> For the complete documentation index, see [llms.txt](https://rptotocol.gitbook.io/robinhood-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://rptotocol.gitbook.io/robinhood-protocol/phase-1-the-vault.md).

# Phase 1: The Vault

Phase 1 is called **The Vault Opens**. It is the launch, and it is deliberately sealed.

## The only venue is the website

During Phase 1, the token trades **exclusively through the official website**. There are no liquidity pools, and no wallet can move the token anywhere else—every buy and sell goes through the Vault. This keeps the launch orderly and blocks anyone from starting side-markets or front-running the curve.

## A curve that climbs to graduation

Buying happens on a bonding curve: the price rises as the Vault fills. You can watch it climb in real time on the website. When the curve reaches its target, the token **bonds** and the team opens Phase 2—from that point on, it trades freely on the open market.

## The mechanics are sealed until graduation

The **complete mechanics of Phase 1 are intentionally withheld until the token graduates to Phase 2.** This is on purpose: keeping the exact rules private during the launch stops anyone from gaming or abusing the curve while it fills. Once Phase 1 ends, everything is disclosed in full and added to this page.

{% hint style="info" %}
Practical note: each purchase during Phase 1 has a size limit. If you send more than a single purchase allows, the extra is **refunded to your wallet automatically**—you are never overcharged.
{% endhint %}

Next: [Giving to the Poor — Phase 2](broken://pages/4c90139203850c30f917d163e503c3a971412f38).


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