Docs·Metrics reference

Metrics reference

Launches and graduation

Launch counts net of dev launches, the graduation-rate denominator as a published choice, net raised, and the three burn sites.

Version: 1.0
Updated: 2026-08-29
Source: Metric definitions v1.2

launches#

derivation	`Σ LaunchFactory.launchCount()` over every factory in `priorFactories[]` plus the current one, minus launches whose `TokenLaunched.dev == true`
source	`LaunchFactory.launchCount()` · `LaunchFactory.TokenLaunched`

graduations#

Σ BondingCurve.Graduated(address indexed pool, uint256 ethAmount, uint256 tokenAmount) — equivalently V4GraduationAdapter.GraduatedToV4. The two fire in the same transaction. Prefer GraduatedToV4 when the pool identity is needed; it is the only one carrying positionId.

The two events are not interchangeable in one respect
Field	What it actually is
`GraduatedToV4.ethAmount`, `GraduatedToV4.tokenAmount`	What was offered, not necessarily what was minted. The adapter re-derives the actual amounts after any squat-clearing swap and burns or forwards the remainder.
`Graduated.ethAmount`	The curve’s whole `realEthReserve` at that instant. Exact.

graduationRate — a published choice#

graduationRate = graduations / (launches − dev − stillTrading)

stillTrading are launches whose curve has neither complete() nor graduated(). A launch that completed and then timed out into refund mode stays in the denominator — it had its chance and did not take it, and excluding it would flatter the rate.

Published alongside the rate
id	Meaning
`graduations`	Numerator
`launchesEligible`	Denominator, as defined above
`launchesStillTrading`	Excluded from the denominator
`launchesRefunding`	Included in the denominator; `refundOpen() == true`
`launchesDev`	Excluded entirely

Do not use a creator’s own graduated count for the protocol figure. CreatorRegistry.statsOf(creator).graduated is per creator, is stale by construction, and is dated from the oldest page of a multi-page sync. It is the right source for a creator’s tier and the wrong one for a protocol rate — see creators, KOLs and referrers.

netRaisedWei — per launch#

netRaisedWei = virtualEthReserve() − initialVirtualEthReserve()      // saturating at 0

Not realEthReserve(). The two agree while a curve trades and diverge permanently at graduation, where realEthReserve is zeroed and the virtual reserves are not. This is metric id 2 and is exactly what the outcome oracle and the creator registry read.

For the same reason BondingCurve.progressBps() reads 0 for a graduated launch — it divides by the zeroed realEthReserve. The oracle forces 10000 once graduated() is true, and every published progress figure must do the same.

tokensBurned#

Three burn sites, two of which emit a burn event
Site	Event	Notes
Donation burn at graduation	`BondingCurve.DonationBurned(uint256 amount, uint256 totalSupplyAfter)`	Tokens sent to the curve by anyone, burned rather than pooled.
Locker fee burn, every collection	`LaunchLiquidityLocker.FeesCollected.tokensBurnedNow`, lifetime `tokensBurned`	The entire token leg of a graduated pool’s fees is burned.
Adapter mint dust at graduation	None	Visible only as ERC-20 `Transfer(adapter, address(0), value)`.

Every burn in this system lowers totalSupply() and re-reads it to prove so, reverting with BurnDidNotReduceSupply(token, amount, before, after) if the supply did not move. No figure here is derived from a balance parked at a dead address.