A bonding‑curve reward token is a cryptoeconomic primitive where token price is a deterministic function of circulating supply, defined directly in a smart contract rather than by an external order book. Every trade mints or burns tokens, automatically adjusting price and distributing a built‑in fee to all existing holders. Immute implements exactly this model on Ethereum Sepolia testnet, offering a live experiment where you can earn IMT by interacting with on‑curve mechanics—mainnet launch coming soon.

The price function: linear vs. exponential

Bonding curves typically follow one of two families:

Linear : (P(s) = k \cdot s) where k is a constant slope.

Exponential : (P(s) = P_0 \cdot e^{r s}) where r controls the rate of price increase.

Both formulas give a continuous price‑supply relationship.…