basefun
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Whitepaper · v1

basefun

A bonding-curve token launchpad on Base where every token is paired with a real perpetual position on Avantis. A token's price moves from two sources: trading activity on the curve, and the leveraged performance of an underlying asset.

§1

Abstract

Memecoin launchpads aggregate retail attention but leave the asset side empty — tokens have no intrinsic exposure beyond the bonding curve. basefun changes that. Every token launched on the platform deploys a leveraged-token wrapper (LT) that mirrors a real Avantis perpetual position. A buyer of the basefun token is effectively buying a share of a 2×, 3×, or 5× long or short position on BTC, ETH, SOL, or any of 99 supported Avantis markets.

The bonding curve graduates at $10,000 USDC reserve. On graduation, $9,700 + 242.5M tokens seed a permanent Uniswap V2 pool (LP burned at 0xdead), and $300 funds the protocol treasury. The resulting Uni V2 market cap lands exactly at $40,000.

§2

Architecture

basefun has three on-chain components and one off-chain operator.

  • FactoryV2
    Single entry point for token creation. Deploys a BondingCurveV2 and BasefunToken pair, charges the $1 USDC deploy fee, and atomically performs the creator's mandatory ≥ $20 initial buy. Owner-gated migrateToUniV2 moves liquidity to Uniswap V2 once a curve graduates.
  • LTFactory
    Idempotent deployer for LeveragedToken contracts. One LT per (pair, leverage, direction) combination, shared across every basefun token that uses the same underlying configuration.
  • LeveragedToken
    ERC-20 representing a fractional share of an aggregated Avantis perp. Mint sends USDC to the keeper EOA which immediately opens the perp via Avantis trading. Redeem pulls a proportional slice of USDC back. Net asset value reads PnL live from Avantis.
  • BondingCurveV2
    Constant-product virtual-liquidity curve. 1B token supply: 757.5M sold on the curve, 242.5M reserved for the Uni V2 LP seed. Routes USDC into the LT on every buy.
  • Keeper bot
    Off-chain Node.js worker. Listens to LT mint events, opens Avantis perps, ensures allowances are set, auto-migrates graduated curves to Uniswap V2, and indexes Swap events. Persistence: Postgres on Railway.
§3

User flow

1
Create
Pick name, image, underlying market (any of 99 Avantis pairs), direction (long / short), leverage (2× / 3× / 5×), creator fee recipient, and the mandatory ≥ $20 initial buy. Supply, curve, and fee recipient are immutable after launch.
2
Trade
Buy or sell with USDC on the bonding curve. Each swap pays a 1% total fee: 0.5% to the protocol treasury, 0.5% to the creator wallet. Both transfers happen inline within the same transaction — no claim step.
3
Curve moves
Two sources of price action: spot trading on the curve, and the live PnL of the underlying Avantis perpetual. A 5× long token whose underlying rallies 10% sees the LT value gain roughly 50%, even with zero trading volume.
4
Graduate
When curve USDC reserve reaches $10,000 (or 757.5M tokens are sold out — whichever first), the curve marks itself graduated. The keeper bot then triggers the Uniswap V2 migration: $9,700 + 242.5M tokens become the pair's initial liquidity, $300 goes to treasury, and the LP tokens are burned at 0xdead.
5
Post-graduation
The bonding curve is permanently retired. All buys and sells now route through the Uniswap V2 pair. basefun's frontend detects the graduated state and switches the TradeBox to use the Uni V2 Router automatically. Every Uniswap V2 swap continues to pay 1.00% to basefun (0.50% protocol / 0.50% creator), enforced by the token contract itself — see §4.
§4

Economics

Total supply
1,000,000,000
On the bonding curve
757,500,000 (75.75%)
Reserved for Uni V2 LP
242,500,000 (24.25%)
Initial market cap
~$3,773
Graduation reserve
$10,000 USDC
LP seed at graduation
$9,700 + 242,500,000 tokens
Treasury cut at graduation
$300
Post-graduation market cap
$40,000
Deploy fee
$1 USDC per token created
Initial buy floor
$20 USDC (creator only)
Swap fee (curve)
1.00%
Swap fee (post-grad)
1.00% (token) + 0.30% LP fee
Swap fee split
0.50% protocol + 0.50% creator
Post-grad fee asset
paid in token; keeper converts to USDC
Subsequent buys / sells
any amount, no minimum
LP token recipient
0x000…dead (burn)
Price math at the LP seed
price = $9,700 / 242,500,000  =  $0.00004 per token
mcap  = $0.00004 × 1,000,000,000  =  $40,000
§5

How treasury fees are used

All protocol treasury revenue flows back into building basefun. The wallet is operated by the founding team and the funds are reserved for two explicit purposes:

◯Development
Smart contract audits, Avantis integration upkeep, oracle and RPC infrastructure, keeper bot hosting, frontend iteration, security upgrades, and ongoing maintenance. Most importantly: funding new product surfaces (analytics, mobile-native flows, cross-chain bridges).
◯Marketing
Brand campaigns, creator partnerships, paid acquisition on X and Telegram, community incentives, hackathon sponsorships, and event presence. Marketing budget keeps basefun front-of-mind for token creators looking for asymmetric upside.

Three revenue streams feed the treasury:

  • $1 deploy fee
    Paid by the creator at token launch.
  • 0.50% swap fee
    Half of the 1% swap tax on every buy and sell on the bonding curve.
  • $300 graduation cut
    One-time payout when a curve reaches the $10,000 graduation reserve.

The remaining 0.50% of every swap goes directly to the creator's chosen fee recipient address, which is immutable once the token is deployed.

§6

Inspecting the Avantis position on-chain

Every Avantis position behind a basefun token is fully public and inspectable on-chain. Anyone can verify the entry price, current PnL, and total LT value (NAV) directly through BaseScan — no API key, no wallet connection, no trust required. Five steps:

1
Find the LT address
On the token's page, the LT is shown in the contract info. Or read BondingCurveV2.lt() on BaseScan from the token's curve address.
2
Read the LT's keeper EOA
Call LT.keeper(). That address is the on-chain Avantis trader holding every perp backing this LT.
3
Read open trades from Avantis TradingStorage
Avantis TradingStorage: 0x8a311D7048c35985aa31C131B9A13e03a5f7422d. Call getOpenTrade(trader, pairIndex, index) with:
  • trader = keeper EOA from step 2
  • pairIndex = LT.pairIndex()
  • index = 0, 1, … up to LT.nextTradeIndex() − 1
The struct returned includes openPrice (Pyth price at open, 1e10-scaled) and positionSizeUSDC (collateral committed).
4
Read live PnL
Avantis PairInfos: 0x81F22d0Cc22977c91bEfE648C9fddf1f2bd977e5. Call getTradePnL(trader, pairIndex, index) with the same args. Returns a signed int — current unrealized PnL of that specific trade in USDC.
5
Read total LT NAV in one call
Easier shortcut: call LT.nav() directly. It returns collateralDeposited + sum(PnL across every open trade) in USDC. Your slice of that NAV is LT.balanceOf(you) / LT.totalSupply() × LT.nav().

For the bonding-curve view, BondingCurveV2.getReserveUSDC() returns the curve's reserve in USDC (NAV-driven via the LT). That's the live number that drives spot price on every _quoteBuy / _quoteSell.

All addresses above are immutable. No keys, no signatures, no auth needed to read — pure public state.

§7

Roadmap

1
V1 — Live now
Bonding curve + Avantis LT, automatic graduation to Uniswap V2 with LP burn, live MC chart with OHLC across 10 timeframes, holders + earnings + positions surfaces, Uni V2 in-app swap once graduated.
2
V1.1 — Next
Per-token referral codes (creator can boost their cut), live Avantis liquidation alerts on the token page, push notifications on graduation, batch mint aggregation in the keeper so micro-buys have zero drift.
3
V2
Third-party security audit, multi-chain expansion (Solana via Drift, Hyperliquid spot tokens), governance token for protocol parameter updates, customizable bonding curves per creator.
§8

Contracts (Base mainnet)

Live contract addresses. Verify on BaseScan before interacting.

FactoryV3 (current — fee-on-transfer)0x9ee0e59CE9CB8bc0d4FFc938bE2e0d6eC218c529FactoryV2 (legacy — 0/0 tokens)0x4ac796dcff36374f3b19dfc0ae1f109e923e48a6LTFactory0xe082d0d78bf83846b0ea321fe794867e4b6c3779USDC (Base)0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913Uni V2 Router0x4752ba5DBc23f44D87826276BF6Fd6b1C372aD24Avantis Trading0x44914408af82bC9983bbb330e3578E1105e11d4e
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