Staged issuance

The problem with bonding curves

Most token launches today are slot machines wrapped in code. If you’re early you print, if you’re late you’re exit liquidity. The mechanism structurally rewards latency and bot infrastructure rather than real conviction. “Early” means fast, not thoughtful.

That’s backwards: you want to reward people who took real information risk over weeks and months, not whoever sat closest to the mempool. Cobuild tokens fix this.

Staged issuance

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Cobuild tokens are issued in stages with a pre‑declared price schedule, so early conviction is rewarded over long time windows while nanosecond sniping stops mattering. Each stage sells tokens at a price that only steps upward over time.

Compared to a bonding curve, the price is linked to the amount of time that has passed, not how many tokens that've been sold. This moment is always cheaper than the ones that come after, but that advantage accrues to everyone who shows up in the early era of the network, not just a handful of bots.

An example: launch a token, set a mint price of $1 for the first week, $10 for the following month, and stop minting after that.