Bonding curve

The curve is a constant product market maker with no counterparty. It holds the entire token supply and whatever quote asset has been paid in, and prices every trade from the ratio between them.

Because it is a product rather than a line, the price rises faster as supply is taken off it. A coin opens at roughly $11.1k of market cap and graduates at roughly $60.5k, which is a 5.44x move for the people who were there at the start.

Reserved supply

30% of the supply is never sellable on the curve. It exists so the pool that opens at graduation has real depth on both sides rather than whatever happens to be left. As a launch approaches its threshold the sellable balance shrinks towards that floor.

Selling

Selling back to the curve works at any time before graduation, at the curve price, minus the same fees a buy pays. There is no lockup and no vesting on what you bought.