> For the complete documentation index, see [llms.txt](https://docs.forest.inc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.forest.inc/about/features/launchpad-and-amm.md).

# Launchpad and AMM

Just Launch.

Most launchpads rely on **permanent bonding curves** or delayed LP migration to simulate liquidity - adding friction, creating sniping risk, and limiting early support.

**Forest Protocol takes a cleaner, two-stage approach.**

Each token begins with a short **Pre-Graduation** phase that uses a logarithmic bonding curve for fair price discovery, then automatically transitions into a **Post-Graduation** phase with a standard AMM pool - no manual migration, no relaunch, and no liquidity loss.

Because Forest owns the AMM, tokens launched through the protocol are **immediately tradable** on real, on-chain liquidity.\
Every launch includes a **virtual liquidity layer**, allowing creators to go live without upfront capital and without relying on external ecosystems to bootstrap volume.

> The **virtual liquidity layer** acts as a simulated base pool that represents liquidity from day one.\
> It lets creators launch without locking large sums upfront - trades settle on-chain as volume grows, progressively realising real liquidity.\
> This lowers barriers for small teams, meme projects, and experimental launches while keeping markets fair and organic.

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