> For the complete documentation index, see [llms.txt](https://docs.collective.name/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.collective.name/core-concepts/token-launch-fees.md). # Token Launch Fees How a token is launched and how the fees are earned [Collective](/core-concepts/collective.md) allows launching tokens that are instantly tradeable on a bonding curve without having to seed liquidity. When the token hits a certain market cap the liquidity from the bonding curve is migrated to an Automated Market Maker ( AMM ) The part that makes [Collective](/core-concepts/collective.md) possible is that every trade on that token pays a small fee automatically. Trade after trade, those fees add up, a token that trades is a token that earns, and that earning is what funds the [DAO treasury](/core-concepts/community-governed-treasury.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.collective.name/core-concepts/token-launch-fees.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.