Liquidity

A single-sided launch

Covenant opens with liquidity that runs from the floor tick up to the launch price exactly. Because spot sits on the upper bound, the position holds only tokens and no ETH.

Nothing is fronted by the creator. The ETH in the pool is entirely brought by buyers.

Two consequences on day one

You must buy before anyone can sell. Until the price has walked into the band, there is no ETH to pay a seller with.

The pool reports zero active liquidity at first. That is expected: the band sits just below spot and activates on the first buy. It is not a fault and not an empty pool.

The position is permanent

There is no removal path in any contract. Seeded liquidity stays, and the 0.01% Uniswap fees it accrues stay with it. Nobody — creator included — can withdraw it.

External liquidity is blocked: only the hook may hold a position in this pool, which is what keeps that guarantee meaningful.