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Each launch has a dedicated CooketCurveV3. The invariant uses virtual reserves:
The active reserve is real native-USDC principal available for curve redemptions before graduation. It starts at zero. The virtual native-USDC coordinate is 2,415 USDC + active reserve; the virtual token coordinate is the initial virtual token reserve minus sold supply.

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Buy accounting

For gross native-USDC input G:
Token output rounds down through the shifted constant-product calculation. The post-trade virtual token reserve uses ceiling division, preventing output from exceeding the contract-defined boundary. At the terminal boundary the quote returns all remaining curve inventory.

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Sell accounting

The curve computes a gross reserve output from the reduced sold supply. That amount is removed from the active reserve. The 1% fee is calculated on the gross curve output, and the seller receives gross output minus the fee. Token input and native-USDC output round conservatively; dust trades revert. Buys and sells include minimum-output and deadline checks. After graduation, both quote functions and curve trading revert with TradingClosed. Forced native value is reported as unaccounted native USDC and is excluded from reserve coordinates, quotes, and spot-price calculations.