step |
| Buy with ETH | ETH → all components → mint basket → meme | ETH → stock token → meme |
| Sell to the quote | Meme → basket | Meme → stock token |
| Sell to components | Meme → basket → all components | Already the stock-token output |
| Sell to ETH | Meme → basket → all components → ETH | Meme → stock token → ETH |
Partial component holdings must be completed before a complete-component purchase. A failed ETH route may leave a shorter token route available, but switching is your explicit choice.
Stablecoins are not user-facing payment or output options in the MVP. Validated routes may use stablecoins or wrapped ETH internally; an ETH-selected output must settle in native ETH.
Review the market, then your trade
Inspect the meme, exact quote, current opening fee, recent activity and available depth. The basket's reference value is not a promise that the market can execute your full amount at that price.
Enter the amount and desired output. Review:
- Expected and minimum output, or the maximum amount you authorize spending.
- The applicable meme fee and any component-market fees.
- Price impact from your trade, separate from slippage tolerance.
- Route expiry, gas, recipient, approvals and any expected refunds.
- Remaining early-buy allowance if the market has just launched.
Default slippage is 1%. In a simplified example, an already fee-and-impact-adjusted expected output of 1,000 meme tokens would imply a 990-token minimum with 1% tolerance, before raw-unit rounding. That minimum protects execution against changes after the quote; it does not recover fees or price impact already included in it.
The platform must never widen your tolerance automatically, submit a zero-protection minimum, or reuse a quote after you change its amount, asset or route.
Approve, sign and inspect the receipt
Approve the identified spender if needed, then sign the transaction. All required settlement legs must succeed under the signed route bounds. A failed component sale in an ETH output route must revert the whole settlement, not leave you with an unrequested mix of assets.
A revert can still consume gas, and an earlier approval remains. Transaction-local leftover amounts are refunded to the bound refund recipient; the router must not treat unrelated balances as your refund.
After confirmation, compare actual input, output, fees and refunds with the receipt. Preserve the explorer link if indexing lags. Inclusion and confirmation are different from the platform having updated its charts.
Opening trades need extra attention
Public buy fees start at 90% and decay to the permanent 1–4% rate over 50 actual Robinhood L2 blocks. Sells use the permanent rate throughout. Only the authenticated creator purchase within the launch transaction is exempt.
For the first 30 seconds, each authenticated final recipient has both a 5% cumulative purchase limit and a 5% post-buy balance limit. Selling or transferring out does not reset the cumulative allowance. These are recipient limits, not a guarantee against multiple-wallet participation.
When a quote is unavailable
| Reason | What it means | Next step |
|---|---|---|
| Missing component market | The selected complete route cannot execute | Inspect a token output if appropriate and request a fresh quote |
| Stale reference | Indicative dollars may be unavailable | Check whether a valid direct token route exists |
| Trade exceeds capacity | Available inventory or depth is insufficient | Review a smaller amount; do not assume higher slippage fixes capacity |
| Expired quote | The signed pricing window ended | Refresh and review the new quote |
| Transfer restriction | A required token movement cannot settle | Inspect the affected token/recipient state and incident guidance |
| Early cap exceeded | The recipient has no allowance for this buy | Check the remaining protection period |
Selecting another route does not waive access restrictions or issuer controls. For another meme with the same quote, see rotate.