01Running a curve campaign by phase
The whole campaign laid out against four depths of curve, with the parameter block re-derived at each one and a written transition between every pair.
Phase plan Open the note
Phases: the four depths a curve campaign has to be planned for
A campaign on a launchpad token is planned against a moving target. The reserve behind the price grows with every net buy, the impact of a fixed trade size falls as it grows, the capacity left in the curve shrinks toward completion, and then the whole mechanism is replaced by a pool with two-sided depth. Four states, four sets of arithmetic.
The notes in this section take one depth each and re-derive the campaign from there. What the record looks like at that depth, which parameter carries most of the behaviour, what the phase is allowed to spend, and the written condition that hands the run to the next phase rather than letting it drift there.
- In this section
- The four depths, what each one changes, and the handover between them.
- Not in this section
- Field-level derivations for size, pacing and venue, which live under parameters.
- Standing rule
- No page here prints a completion threshold as if it were a published rule.
3 notes in this section
A curve token is never in one state for long. These notes take the campaign decisions phase by phase, because the same swap size that is sensible at the bottom of a curve is a different instrument two thirds of the way up it.
02Early curve activity
At the bottom of a curve the reserve is small, impact is high and fees dominate small trades. What that combination does to swap size, interval and the readable record.
Phase note Open the note
03Approaching graduation
The last stretch before a curve completes is the part most often run on yesterday settings. What changes on approach, what the handover needs, and where the run should stop.
Transition Open the note
The four depths at a glance
Read down a column to see one phase whole, or across a row to see how a single question changes as the curve fills.
P1Early curve
- State
- Reserve is small, every trade is a large share of it
- Question
- How small can a trade be before fees eat it, and how large before it moves the quote?
- What shifts
- Impact per SOL is at its highest here, so the size band is narrow at both ends.
P2Mid curve
- State
- Reserve has grown, impact per trade has fallen
- Question
- What shape should the spend take now that no single trade decides the quote?
- What shifts
- The decision moves from size to cadence, because pacing is what a reader now sees.
P3Approaching graduation
- State
- Remaining curve capacity is finite and shrinking
- Question
- How much of the remaining capacity is the campaign willing to consume itself?
- What shifts
- Every parameter becomes a decision about the handover rather than about the curve.
P4After the pool opens
- State
- A pool replaces the curve and depth is two-sided
- Question
- Which settings survive the move, and which were properties of the curve only?
- What shifts
- Price can now fall as well as rise on the same venue, so the risk profile inverts.
A phase is only readable next to the fields it sets
Knowing which depth you are at decides very little on its own. These are the pages that turn the depth into values, and the document that carries the values from one phase to the next.
Parameters
Pacing, swap size, depth and the venue split are the fields that have to be re-answered whenever the curve moves. Each one is written here with the failure it causes at both ends of its range.
Open the sectionThe full phase plan
One document that carries a campaign from the bottom of a curve to the pool that replaces it, with the parameter block re-derived at every depth and a written handover between phases.
Read the phase planHow this desk works
What the desk covers, what it deliberately leaves to other people, and why no page here prints a curve threshold it did not read out of public documentation.
Read the desk page