> For the complete documentation index, see [llms.txt](https://whitepaper.surge.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://whitepaper.surge.xyz/features-product/fairlaunch/vesting.md).

# Vesting

#### Pre-DEX Phase: Bonding Curve Buyback

Before a token transitions to a DEX, the **founder can buy back any portion of the bonding curve - up to 100%**.

* This allows partial or full ownership before open market trading.
* The buyback portion determines how much of the supply the founder can later vest or allocate.
* Community participants retain ownership of the remaining bonding curve portion they purchased.

#### Post-DEX Phase: Token Locking & Vesting

Once the token **graduates from the bonding curve to a DEX**, founders gain access to **Surge’s vesting and locking tools**.\
They can:

* **Lock any amount of tokens**, whether from a partial or full bonding curve buyback.
* **Set cliffs and vesting schedules** (linear or milestone-based).
* **Distribute and vest tokens** across key categories such as:
  * Team
  * Marketing
  * Community
  * Ecosystem treasury

#### Fairness & Transparency

All lockups and schedules are **on-chain, transparent, and verifiable**.\
This replaces the traditional bonding curve model-where tokens are often dumped on users-with a **fair, contract-enforced system** that builds trust and ensures **long-term alignment** between founders and their communities.