How Mantle Fun works

What Mantle Fun is

A launchpad in two phases. First the market is its own bonding curve: a contract that sells the token for MNT and buys it back, at a price set only by what has been bought and sold. Then, the moment the curve sells out, the market trades in an ordinary Agni pool, the same pool an aggregator, a wallet swap or another interface would trade against, at exactly the price the curve stopped at.

Agni Finance was chosen because it has carried the steadiest DEX volume on Mantle (measured on DefiLlama, 2026-10-06) and runs the concentrated-liquidity pool design the market's locked position is built for.

Launching a token

In one transaction the factory:

1. Mints 1,000,000,000 tokens, once, into the market. The token has no owner, no function that can mint more and no transfer tax.
2. Opens the market's bonding curve at its opening price, with 800,000,000 tokens for sale.
3. Creates the market's Agni 1% pool at the price the curve will stop at, and locks a small seed position in it: 0.001 MNT from the launch and the tokens it pairs with. Until graduation the token can neither enter nor leave that pool, so nobody can trade in it, move its price or add liquidity that needs the token.
4. Optionally spends your opening buy, the curve's first trade, before anyone else can trade.

If any step fails, none of it happens. The launch fee is read from the factory, sent to Mantle Fun's treasury in the same transaction. The pool's seed is not a fee: it stays in the market's locked position for good. The terms you sign are pinned by a hash: if the owner changes the split, the launch fee or the graduation raise between your review and your signature, the launch reverts instead of running on new terms.

Launch a token

The bonding curve

The curve is a constant-product market with a phantom MNT reserve, the model the PONS family of launchpads runs: nobody's capital sets the opening price, and the price moves only with trades. Every buy raises it and every sell lowers it, by the same formula in both directions, so a sell gets back exactly what the curve would pay for those tokens now. Rounding always favours the curve, by a wei.

The curve sells 800,000,000 tokens, 80% of the supply, and sells out once it has raised the factory's graduation raise. Its token reserve starts at 16/11 of what it sells. That one number makes graduation continuous: when the last curve token is sold, 80% of the raise and the remaining 200,000,000 tokens are worth exactly the same at the curve's final price, which is where the pool has waited since launch. The whole supply is then worth about four times the raise.

A buy that would take more than the curve has left takes exactly what is left, at exactly what it costs, and is refunded the rest. You can sell back to the curve at any time while it is open, up to what it has sold.

Graduation

The buy that takes the last curve token graduates the market, in the same transaction. 20% of the raise goes to Mantle Fun's treasury. The other 80% and the remaining 20% of the supply join the position the launch locked in the token's Agni 1% pool, at the price that pool has held since launch: the curve's final price. The position takes all of that MNT; the few tokens it cannot take, at most a few hundredths of a percent, are burned.

Nobody can stand in the way. The pool's price cannot move before graduation, and the only liquidity anyone else can put in it then is MNT below that price, which graduation never has to cross. Each way of stopping a graduation found in review is tested against Agni on a fork of Mantle mainnet.

Graduation is given a fixed gas allowance inside the selling-out buy, and the buy is refused unless it can afford all of it, so a wallet's gas estimate includes graduation rather than settling on a limit that skips it. If graduation still fails inside its allowance, the buy stands and the market waits as graduating: trading is closed, and anyone can finish graduation, which pays them nothing. If it has not happened seven days after the curve sold out, holders can instead redeem their tokens for a share of the raise, and the first redemption closes graduation for good. The raise is never stranded.

Locked liquidity

The market contract owns the position. It mints the position NFT to itself and never moves it: there is no function that transfers, withdraws, reduces or burns it, no rescue function and no way to call an arbitrary contract. The only call it ever makes to the position after graduation is to collect fees, to itself.

The position covers every price from about 1/10,000 of the graduation price to about 10,000 times it. Beyond either end it holds one asset only and stops trading; liquidity others add still trades there. Anyone may add their own liquidity to the same pool after graduation and earn part of its fee, as in any Agni pool.

Trading

On the curve, a quote is the market's own quoteBuy or quoteSell: the arithmetic the trade will run, with the fee taken out. After graduation it is Agni's quoter on the market's pool. The trade you sign is simulated again first. You set a slippage limit, and the trade is refused if you would receive less than that minimum. Trades expire fifteen minutes after you sign.

You can also trade a graduated token anywhere its Agni pool is reachable. Those trades are real volume, appear on the market page marked as external, and pay the same pool fee.

The token is an ordinary ERC-20 outside its own pool, before graduation and after. Anyone can open another pool for it, on Agni at another fee tier or on another exchange, and trade there. Those trades pay that pool's fee to that pool's liquidity providers: the market earns nothing from them, the split does not apply, and this site does not count them.

Fees and the split

Every trade on a market's curve or in its Agni pool pays 1%, and nobody can change it: not the creator, not Mantle Fun. There is no creator tax and no anti-sniper surcharge. On the curve the 1% is divided by the split set on the factory. After graduation the split is of what the locked position earns: Agni keeps part of every pool fee first, and liquidity others add to the pool earns its own share. A market keeps the split it launched with. Every share is paid in MNT, never in the token.

On the curve the fee is taken from the MNT side of each trade, held by the market and divided whole. After graduation it is the Agni pool's own 1% tier, an LP fee the locked position earns. A buy pays it in MNT; a sell pays it in the token, because a pool charges its fee on what goes in. The market sells that token side back into its own pool before paying anyone: each conversion is capped at about one fee tier of price move and runs at most once a minute, which makes sandwiching it a loss, and whatever a cap leaves waits for the next collection.

Agni keeps part of every pool fee for itself before the position earns it: 32% on Mantle's 1% pools when measured on 2026-10-06. Each graduated market's page reads the current figure from its pool. The Mantle Fun router adds no fee of its own.

Holder rewards

The holders' share of every fee goes to whoever holds the token, in proportion to how much they hold. It is streamed over a day rather than paid at the moment of collection, so holding for a second earns a second of it and holding for a day earns a day. It is paid in MNT only, never in more of the token.

The pool and the market contract never earn. When nobody holds, the stream pauses instead of paying no one.

Every other address earns by its balance, including addresses nobody can claim from, such as a burn address or a pool on another venue. What those addresses earn stays in the market, unclaimed. If a market ever opens redemption, the stream pays out at once to everyone holding then, so redeeming never forfeits a reward.

Claiming

Every payout a market owes lands in one vault, as a balance per wallet. A creator's share is credited there when fees are divided; a holder's reward is moved there when it is claimed.

One claim takes everything. It divides the fees still waiting in your markets, releases your holder rewards from the markets you hold, and pays you, in a single transaction however many markets are involved. MNT arrives as MNT. The amount shown before you sign is that transaction, simulated.

Dividing a market's fees is open to anyone and pays the caller nothing. Nobody can claim another wallet's balance, and Mantle Fun's own share, its fees and the 20% of each raise, is held under a key only the current treasury can withdraw.

The claim looks for holder rewards in the 500 markets a wallet most recently held, as the index records them. A wallet that has held more than that can still claim a reward from any older market on that market's page.

What the owner controls

The owner of the factory can:

• pause and unpause new launches;
• change the launch fee, the split and the graduation raise, for future launches only;
• move the treasury that receives Mantle Fun's share, for every market.

The owner cannot:

• change the 1% fee, or add any other charge;
• change an existing market's curve, graduation raise, split or payout wallet;
• touch a curve's MNT or any market's locked liquidity;
• mint, freeze or move anyone's tokens;
• take or redirect a creator's or a holder's balance in the vault.

Risks

• Tokens launched here can go to zero. Anyone can launch one, and Mantle Fun does not vet them.
• A curve's price moves with every trade. Buying early is cheaper; selling late into a falling curve returns less.
• Graduation depends on Agni's contracts. If it cannot complete, the market waits until someone finishes it, and after seven days holders can redeem instead.
• Before graduation the market's Agni pool exists, holding only the seed, and nothing can trade in it. A third-party screener may still list it, at the graduation price; that is not the curve's price.
• The 1% and its split apply on the market's curve and in its Agni 1% pool. A pool someone else opens for the token, before or after graduation, has its own fee and pays the market nothing.
• Agni sets its own share of each pool's fee and can change it; what reaches the split after graduation follows it.
• Dollar figures are a conversion at a third-party MNT/USD rate, labelled wherever they appear. The MNT figure is what the chain says.
• The contracts are tested against Agni on a fork of Mantle mainnet (Mantle Sepolia has no Agni deployment to test against). They have not had an independent audit.

Questions

Can the creator pull the liquidity?

No. Nobody can. On the curve the MNT is the curve's, and after graduation the position is the market's, with no function to withdraw it.

Can more tokens be minted?

No. The supply is minted once, at launch.

Why does the price jump when I buy early?

Because the curve is thin at the start, by design: the first buyers move the price most. That is also why the opening buy is the creator's only advantage, and it pays the same 1%.

Why am I paid in MNT and not in the token?

Every fee is turned into MNT before it is paid, so nobody is handed the token to sell. On the curve the fee is already MNT; after graduation the market sells its token-side fees back into its pool, in small capped steps.

What happens to the 20% of the raise?

It goes to Mantle Fun's treasury at graduation, credited in the vault under the treasury's key, in the graduation transaction.

Do I need a wallet to browse?

No. Everything but launching, trading and claiming works without one.