Price and market cap

The whole supply sits in one position spanning from the floor to the top of the tick range, so Tartarus pricing has a simple closed form. It behaves like a constant-product pool in which the quote side starts at zero.

The math#

Let M be the starting market cap in quote, and f the fraction of supply bought so far. Before fees:

quote spent to reach f   =  M · f / (1 − f)
price at f               =  floor / (1 − f)²
market cap at f          =  M / (1 − f)²

Market cap here means price × 1,000,000,000, the fully diluted figure. There is only one supply number, and every token that is not in the pool has been bought from it.

At launch config 0#

Config 0 has startingTick 171400, tick spacing 200, and a floor of about 0.000000036 HYPE per token, which makes M about 36.02 HYPE.

Costs are cumulative from launch and exclude the swap fee. A trade of the same size moves the price much less once a token has been bought into, because the same quote buys fewer tokens at a higher price.

Live figures are in GET /v1/protocol: launchConfigs[].floorPrice, floorMarketCap and floorMarketCapUsd.

The starting tick#

startingTick is the tokens-per-quote price at the floor, in raw units, for every quote asset. A higher tick means a cheaper token.

tokensPerQuote = 1e9 · quoteUsd / targetMcapUsd
P              = tokensPerQuote · 10^(18 − quoteDecimals)
tick           = floor(ln(P) / ln(1.0001)), rounded down to a multiple of tickSpacing

The owner retunes this with updateLaunchConfig as the quote's price moves. Launched pools keep the price they opened at.

Reading the price#

StateView.getSlot0(poolId) returns sqrtPriceX96, which is V4's currency1 per currency0, in raw units. On a HYPE pool that is tokens per HYPE, so invert it for a price in HYPE:

const [sqrtPriceX96] = await client.readContract({
  address: STATE_VIEW, abi: stateViewAbi, functionName: "getSlot0", args: [poolId],
});
const tokensPerHype = (Number(sqrtPriceX96) / 2 ** 96) ** 2;
const priceInHype = 1 / tokensPerHype;

That float is fine for display. Never use it to size a trade. The API's price, marketCap, priceUsd and marketCapUsd come already computed.

What "floor" guarantees#

The floor is where Tartarus's own liquidity ends. It is not a promise about what a token is worth. Near the floor there may be very little quote in the pool to sell into. Third parties can also add their own V4 liquidity to a pool, because the hook does not block it, though that liquidity earns no LP fee and does not change the locked position.