> ## Documentation Index
> Fetch the complete documentation index at: https://docs.inkyswap.com/llms.txt
> Use this file to discover all available pages before exploring further.

# V1 vs V2

> Side by side comparison of the V1 and V2 launch systems.

<Note>
  V2 is the current launch system. V1 is deprecated. This page exists to help V1 token holders and integrators understand what changed.
</Note>

## Quick comparison

| Topic                   | V1                                                | V2                                                                     |
| ----------------------- | ------------------------------------------------- | ---------------------------------------------------------------------- |
| Launch contract         | `TokenFactory` (single contract)                  | `InkyPumpHook` (UUPS proxy) with swappable modules                     |
| Launch contract address | `0x1D74317d760f2c72A94386f50E8D10f2C902b899`      | `0x4cC8F6d5B7cE150CCC0A9B7664532B1283b96AC4`                           |
| Curve type              | Exponential, `price = a * e^(b * x)`              | Linear with configurable gain multiplier (1x to 21x)                   |
| Target raise            | 3 ETH (hardcoded)                                 | Configurable per launch, 1 to 5 ETH                                    |
| Creation fee            | 0.001 ETH                                         | None                                                                   |
| Base trade fee          | 5 percent                                         | 2 percent (1 percent protocol + 1 percent variable)                    |
| Anti-snipe              | Fee decay 30 percent to 5 percent over 25 seconds | Captcha gate for 0 to 60 seconds (no fee penalty)                      |
| Creator earnings        | Built into the 5 percent fee                      | Configurable share of the 1 percent variable fee                       |
| Finalization            | Add to Uniswap V2 pair, burn LP                   | Bond to a Uniswap V4 pool with a 0.1 percent swap fee                  |
| Architecture            | Monolithic                                        | Modular: separate Hook, TradingModule, ViewModule, SaleSplitCalculator |
| Upgradeability          | UUPS proxy on one contract                        | UUPS proxy with separately upgradeable modules                         |
| Referrals on chain      | Event field on every trade                        | Separate `Referral` event emitted only when referral code is present   |

## Fee math compared

V1 (after the 25 second anti-snipe window):

```
fee = ethIn * 0.05
netForCurve = ethIn - fee
```

V2 (constant for the full token lifetime, regardless of when you trade):

```
protocolFee = ethIn * 0.01
variableFee = ethIn * 0.01
netForCurve = ethIn - protocolFee - variableFee   // 98 percent
creatorShare = variableFee * (creatorFeeSplitBps / 10000)
buybackShare = variableFee - creatorShare
```

## What stayed the same

* Total supply is still 1,000,000,000 tokens
* Tokens still bond from an initial sale pool to an automated market maker
* The `tokens_v2` table in the API still returns the same shape for V2 tokens that the `tokens` table did for V1, with extra V2 fields added
* The leaderboard still counts trade volume across both versions, with separate formulas
* The Emperor of the INK auction still works for any token, V1 or V2

## What is new in V2

* Per launch target raise (1 to 5 ETH)
* Per launch curve steepness (1x to 21x gain multiplier)
* Configurable creator vs buyback fee split, updatable after launch
* Optional anti-snipe window with captcha gate
* Scheduled launches (set a start time in the future)
* Optional creator prebuy at launch
* On chain referral attribution via a dedicated event

## Should you migrate

There is no migration path. V1 tokens stay on V1 contracts and continue to trade. V2 is for new launches.