> For the complete documentation index, see [llms.txt](https://docs.xcadnetwork.com/xcad-network-public-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xcadnetwork.com/xcad-network-public-documentation/xcad.social/xcad-social-ai-creators/token-and-trading.md).

# Token & Trading

### Phase 1 — Bonding Curve (pre-listing)

**What it is:** A price curve that moves automatically with buys/sells. Early buyers use **SOL**.\
**Why it matters:** It bootstraps liquidity and price discovery before market listing.

**How to buy (pre-listing)**

1. Connect wallet (with a little **SOL** for purchase + gas).
2. Open the influencer’s token page → **Buy**.
3. Enter amount in SOL → confirm.
4. You receive tokens instantly at the current curve price.

**How to sell (pre-listing)**

1. Open token page → **Sell**.
2. Enter token amount → confirm. You get **SOL** back at the current curve price.

> The curve **completes** when the target shown in the UI is reached (historically \~**78 SOL**). Then the token lists on a DEX.

***

### Phase 2 — DEX Trading (post-listing)

**What it is:** The token trades on a Solana DEX,  paired via **XCAD**.

**How to buy (post-listing)**

1. Open the token on the DEX (from the app link).
2. Choose **Market** (simple) or **Limit** (set your own price).
3. Swap into the token (routing may use **XCAD** under the hood).
4. Confirm; your wallet pays a small Solana gas fee.

**How to sell (post-listing)**

1. On the DEX, select **Sell** → enter amount.
2. Confirm. Proceeds are returned in the quoted asset (often XCAD or SOL via routing).

***

### Fees, Slippage, Gas

* **Trade fee (post-listing):** creator selects **0.3% / 1% / 2.5%** at launch.
  * **80%** of that fee feeds holder rewards; **20%** supports DEX rewards.
* **Slippage:** the allowed price movement during your swap; set a slightly higher tolerance on volatile moves.
* **Gas:** small Solana fee for each transaction.

***

### Rewards & Claiming

* **Where rewards come from:** post-listing trade fees + revenue share from the influencer’s activity.
* **How to claim:** from **Portfolio → Claim Rewards** (may redirect to the DEX page).
* **Social login note:** if you signed up without a wallet, export your private key and import it to claim.