HOOK LAUNCHER — THE GRADUATED LATCH, EXPLAINED

Exits are earned.

Latch ($LATCH), a Hook Launcher token live on mainnet, carries two rules. The headline is the Basis Latch in its graduated mode, below; the second is a 3% max-wallet cap that keeps any single wallet from cornering the supply. The token is open to anyone — no agent gate, no registry, no registration. Any wallet can buy from block one, and buys are never gated. What the latch meters is the exit: how much of your position you may sell is a fraction you earn — with time, with dips you live through, and all at once, forever, the first time the price crosses below your own entry.

This token — launch details

Name / ticker	Latch — $LATCH
Mint	CFG9xRhq7NJ3UGR7VBU4bBgJotXTMZ2inhcfugX78t27
Pool (Meteora DBC)	9EAHUDcCTkVL2iRsRpYey83sx5hsffGhpTvWgorFmXmx — Meteora Dynamic Bonding Curve; migrates to DAMM v2 at 42 SOL raised
Config PDA	BRMnGdwDCby3HmJ3cci2UdMXvNLGdcfJiZSaWB1toQhK — the rule stack as data: [Basis Latch (graduated), Max Wallet 300 bps], authority mode Locked
DBC config	3sKF4gD7SvbHduvJabQRniUNNWirNGVNuKYYVrbjh4Qm — the Meteora curve configuration this pool was created under
Rules	Two: (1) Basis Latch, graduated mode — the headline rule, explained on this page; (2) Max Wallet — no wallet may hold past 3% of supply (300 bps = 30,000,000 tokens; see the cap). Authority Locked at launch: nobody can ever change them.
Fees	The curve's 1% trading fee goes to the deployer (see Fees).
Launch record	agentonly.fun/hooks/latch-record.json — every address and signature from the launch. The trading CLI consumes this file directly.

The rule, in plain English

The moment you buy, the hook writes three things into your on-chain holder account: your basis (your average entry price — buys blend it, cheaper rebuys ratchet it down), your clock start, and your peak balance. From then on, every sell or send you attempt is measured against your earned fraction — the share of your position you are allowed to move:

Time earns it. Your fraction grows steadily from 0% at the moment you buy to 100% when the vesting period completes. The pace is set in the token's config at launch; this token uses the launcher's default tuning — a 5-day vest, +20% a day — and the charts on this page are drawn at exactly that pace.
Dips earn it faster. The hook also remembers the lowest price the feed has printed since you entered. The deeper the worst dip relative to your entry, the larger your dip-earned fraction — enduring a drawdown pays you exit rights ahead of the clock. At this token's 2× dip multiplier: a 10% drawdown you live through earns 20%, a 25% drawdown earns 50%, a 50% drawdown earns the whole exit.
Crossing your entry ends the question. The first time the price dips below your basis, the latch fires: your fraction becomes 100%, permanently. It never re-locks, even when the price recovers far above your entry.
Your earned fraction is the largest of the three — time-earned, dip-earned, or latched-100% — never a sum, never less than what you have already earned.

Two bookkeeping rules keep the fraction honest. It applies to your peak balance — the most you have held since entering — and every amount you sell is booked against it. So the allowance can't be dripped around: selling 20% five times in a row doesn't exit you early, because the second sale is measured against what's left of the same earned fraction, not a fresh one. Buying more raises your peak (and blends your basis and clock), so the fraction then applies to the larger position.

Worked example

You buy 10,000 tokens at 0.0020 SOL each. Your basis is 0.0020, your peak balance is 10,000, your earned fraction is 0%. The token's tuning: +20% a day (full vest in 5 days), dips earn at twice the drawdown.

When	Price	Your earned fraction	What you can do
Right after buying	0.0020	0%	Sell any amount → vetoed. You just arrived; nothing is earned yet.
A few hours later	0.0026 (ATH)	~2%	At the top, you could sell ~200 tokens. The other ~9,800 are still locked — nobody one-clicks out of this token.
Day 1	0.0026	20% (time)	Up to 2,000 sellable, even at the top. Sell 1,500 and 500 of allowance remains until more accrues.
Day 2	0.0018 — below your basis	100% (latched)	The dip crossed your entry: the latch fires. Everything is sellable from now on.
Day 3	0.0030	100%	Price recovered past your entry and beyond — you can still sell all of it, at a profit. The latch never re-locks.

Chart 1 — your sellable fraction

Three holders, three paths to the same ceiling. The purple ramp is time alone: boring, guaranteed, unstoppable. The gold path is a holder who lived through a dip partway — the drawdown they endured lifts their fraction above the ramp early. The green path is the latch: the moment price crosses below that holder's entry, the fraction jumps to 100% and stays there.

Sell pressure on this token is a slow reservoir, not a cliff: at any moment, some holders are fully unlocked, most are partially, and the newest money is barely unlocked at all. Total exit supply never arrives in one block.

Chart 2 — price vs your basis: when can you sell?

Same story from the price side. Your entry is a horizontal line — your basis. Above it, early on, you may sell only what you have earned so far. The dip that crosses the line is the unlock event, and it is permanent: when price later returns to the highs, your exit is still fully open.

This is the answer to "when can I sell, relative to when I bought?": a little of it almost immediately, more of it every day, and all of it — forever — from the first dip below your own entry.

How the hook decides

Every transfer of this token — a sell on the curve, a send to another wallet — runs through the engine's transfer hook, inside the same transaction as the transfer itself. The hook reads your holder account and the token's price feed, computes your earned fraction, and compares the amount you're trying to move against it. There is no off-chain step and no one's permission to ask for.

The hook can only say no. A Token-2022 transfer hook reads state and vetoes; it never takes, moves, splits, or skims tokens. If your transfer is within your earned fraction, the hook does nothing at all and the transfer proceeds exactly as the curve or your wallet built it. If it is over, the hook's veto fails the entire transaction atomically — there are no partial fills.

The second rule — a 3% ceiling on every wallet

The latch has a companion: Max Wallet (rule 9), set to 300 bps — 3% of the total supply. On this token's 1,000,000,000 supply, that is a hard ceiling of 30,000,000 tokens per wallet. It is deliberately tighter than the genesis token's cap (AGTR's is 5%). The hook runs both rules on every transfer, and either one can veto it.

The cap	30,000,000 tokens — 3% of supply, per wallet, checked on every receive (buys and wallet-to-wallet sends alike).
Who it binds	Every wallet — including the deployer's. There is no insider exemption; the wallet that launched the token plays under the same ceiling as everyone else.
The one exemption	The pool's own vault accounts, as in every launcher config — the curve has to be able to hold the supply it trades, or the market itself would self-block.
How it's checked	Against your balance after the transfer lands, like every balance rule in the engine (Token-2022 applies the transfer, then the hook judges the result). A buy that would push you past 30,000,000 is vetoed whole — it reverts, it is never partially filled. Buy a smaller amount instead.

Why pair it with the latch: the latch staggers when supply can move; the cap bounds how much of it any one wallet can ever hold. Together they make the two classic launch-token failure shapes — the instant full exit and the single-wallet corner — structurally unavailable, for insiders and outsiders alike.

The bonding curve — and how to buy

$LATCH is born on a Meteora bonding curve, like every launcher token. There is no LP to deposit and no order book: the curve itself is the market. Every buy pays SOL in and takes tokens out at the curve's current price, which moves up with each buy and back down with each sell. The curve completes when it has raised 42 SOL — at that point 20% of the supply migrates to a DAMM v2 pool, the transfer hook is revoked in the completing swap, and $LATCH trades freely from then on. Everything on this page — the latch, the cap — governs the curve phase only.

How to buy. Buying is the open side of this token — deliberately:

Any wallet can buy. No registration, no allowlist, no agent requirement, no minimum holding period to start — the rules meter exits, never entries.
Use the skill or the launcher's trade surface. A hook token's swap has to be built the hook-aware way — Meteora's swap2WithTransferHook — so the hook's accounts resolve into the transfer. Plain aggregator swaps can't route hook tokens: they don't carry those accounts, and the swap fails. The agent skill's one-flow command (flow buy) builds it correctly end to end.
Your token account is created first. A hook swap can't be built to a token account that doesn't exist yet, so the flow creates your destination token account before the swap whenever you don't already have one. It's part of the same buy — not a separate step you manage.
Your first buy opens your holder account. The on-chain account that carries your basis, clock start, and peak balance is created inside that first buy, stamped with your entry; its rent comes out of the token's rent vault, not your pocket.

After you hold, the metered side begins: selling follows the latch (the rule), and the skill's status command shows your basis, your earned fraction, and whether you have latched.

Fees — the deployer gets paid

Every trade on the curve — buy or sell — pays the curve's 1% trading fee, in SOL. That fee never passes through the hook. It accrues in the pool as claimable fees, and the launch config names who may claim it: on this token, the fee claimer is the deployer. The token's creator collects the fees, in SOL, with a single claim command — the launcher's standing creator-fee standard.

Three facts worth stating plainly. First, the fee is the venue's, not the hook's: hooks are veto-only, so a launcher token's creator fee is collected by directing the curve's fee — set once, in the token's config, at launch. Second, on this token the fees go to the creator, not routed to holders — routing fees out to holders is a different launch shape (it is AGTR's), chosen per token. Third, claiming needs no one's permission and no off-chain step: the deployer's wallet claims from the pool directly, the same path the agent skill documents for every launcher token (hook.mjs claim).

Vs the original TaxHarvest

This token's headline rule descends from TaxHarvest — the mechanism fren built first as TH on Solana — with two deliberate changes to the latch, plus a companion rule TH never had.

	TaxHarvest TH (the original)	This token
The latch	Binary. 0% sellable until the first dip below your basis, then 100% forever. Nothing in between.	Graduated. The same latch, with a ramp in front of it: time earns a growing fraction, dips accelerate it, and the crossing still pays 100% forever.
Venue & lifespan	A house swap venue, so the hook governs the token for its whole life — there is no graduation that retires it.	A public Meteora curve. The hook governs the launch phase; at the 42 SOL graduation the hook retires and the token trades free.
Fees	None, by design.	The curve's 1%, to the deployer.
Second rule	None — the latch stands alone.	Max Wallet at 3% of supply (AGTR's cap, by contrast, is 5%).

Same DNA in both: a per-holder entry basis that blends on buys and ratchets down, a dip below your own entry as the unlock event, and enforcement by a transfer hook alone — no APIs, no routers, no off-chain keeper of the rule.

Honest notes

The feed is an EMA, not the last print. Price reaches the hook through a cranked exponential moving average of the pool's own state. A one-second wick below your basis may not move the EMA far enough to latch you — the dip has to actually register on the feed. And the hook only learns the lowest price at moments you transact yourself: a dip that starts and ends entirely between your own transfers never registers in your holder account, so it earns you nothing. Anyone may crank the feed; the launcher flows do it as part of trading.
A stale feed fails closed. If the feed goes too long without a crank, exits revert until the next crank lands. That is deliberate: the hook would rather pause exits than judge them on old prices.
Graduation retires the hook. When the curve raises its 42 SOL threshold, the token migrates to a normal DAMM v2 pool and the transfer hook is revoked in the completing swap. From then on everyone can sell everything — the graduated latch is a launch-phase constitution, by design (Meteora's, and ours).
The fraction is of your peak, and sales are booked. Your allowance is your earned fraction of the largest balance you have held since entering, minus what you have already sold against it. It cannot be dripped around with repeated small sells, and a veto never partially fills.
Vesting never transfers. If someone sends you $LATCH wallet-to-wallet, the sender's basis carries to you — that is the hook's standing bookkeeping — but their time-in-position does not. Your clock and your peak are your own: receiving into an empty wallet opens a fresh position whose clock starts at that moment, and receiving while already holding blends against your anchor, never the sender's. Earned exit rights cannot be handed to another wallet.
The 3% cap binds the deployer too. Max Wallet checks every receiving wallet against 30,000,000 tokens — the launch wallet included; only the pool's vault accounts are exempt, as usual. The check runs against your post-transfer balance, so a receive that would cross the cap reverts whole rather than filling up to it.
The tuning is fixed at launch. This token uses the launcher's default tuning — a 5-day vest (+20% a day), dip-earning at 2× the drawdown endured, and no free slice at entry (every unit of sellable is earned). The tuning is printed in the token's launch record and, with the config Locked, can never be changed afterward.
Proven in simulation; now live on mainnet. The graduated mode passed its dedicated trial — 90/90 assertions — on the combined engine binary, with the classic suites re-run clean against that same binary (engine 64/64, latch-on-curve 55/55, ecosystem gate 28/28). It is live on this token, and its first trade has executed: the deployer's proof buy — 0.01 SOL → 753,752.697394 LATCH — opened the first holder account with the graduated bookkeeping in place (basis stamped at the feed's EMA at the buy, peak equal to the balance, nothing sold). The graduated paths themselves — vesting accrual, dip earnings, a latch firing — will accumulate history over time as the token trades, so trade small while they do.

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