buying tokens

every token on hehe.fun starts on a bonding curve. that means the price is determined by a math function of how much SOL has been deposited so far — not by an order book or AMM.

§how the curve works

• you send SOL → the curve mints you tokens at the current price
• each buy pushes the price up; each sell pushes it down
• the curve runs from 30 SOL initial market cap → 400 SOL migration market cap (pinned platform-wide, a ~13.3× price climb)
• when the curve hits that mcap target — about ~86 SOL raised — it closes and the token migrates to a Meteora DAMM v2 pool

play with the math here:

§the trade panel

the trade panel lets you:

• pick buy or sell
• enter the input amount (SOL for buy, tokens for sell)
• preview the output (how many tokens / how much SOL you'll receive, estimated)
• set slippage tolerance (default 1%)

slippage matters because the curve moves with every trade. between submitting a tx and it landing on-chain, other trades may have shifted the price.

§what you actually own

after buying, you hold the token in your wallet. it's a regular SPL token. you can:

• hold it (do nothing — wait for the price to move)
• stake it (start earning a share of the per-token fee pool, see staking)
• sell back to the curve (price will be lower than where you bought due to the curve's structure)
• transfer to another wallet (regular SPL transfer)

after graduation, you can also trade it on the open AMM pool — same token mint, just a different venue.