> For the complete documentation index, see [llms.txt](https://peeps-2.gitbook.io/peeps-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://peeps-2.gitbook.io/peeps-docs/peeps-whitepaper/how-it-works.md).

# HOW IT WORKS

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## A creator submits a launch

The creator connects a wallet and enters the token metadata. Before signing, the interface displays the deployment cost, trading-fee model, creator allocation and graduation rules.
{% endstep %}

{% step %}

## Smart contracts deploy or register the token

The launch transaction creates the token and associates it with the relevant launch, curve, fee and registry contracts.
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{% step %}

## Trading opens

Users buy and sell against the on-chain launch mechanism. Price movement is determined by the configured contract logic, not by a manually maintained order book.
{% endstep %}

{% step %}

## Fees are distributed

Each eligible transaction routes fees according to the published schedule. A portion may go to the creator, a portion to the protocol and a portion to the $PEEPS ecosystem.
{% endstep %}

{% step %}

## The token approaches graduation

The token page shows progress toward the graduation threshold. Users should understand that prices can move rapidly and liquidity before graduation may be limited.
{% endstep %}

{% step %}

## Graduation occurs

Once the on-chain condition is met, liquidity is migrated or created on the designated decentralized exchange. The exact pair, fee tier, LP custody and locking conditions are disclosed in the contract documentation.
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## The community continues

Graduation is not an endorsement and does not guarantee long-term liquidity. The creator and community remain responsible for communication, culture and lawful operation.
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{% endstepper %}


---

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