> ## Documentation Index > Fetch the complete documentation index at: https://pairdocs.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Token Lifecycle: From PAIR Configuration to DEX Trading > Understand how a PAIR token is configured, launched, bonded, and graduated on Solana — from initial setup to post-launch fee routing. A PAIR token moves through a defined set of stages from the moment you configure it to the point where it trades freely on a decentralized exchange. Each stage has a distinct purpose — shaping the token's identity, establishing early price discovery, and ultimately routing ongoing fees to creators, token holders, and the market. This page walks you through the full lifecycle so you know exactly what to expect at every step. ### Configuration Before anything is written on-chain, you define the PAIR formula and all launch parameters in the PAIR interface. During configuration you: * Compose the PAIR primitive: select your X creator handle(s), optional stock ticker, and optional memecoin * Assign creator wallet addresses for each X handle included in the primitive * Set fee allocation percentages across the three categories — **creator payout**, **buyback**, and **holder rewards** — which must total 100% * Review the complete token identity before submitting The PAIR formula and fee allocation you set here are what will be encoded on-chain at launch. No changes are possible after the transaction is submitted, so take time to confirm every detail. The configuration UI is live. You can compose a PAIR primitive, assign creator wallets, and set fee sliders today. ### Launch Once you confirm the configuration and approve the transaction, the token is created on-chain via PAIR's Pump-based launchpad mechanism on Solana. At this moment: * The PAIR primitive (creator handles, stock ticker, memecoin ticker) is encoded into the token's on-chain identity * The fee allocation splits are registered on-chain * Creator wallet addresses are recorded for routing * The token enters the bonding curve phase immediately The launch transaction is visible on-chain and includes all PAIR-specific metadata. This transparency ensures that anyone can verify the token's identity and fee structure independently. Token creation via the Pump-based mechanism is live on Solana. On-chain transaction history is publicly accessible for every launched token. ### Bonding Curve Immediately after launch, the token enters the **bonding curve phase** — a Pump-based early price discovery mechanism. During this phase: * The token price is determined algorithmically as buyers accumulate supply * Liquidity builds progressively with each buy transaction * The PAIR primitive remains encoded and visible throughout The bonding curve phase exists to bootstrap liquidity and allow early community participants to establish price before the token graduates to open DEX trading. The bonding curve mechanism is live. Early price discovery and on-chain buy activity are active from the moment of launch. ### Graduation When the bonding curve reaches its completion threshold, the token **graduates** to full decentralized exchange trading on Solana. After graduation: * The token is listed on a DEX liquidity pool * Open market trading begins — anyone can buy or sell through standard DEX interfaces * The PAIR primitive identity and fee routing remain active and encoded Graduation is automatic and triggered on-chain once the curve conditions are met. You do not need to take any manual action to graduate a token. DEX graduation is part of the live Pump-based flow. The specific DEX destination and liquidity pool parameters follow the underlying protocol's graduation mechanism. ### Ongoing Fee Routing After graduation, the on-chain fee routing system becomes the persistent engine of the PAIR token. Every applicable transaction generates fees that are automatically split and distributed according to the allocation you configured at launch. * **Creator Payout** — a share of fees flows directly to the wallet(s) associated with the paired X creator handle(s) * **Buyback** — a share of fees is used to purchase the PAIR token from the open market, supporting price and reducing circulating supply * **Holder Rewards** — a share of fees is distributed to token holders as ongoing yield Because the fee allocation is encoded on-chain at launch and immutable, every participant can independently verify that distributions match the published split at all times. Fee routing infrastructure is in active development. Creator payouts, buyback execution, and holder reward distribution are planned features. Check the PAIR changelog for availability updates as each routing feature goes live. *** ## The PAIR Formula Through Each Stage The PAIR primitive is not just metadata — it actively shapes what happens at each lifecycle stage. | Stage | Role of the PAIR Formula | | ----------------- | ------------------------------------------------------------------------------ | | **Configuration** | You compose the formula; creator wallets and allocations are defined | | **Launch** | The full formula is encoded immutably into the token's on-chain identity | | **Bonding Curve** | The formula is visible on-chain; early buyers can verify the identity | | **Graduation** | The token carries its PAIR identity into open DEX trading | | **Fee Routing** | Creator handles and allocation percentages drive all post-launch distributions | *** ## Live vs. Planned Features * PAIR configuration UI * Token creation on Solana (Pump-based) * On-chain PAIR primitive encoding * Bonding curve price discovery * DEX graduation * On-chain transaction history * Creator fee payout routing * Automated buyback execution * Holder reward distribution * Real-time stock data feeds * Verified token pairing signals Even while fee routing features are in development, every token launched today has its allocation percentages encoded on-chain — so the configuration you set now will be honored when routing goes live.