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GIWA Sepolia testnet. Tokens here have no value.
BULJANG
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How Buljang works, what it costs, and what its owner can and cannot do.

How it works

Buljang (불장) launches a token on GIWA in one transaction. Every token has a fixed supply of 1,000,000,000 with 18 decimals. There is no mint function, no presale and no team allocation.

800,000,000 tokens are sold on a bonding curve: a constant-product formula on virtual reserves, so the price rises as tokens are bought and falls as they are sold back. The other 200,000,000 are locked in the token's pool at launch.

When the curve sells out, the token graduates in that same transaction: the ETH raised joins the 200,000,000 tokens in a Uniswap V3 pool, and trading continues there. The last curve price and the first pool price are the same number.

Fees

Launching costs 0.0005 ETH.

Every trade on the curve pays 1%, taken in ETH: 70% to the creator side, 30% to the protocol. If the trade came through a referral link, 0.1% of the trade goes to the referrer, out of the protocol's share.

After graduation the pool charges 1% per swap. Those fees are collected by the locker and split 70/30 the same way. Anyone can trigger the collection.

Creator fee routing

  • Wallet: fees accrue to the creator wallet and are claimed in ETH.
  • Buy and burn: on the curve, the creator's share buys the token inside each trade and burns it. After graduation it is burned through the pool.
  • Holders: the creator's share is distributed to holders in proportion to their balance and claimed in ETH. The curve, the pool, lock contracts and burn addresses do not earn.

The routing is chosen at launch and can never be changed, by anyone.

Snipe tax: snipers get burned

For 30 seconds after launch, buys pay a tax that falls in a straight line from 90% to 0. The tax is taken in tokens: the full amount is computed, the buyer receives the untaxed part, and the rest is burned. No ETH from the tax goes to anyone.

It applies to every address. The only exception is the creator's dev buy inside the launch transaction, which is capped at 5% of supply. There is no allowlist and no identity check.

Sells are never taxed.

Graduation and locked liquidity

The pool is created at launch, at the graduation price, with the 200,000,000 pool tokens already inside. Until graduation the token cannot be moved into or out of the pool, so nobody can seed it or trade it at a wrong price.

At graduation the ETH raised is added below the graduation price. Together the two sides cover the whole price range.

Both positions belong to the locker contract. It has no function that removes liquidity, and no owner. The liquidity is locked for good.

Dev lock

A creator can lock their dev buy for 7, 30 or 90 days. The tokens sit in the lock contract until the unlock date, shown as a public badge. After that date anyone can trigger the release; the tokens go to the creator wallet.

What the owner can and cannot do

The factory has an owner. The contracts that hold funds, liquidity and tokens do not.

The owner canThe owner cannot
Set the launch fee, capped at 0.01 ETHWithdraw, move or unlock any liquidity
Set the treasury address that receives the protocol's share of feesMint tokens
Set the migrator used by future launchesPause or block trading on any token
Pause new launchesChange any existing token's curve, fees, migrator, metadata or creator
Set the $BUL address once, after $BUL has launchedRedirect or touch creator fees
Withdraw the 20% operations share of the treasurySpend the treasury's 80% buyback share on anything but buying and burning $BUL

"Set the treasury" means the owner can point the protocol's own future fee share at a new address. That would also stop new inflows to the buyback budget.

$BUL

$BUL does not exist yet. It will launch on Uniswap when GIWA mainnet is live. Any token named BUL on this testnet is not $BUL.

The protocol's share of fees accrues in a treasury. 80% of what the treasury receives can only leave it through the buyback contract, whose single purpose is to buy $BUL and burn it once $BUL exists.

Contract addresses

Chain: GIWA Sepolia (91342)

Risks

  • Smart contracts can contain bugs. A bug could cause loss of funds.
  • Tokens launched here can lose all of their value. Most new tokens do.
  • Transactions are irreversible. Nobody can refund or reverse a trade.
  • Anyone can launch a token with any name or image. A name is not an endorsement.
  • After graduation, trading depends on a third-party Uniswap V3 deployment.
  • This is a testnet deployment. Testnet tokens and testnet ETH have no value.

FAQ

Can the creator pull liquidity?
No. Liquidity is held by the locker, which has no withdraw function and no owner.
Can more tokens be minted?
No. The supply is minted once when the token is created and the token has no mint function. Supply only goes down, through burns.
Why did I receive fewer tokens than quoted?
If you bought within 30 seconds of launch, part of your purchase was burned by the snipe tax. The trade panel shows the tax and the amount burned before you confirm.
Where do I claim creator fees?
On the Profile page. One transaction claims everything owed to your address.
Who holds my funds?
Nobody. Buljang is non-custodial: your wallet signs every transaction and tokens go straight to your address.
Is Buljang run by an exchange or by the chain?
No. It is an independent project built on GIWA.