> For the complete documentation index, see [llms.txt](https://nad-fun.gitbook.io/nad.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://nad-fun.gitbook.io/nad.fun/getting-started/user-guide.md).

# User Guide

Nad.fun is Monad-native launch infrastructure for creators, communities, and token developers to launch tokens, form narratives, and bootstrap early markets on-chain.

We make token creation, trading, and liquidity formation simple, transparent, and customizable.

### Token lifecycle

#### 1. Creation

A creator launches a token through nad.fun.

The token becomes tradable immediately after creation.

#### 2. Bonding Curve

New tokens first trade through a bonding curve.

During this stage, users can buy and sell directly on nad.fun. Price changes based on trading activity.

#### 3. Graduation

A token reaches the graduation milestone when the bonding curve has gathered around **225,000 MON** and approximately **80% of the token supply** has been sold.

At graduation, the remaining token supply and gathered funds are moved to an internal DEX liquidity pool.

#### 4. Post-Graduation

After graduation, trading continues through DEX liquidity.

Depending on the token’s settings, selected fee mechanisms may continue after graduation.

### Customizable Fees

Some tokens may use **Customizable Fees**, allowing creators to route part of trading fees toward supported Fee Vaults.

Learn more: [\[Customizable Fees\]](#customizable-fees)

### Dune Dashboard

\
<https://dune.com/bc1phugo/monad-dashboard>