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Trades on the bonding curve go through the InkyPump V2 hook at 0x4cC8F6d5B7cE150CCC0A9B7664532B1283b96AC4. There are four write functions: buy, buyWithReferral, sell, and sellWithReferral. The referral variants emit an extra Referral event. After a token bonds, trades route through the Uniswap Universal Router instead. See Post-Bond Pool for that path.

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buy

function buy(
    uint256 launchId,
    uint256 minTokensOut,
    InkyPumpTypes.CaptchaAuth calldata captcha
) external payable returns (uint256 tokensOut);
ParamMeaning
launchIdThe launch ID returned by createLaunch
minTokensOutSlippage floor. Reverts if fewer tokens would be sent
captchaCaptcha signature, required only during the anti-snipe window
msg.value is the ETH you spend. Must be at least MIN_BUY_ETH (0.00001 ether). Returns tokensOut, the number of tokens credited to msg.sender.

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buyWithReferral

function buyWithReferral(
    uint256 launchId,
    uint256 minTokensOut,
    InkyPumpTypes.CaptchaAuth calldata captcha,
    string calldata referralCode
) external payable returns (uint256 tokensOut);
Same as buy, plus emits Referral(launchId, msg.sender, referralCode) if referralCode is non empty. No fee impact.

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sell

function sell(
    uint256 launchId,
    uint128 tokenAmount,
    uint256 minEthOut,
    InkyPumpTypes.CaptchaAuth calldata captcha
) external returns (uint256 payout);
ParamMeaning
launchIdThe launch ID
tokenAmountTokens to sell. Must be at least MIN_SELL_TOKENS (1 ether = 1 token)
minEthOutSlippage floor on the ETH payout
captchaCaptcha signature, required only during the anti-snipe window
The contract pulls tokenAmount from msg.sender (you need to approve the hook first, or the token’s transferFrom allowance has to cover the trade). Returns the net ETH payout.

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sellWithReferral

function sellWithReferral(
    uint256 launchId,
    uint128 tokenAmount,
    uint256 minEthOut,
    InkyPumpTypes.CaptchaAuth calldata captcha,
    string calldata referralCode
) external returns (uint256 payout);
Same as sell, plus emits Referral. No fee impact.

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Captcha auth

The anti-snipe captcha is an off chain ECDSA signature from the InkyPump signer. 
struct CaptchaAuth {
    uint256 deadline;   // expiration timestamp for this signature
    bytes signature;    // ECDSA signature from the authorized captcha signer
}
If the anti-snipe window has ended for the launch (block.timestamp > launchTimestamp + antiSnipeDuration), the captcha is not checked. You can pass empty fields. If the window is still active, you must provide a valid signature. Otherwise the call reverts with CaptchaRequired(). The InkyPump UI fetches the signature automatically from its backend. For direct integrations that need to trade during the anti-snipe window, contact InkyPump for backend signing access.

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Fees

The hook splits the input (on buy) or the gross payout (on sell) before processing: 
protocolFee  = amount * PROTOCOL_FEE_BPS / BPS_DENOMINATOR;  // 1 percent
variableFee  = amount * VARIABLE_FEE_BPS / BPS_DENOMINATOR;  // 1 percent
creatorFee   = variableFee * creatorFeeSplitBps / BPS_DENOMINATOR;
buybackFee   = variableFee - creatorFee;
netAmount    = amount - protocolFee - variableFee;
creatorFee accrues to the launch creator. buybackFee accrues to a buyback module that periodically buys and burns the token.

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Events emitted

Every successful trade emits: 
event Trade(
    uint256 indexed launchId,
    address indexed trader,
    TradeType tradeType,    // BUY or SELL
    PriceData priceData,
    TradeData tradeData,
    uint256 refund
);

event FeeAccrued(address indexed recipient, uint256 amount);
The *WithReferral variants additionally emit: 
event Referral(
    uint256 indexed launchId,
    address indexed trader,
    string referralCode
);

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Common errors

RevertCause
CaptchaRequiredIn the anti-snipe window without a valid signature
InvalidCaptchaSignature does not verify against the configured signer or deadline has passed
SlippageExceededOutput below minTokensOut (buy) or minEthOut (sell)
BelowMinBuymsg.value is below MIN_BUY_ETH
BelowMinSelltokenAmount is below MIN_SELL_TOKENS
LaunchFinalizedThe token has bonded. Use the V4 pool instead
LaunchNotStartedlaunchTimestamp is in the future (scheduled launch)