> ## Documentation Index
> Fetch the complete documentation index at: https://docs.makx.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Token Lifecycle

> The full state machine for a Makx launch — Active, Grace Period, Liquidation Zone, and final states.

## Launch states

Every Makx launch moves through a time-based state machine determined by `prepaidUntil` — the timestamp up to which rent has been prepaid.

```
                  ┌──────────────────┐
                  │  Dev pays rental │
                  │  (min duration)  │
                  └────────┬─────────┘
                           ▼
                  ┌──────────────────┐
                  │     ACTIVE       │
                  │  Rental prepaid  │◄── depositRent() or repayBond()
                  │  LP earning fees │
                  └────────┬─────────┘
                           │
            prepaidUntil ≤ now + gracePeriod
                           ▼
                  ┌──────────────────┐
                  │  GRACE PERIOD    │
                  │  Fee claims      │◄── depositRent() to push prepaidUntil forward
                  │  blocked         │
                  └────────┬─────────┘
                           │
       prepaidUntil ≤ now + liquidationThreshold
                           ▼
                  ┌──────────────────┐
                  │ LIQUIDATION ZONE │
                  │ Anyone may call  │
                  │ liquidate()      │
                  └────────┬─────────┘
                           ▼
                  ┌──────────────────┐
                  │   LIQUIDATED     │
                  │  LP withdrawn    │
                  │  Bond repaid     │
                  │  Surplus + fees  │
                  │  → liquidator    │
                  └──────────────────┘

  Alternatively:
  repayBond() until bondAmount = 0 → REPAID (no more rent ever owed)
```

***

## Phase 1 — Active

The launch is active when `prepaidUntil > block.timestamp + gracePeriod`.

What you can do:

* **Trade** — pool is fully active on Uniswap V4.
* **Claim fees** — `claimFees()` and `collectLPFees()` are available.
* **Extend** — `depositRent(launchId)` adds more prepaid seconds at the current `feeRateBps`.
* **Repay bond** — `repayBond(launchId)` reduces `bondAmount` and lowers `feePerSecond`.

***

## Phase 2 — Grace Period

Entered when `prepaidUntil ≤ block.timestamp + gracePeriod`.

* Fee claims (`claimFees`, `collectLPFees`) are **blocked**. Accrued fees are preserved, not lost.
* Rent extensions (`depositRent`) are still allowed — the creator must push `prepaidUntil` far enough forward to exit the grace period.
* Liquidation is not yet available.

***

## Phase 3 — Liquidation Zone

Entered when `prepaidUntil ≤ block.timestamp + liquidationThreshold`.

`liquidationThreshold` is always ≤ `gracePeriod`. Once inside this zone, any address may call `liquidate(launchId)`.

The liquidation zone is a subset of the grace period — fee claims remain blocked.

***

## Phase 4 — Liquidated

`liquidate()` was called. The protocol:

1. Withdraws the LP NFT from Uniswap V4 — receives ETH and tokens.
2. Repays `bondAmount` ETH to the vault.
3. Sends surplus ETH (above bond) to the liquidator, minus `adminLiquidationFeeBps`.
4. Sends all accumulated hook fees to the liquidator.
5. Sends all recovered tokens to the liquidator.
6. Sets launch status to `Liquidated`.

See [Liquidations](/launchpad/liquidations) for incentive details.

***

## Phase 5 — Repaid (alternative terminal state)

If the creator calls `repayBond()` enough times to reduce `bondAmount` to zero, the launch transitions to `Repaid`. No further rent is owed. The LP remains active but the vault no longer has exposure — the position is now fully the creator's.

***

## Key timestamps

| Variable               | Meaning                                                      |
| ---------------------- | ------------------------------------------------------------ |
| `prepaidUntil`         | Timestamp through which rent is prepaid                      |
| `gracePeriod`          | Seconds before expiry when fee claims freeze                 |
| `liquidationThreshold` | Seconds before expiry when liquidation opens (≤ gracePeriod) |
| `minRentalDuration`    | Minimum seconds that must be prepaid at launch               |