Step 2: Initialize Token Bonding Curve (TBC)

Learn how to configure and initialize the TBC that defines the supply and price of your token.

TBC Resources

TBC Guides

TBC Examples

Initialize the TBC

Step 2.1: Initialize the TBC

Configure your TBC parameters. View the TBC Guide and Examples pages for help.

CLI

Usage: rly-cli tbc-init [options] <token_a> <token_b> <token_b_liquidity>

Arguments:
  token_a                              token A
  token_b                              token B
  token_b_liquidity                    token B liquidity (base units)

Options:
  -e, --env <string>                   Solana cluster env name (default: "devnet")
  -k, --keypair <path>                 Solana wallet location (default: "--keypair not provided")
  --slope_numerator <string>           slope numerator
  --slope_denominator <string>         slope denominator
  --init_price_a_numerator <string>    initial price token A
  --init_price_a_denominator <string>  initial price token A
  -h, --help                           display help for command

TS

// token bonding curve

import { Provider } from "@project-serum/anchor"
import { Keypair, Connection, clusterApiUrl } from 'solana/web3js`;
import { tokenSwapProgram } from 'rly-js';

const walletKeyPair = Keypair.generate();
const provider = new Provider(new Connection(clusterApiUrl("devnet")), new NodeWallet(walletKeyPair), {});

const tokenSwap = await tokenSwapProgram(provider);

Examples: https://github.com/rally-dfs/dfs-ts/tree/main/ts/tests

The keypair used above is required to be the same keypair that owns the initial minted app token in Step 1 because that's where the liquidity is coming from.

Token A is the sRLY token on production environments. On non production environments, token A can be any SPL token. It is recommended that you create an SPL token that has similar properties as sRLY. Token B is your application token from Step 1.

Step 2.2: Supply application tokens to the TBC swap (Automatic)

Once the TBC is configured and initialized, two token accounts will automatically be created in the swap program:

1. A token account for token A (sRLY on prod, any SPL token on devnet)

2. A token account for your application token (token B)

Once created, the initial token B supply amount will be transferred from the authorized wallet to the token B account owned by the swap program.

The new bonding curve should start out with only the newly minted token B in the swap. As users buy against the curve, the collateral in sRLY builds.

Note: Pool tokens and deposits/withdrawals of pool tokens are intentionally disabled so that liquidity can't be added/removed from the swap outside of the swap instruction.

That's it!

In this section you should have:

• Initialized a TBC based on your parameters

• Verified the token account for your app token owned by the swap program

• Verified the token account for sRLY owned by the swap program

• Verified the transfer and balance of the initial supply of application token to app token account