All the nitty gritty details behind how Larry works.

Any user with a neynar score* of at least 0.7 can create a Larry round by tagging @larrybot on Farcaster and providing a ticker, name and optional image, at most once every 6 hours.

All users can buy into that round at the same price, up to 0.25 ETH each, provided they have a neynar score of at least 0.7. As of time of writing that is 26,000 users. After 69 mins, if there's at least one participant, an ERC-20 is launched with 1 billion tokens. Participants can redeem their share of the ERC-20 tokens. Creators can choose to participate in rounds just like other participants, paying their way. There is no dev/creator token allocation.

The share of the ERC-20 tokens going to round participants is up to 30% of total supply of tokens, which occurs in the case where the round raises at least 3 eth. In the case where the round raises less than 3 eth, the round participants will receive a % of the tokens pro-rata to 3 eth. For example a round of 0.3 eth would get 3% of supply, a round of 0.1 eth, 1%. The remaining tokens are locked in a one-sided Uniswap v3 Liquidity Pool at a 1% fee tier, with a min price per token equal to the price paid by party members, with no max. This lets the market initially buy the token on the market at the same price as the party members - what we consider a fair launch with sniper protection. There is a second one sided liquidity position created with just the eth raised from the round which is concentrated around the party market price, which gives the round participants a way to sell the token for eth at market initialization.

The creator of the Larry currently earns 60% of the fees generated by the liquidity positions, in perpetuity, with this fee being manually distributed currently, and composed of both eth and the token.

*Neynar user score is generated based on user behavior on the platform. It's scored between 0 and 1 and reflects the confidence in the user being a high-quality user. Users can improve their scores by having high-quality interactions with other good users. Scores update weekly. We use the onchain neynar score of the user to determine their eligibility to participate in rounds, which are updated once a week, which may mean that someone's score on neynar's apis and onchain are different for a short time.