# How it works

V1: coins launched before factory v2. This tab applies to coins launched before factory v2, from the v1 factory, and only to them. Nothing new launches there: every new launch is v2, in the V2 tab.

**Before factory v2.** Every launch deployed the same token on all five chains at once. Each chain got 1B tokens in its liquidity pool, 5B in all, and all five pools opened at the same US dollar price: $3,000 of market cap a chain.

Every token went into its liquidity pool from the start. There is no team allocation, treasury or vesting. Each pool started with tokens only and collects the quote asset as people buy.

Each chain operates independently, and one thing keeps the five prices together: arbitrage, which is open to anyone. Buy on a cheaper chain and sell on a more expensive one.

## What a v1 coin does not have

These came with factory v2, and a v1 coin has none of them: a launch on selected chains, a chosen opening market cap, degen mode, a different trading fee on each chain, a fee receiver apart from the creator wallets, and coin tokenomics. [How v2 works →](https://www.pangea.trade/app/docs#how)

## The v1 factory

| Chain | Launch factory (v1) |
| --- | --- |
| Ethereum | `0x1D583e6eA4AA7c5e167a7E69B07b83DD5B813f53` |
| Base | `0xba4beE425F268f7Dc0F7e5457d14320d5A64cd06` |
| BSC | `0xd1454764E8D87B117a23491E77cAfcCC50430256` |
| Robinhood Chain | `0x8A1F3e1DB07048c007F6d9ab924494C77c0DBa65` |

Nothing new launches from it. The coins it launched trade, bridge and pay their fees as this tab describes.

Part of the Pangea documentation, V1 (earlier launches) tab: https://www.pangea.trade/app/docs.md