> For the complete documentation index, see [llms.txt](https://ascendlaunch.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ascendlaunch.gitbook.io/docs/the-ascend-token-lifecycle.md).

# The Ascend Token Lifecycle

**Launch → Ascended → HyperCore Spot → HIP-3 Perpetuals**

Each stage has a distinct purpose. Progression depends on project performance, liquidity, technical readiness, and the requirements of each subsequent stage.

{% stepper %}
{% step %}

## Launch

Tokens launch directly into closed hook pools without a separate bonding-curve phase.

Hooks allow developers to customize pool behavior for initialization, liquidity changes, and swaps. Ascend uses this framework as the foundation for its launch-pool design.

Pool creation and launch liquidity are managed through Ascend’s framework rather than open third-party liquidity provision. Launch-pool quote assets are limited to USDC and supported tokenized real-world assets.

This structure standardizes the launch environment, simplifies revenue routing, and helps prepare token and USDC liquidity for subsequent HyperCore markets.
{% endstep %}

{% step %}

## Ascended

Ascended status is given to projects that qualify for additional ecosystem support.

Qualification considers market capitalization, unique holders, volume, and checks for concentrated or coordinated token accumulation.

Ascended projects receive direct ecosystem-token buybacks and placement in a dedicated section of the Ascend homepage.

Buyback allocations are weighted across eligible projects using multiple criteria, including number of unique holders, weighted volume over time, and market capitalization.

Only ecosystem tokens purchased using yield from users’ kHYPE staking positions are distributed to eligible stakers. Ecosystem tokens purchased with protocol fees are not distributed to stakers. Ecosystem tokens purchased using yield from Ascend’s protocol-owned stake are burned. Ecosystem tokens purchased through the 30% ecosystem-buyback allocation are retained in Ascend’s treasury, with a small portion burned and treasury-held tokens used to help support eligible HyperCore listings.
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## HyperCore Spot

Ascend uses treasury held ecosystem tokens acquired through the protocol fees, portion of creator fees if set aside by them, and the 30% ecosystem buyback allocation to help support eligible HyperCore spot deployments and initial liquidity.

The protocol intends to coordinate the deployment process and help seed both the token and USDC sides of the market. Reaching Ascended status does not guarantee a HyperCore spot deployment, which remains subject to its own technical requirements and deployment costs. [Hyperliquid](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-1-native-token-standard)

This ecosystem-token support is funded within the existing 30% allocation. The precise listing-reserve mechanism and any additional funding for USDC liquidity or deployment costs remain under development.
{% endstep %}

{% step %}

## HIP-3 Perpetuals

Once a project establishes a sufficient spot-market foundation, the intended next step is to coordinate an eligible perpetual market through Kinetiq’s HIP-3 venue.

The sequencing prioritizes spot liquidity before leveraged exposure. The proposed perpetual market would use the project’s HyperCore spot market as a pricing reference, subject to applicable oracle and market-design requirements.

HIP-3 deployers remain responsible for their market definitions, oracle inputs, leverage settings, and ongoing operation. Listing therefore requires agreement and technical readiness beyond Ascend qualification alone. [Hyperliquid](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals)

These pathways describe Ascend’s support toward additional markets. They do not imply that Ascend’s token trading fees applies to all trading on subsequent venues.
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