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

# Buy and Trade

> How buying works during the bonding curve phase and after graduation.

## Two Trading Phases

Every app token goes through two phases:

| Phase       | Where You Trade        | How Price Works                                           |
| ----------- | ---------------------- | --------------------------------------------------------- |
| **Raising** | Bonding curve (in-app) | Constant-product formula: price rises as more ELTA enters |
| **Live**    | DEX (e.g., Uniswap)    | Free market with locked liquidity                         |

***

## Bonding Curve Phase

During the raising phase, you buy tokens directly from the bonding curve using ELTA.

**What to know:**

* Price is determined by the curve formula (`reserveELTA * reserveToken = k`)
* Each purchase pushes the price up; each sale pushes it down
* A 1% trading fee applies to each trade
* The first 6 hours have an early access gate requiring 100 XP

**How to buy:**

1. Go to the app's detail page on [app.elata.bio](https://app.elata.bio)
2. Connect your wallet
3. Enter the amount of ELTA you want to spend
4. Confirm the transaction

***

## Graduation

The bonding curve graduates when ELTA reserves reach **42,000 ELTA**. When this happens:

1. Remaining tokens and ELTA reserves are paired on a DEX
2. LP tokens are locked for **730 days** (2 years)
3. All trading moves from the bonding curve to the DEX

After graduation, the token trades like any other DEX-listed token with an established liquidity pool.

***

## Transfer Tax

App tokens may have a transfer tax of up to **2%**. The tax applies only on transfers that touch an allowlisted liquidity pool (LP-keyed). Regular wallet-to-wallet transfers are not taxed.

***

## Fee Awareness

When you trade on the bonding curve:

* **1% trading fee** is collected and routed through the fee pipeline
* Fees are split between contributors (80%) and protocol treasury (20%)

When you trade on a DEX after graduation:

* Standard DEX swap fees apply
* Transfer tax (if configured) applies on LP-involving transfers

***

## Next

<CardGroup cols={2}>
  <Card title="Stake and Earn" icon="piggy-bank" iconType="light" href="/apps/users/stake-and-earn">
    Lock tokens for rewards
  </Card>

  <Card title="Bonding Curve Basics" icon="chart-line" iconType="light" href="/apps/design/bonding-curve-basics">
    How price discovery works
  </Card>
</CardGroup>