> For the complete documentation index, see [llms.txt](https://docs.libertyswap.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.libertyswap.finance/liberty-launchpad/overview/bonding-curve-and-pricing.md).

# Bonding Curve and Pricing

## How the Price Works

The price follows an exponential curve: the more PLS has been paid in, the more expensive each token becomes.

| Point                   | Price per Token |
| ----------------------- | --------------- |
| First token             | \~0.0857 PLS    |
| Last token on the curve | \~1.056 PLS     |
| **Total climb**         | **12.33x**      |

The earliest buyer and the ten-thousandth buyer are 12.33x apart. Nobody gets a discounted price — the first wallet and the last wallet pay by the same formula.

{% hint style="info" %}
**The DEX opening price equals the curve's final trading price.** This is deliberate. Buyers in the final stretch are not marked down when the token lists — they continue from exactly the price they just paid. Many other launchpads open their pool well below the curve price, putting late buyers underwater the moment trading opens.
{% endhint %}

## Can I Sell Back?

Yes, at any time during the curve phase, directly to the contract, without waiting for a counterparty. The contract always has the funds to pay you — the PLS it holds is always enough to buy back every circulating token along the curve.

Selling moves the price down along that same curve.

***

Every buy and sell along this curve is also charged the 1% burn fee — see [Fees](/liberty-launchpad/fees.md) and [Buy Back & Burn](/liberty-launchpad/buy-back-and-burn.md).