> ## 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.

# Trading

> Trade meme coins on makx.io — Uniswap V4 pools with real liquidity from block one.

## Trading on makx.io

All Makx-launched tokens trade on Uniswap V4 immediately at launch. There is no bonding curve phase, no pre-launch presale, and no migration. The pool is live from the first block.

***

## Pool structure

Each launch creates a Uniswap V4 ETH/token pool with:

* **Full-range liquidity** — The LP position spans the entire tick range (tick-min to tick-max). There are no liquidity cliffs or dead zones. Tokens are always tradeable at any price.
* **0.3% LP fee** — Fixed per pool. Goes entirely to liquidity providers.
* **Hook fee** — Set by the token creator (up to `maxHookFeeBps`). Applied on every ETH swap on top of the LP fee.

***

## Fee layers

When you buy or sell a Makx token, two fees apply:

| Fee                    | Direction       | Who receives it                    |
| ---------------------- | --------------- | ---------------------------------- |
| LP fee (0.3%)          | Both directions | Liquidity providers                |
| Hook fee (creator-set) | ETH side only   | Token creator (minus protocol cut) |

**ETH → Token:** Hook fee is deducted from your ETH input before the swap reaches the pool. The pool sees `ethIn - hookFee`.

**Token → ETH:** Hook fee is deducted from the ETH output. You receive `ethOut - hookFee`.

The hook fee rate is visible on-chain via `launches[launchId].hookFeeBps`.

***

## Liquidity depth

The depth of the pool is determined by `bondAmount` — the ETH rented from the vault at launch. A creator who chose a larger market cap target rented more ETH, resulting in a deeper pool.

Because the LP is full-range and all 1 billion tokens enter the pool at launch, every token is immediately tradeable with real liquidity depth.

***

## External liquidity

Anyone can add their own LP position to a Makx token pool. External liquidity only helps — it deepens the pool, reduces price impact, and absorbs sell pressure. It has no effect on the vault's bond recovery mechanism because Uniswap V4 positions are independent NFTs.

***

## What happens to the pool when rent expires

If a creator stops paying rent and the launch is liquidated:

1. The LP NFT is withdrawn — the vault reclaims its ETH.
2. All pool tokens go to the liquidator.

Trading on any remaining external LP positions is unaffected by the protocol's liquidation. The Uniswap pool itself is not destroyed.

See [Token Lifecycle](/launchpad/token-lifecycle) and [Liquidations](/launchpad/liquidations).