> For the complete documentation index, see [llms.txt](https://basedinc.gitbook.io/basedbid/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://basedinc.gitbook.io/basedbid/explainers/launch-explainers/what-is-a-token.md).

# What is a Token?

Launch your token <mark style="color:$primary;">**directly into DEX trading without providing upfront liquidity.**</mark> There is no fundraising stage or bonding-curve graduation target to reach before DEX trading begins

<p align="center"><a href="/basedbid/projects-how-to-guides/how-to-create-a-token.md" class="button primary" data-icon="coin-front">Click here to learn how to create a Flash Token</a></p>

<p align="center"><a href="https://www.based.bid/create/token" class="button primary" data-icon="coins">Click here to Create a Flash Token</a></p>

<details>

<summary><strong>How Does It Work?</strong></summary>

Choose your token’s name, symbol and launch network, then launch using <mark style="color:$primary;">**Standard**</mark> or customise your setup with <mark style="color:yellow;">**Pro**</mark>

Your token starts trading on the selected DEX using <mark style="color:$primary;">**virtual liquidity.**</mark> Buyers bring the paired asset into the pool when they purchase tokens

* <mark style="color:$primary;">**Standard:**</mark> A simplified setup for a quick launch
* <mark style="color:yellow;">**Pro:**</mark> More control over market settings, fee routes, Rewards Basket and optional launch features

*Available settings depend on your network and DEX*

<div data-with-frame="true"><figure><img src="https://3527517113-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FY8k5Pri8O9lw2SMUjS2v%2Fuploads%2FJ506CQCpPAJTjxOSi2eh%2Fimage.png?alt=media&amp;token=256bca6a-aa62-4fbc-baff-27194aa10719" alt=""><figcaption></figcaption></figure></div>

</details>

<details>

<summary><strong>What is Virtual Liquidity?</strong></summary>

Virtual liquidity establishes your token’s initial pricing without requiring you to deposit the paired asset upfront

For example, launching a token paired with SOL would normally require supplying tokens and SOL to a trading pool. With virtual liquidity, <mark style="color:$primary;">**you do not need to supply that starting SOL yourself.**</mark> Buyers pay SOL into the pool when they buy your token

Buys and sells then change the pool’s balances and token price

{% hint style="info" %}
No upfront liquidity does not mean a completely free launch. Network transaction fees and applicable launch or DEX setup fees still apply
{% endhint %}

</details>

<details>

<summary>How Can Trading Support Your Project?</summary>

Use the <mark style="color:$primary;">**Fee Builder**</mark> to collect configurable fees in the paired asset and put that revenue to work

* **Rewards Basket:** Reward eligible holders with supported crypto, tokenized stocks, ETFs and other assets
* **Buybacks:** Use trading revenue to buy back your token
* **Liquidity:** Allocate fees towards your trading pool
* **Creator, Treasury and Custom Wallets:** Fund your team, reserves, marketing or other project needs

<mark style="color:$primary;">**You do not need to sell your project’s token to fund these distributions.**</mark> Keep the majority of your configured fees and choose where they go

You can also <mark style="color:$primary;">**change supported fee routes, receiving wallets and basket assets after launch without creating a new token**</mark>

<p align="center"><a href="/basedbid/explainers/launch-explainers/fee-builder.md" class="button primary" data-icon="layer-plus">Learn more about the Fee Builder</a></p>

<div data-with-frame="true"><figure><img src="https://3527517113-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FY8k5Pri8O9lw2SMUjS2v%2Fuploads%2FTEBTysx0OFRH1WVW51oj%2Fimage.png?alt=media&amp;token=e26be18a-4e8e-4c62-9b75-c8b4286f2bc9" alt="" width="522"><figcaption></figcaption></figure></div>

</details>

<details>

<summary><strong>Why Choose a Direct Token Launch?</strong></summary>

* Start DEX trading without waiting for a funding goal or graduation
* Launch without committing upfront liquidity capital
* Put ongoing trading revenue towards your project and its holders
* Adapt your fee and reward setup as your project develops

<div data-with-frame="true"><figure><img src="https://3527517113-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FY8k5Pri8O9lw2SMUjS2v%2Fuploads%2FjYyZholkLW2PkxKNjKqh%2Fimage.png?alt=media&amp;token=8cac4dc4-e3ce-4091-970c-37920bfc616b" alt=""><figcaption></figcaption></figure></div>

</details>

<details>

<summary><strong>Example</strong></summary>

You launch a token paired with <mark style="color:blue;">**SOL**</mark> and configure a <mark style="color:$primary;">**Rewards Basket containing SOL, USDC and supported tokenized assets**</mark>

Buyers bring SOL into the trading pool. Your configured reward fee directs part of the trading activity towards the basket, funding distributions to eligible holders <mark style="color:$primary;">**without selling your token for payouts**</mark>

Later, you can change the basket or redirect fees towards another project priority without relaunching

</details>