> ## Documentation Index > Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt > Use this file to discover all available pages before exploring further. # Trading and liquidity > How to buy and sell CSM, how the launch hour works, how to provide liquidity and how to use the exit helper. ## How to trade (Not Yet) 1. **Check the token address** against [Contracts](https://docs.cashmere.exchange/mountain/contracts.md), every character of it. Fake 'Cashmere (CSM)' tokens exist. 2. Open **Base Camp**, then **Swap**. Choose **Buy CSM** or **Sell CSM** and enter the amount. 3. Set your slippage, which is the least you will accept. 4. Confirm in your wallet. You can also trade the same pool through Uniswap, and most routes work. A trade fails if it fixes the ETH amount and also sets a price limit that would stop it partway. If a trade fails there, use Base Camp. ## The official pool The official pool pairs native ETH with CSM on Uniswap v4. It uses tick spacing 200 and Mountain's fixed pool hook. Base Camp opens it in the launch transaction. ## What a trade pays * **The trading tax**, paid in ETH on the ETH side of every trade. After the launch hour it is 2% on a buy and 3% on a sell at launch settings. It goes to the [Gatehouse](https://docs.cashmere.exchange/mountain/fees.md#the-gatehouse-split). * **The pool fee** of 1%, charged on top and paid to liquidity providers. ## The launch hour ![The taxes falling through the launch hour.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/launch-hour-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=2cc65c631f17bc51c093a35a919b3295) ![The taxes falling through the launch hour.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/launch-hour-phone-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=d9c49e471306a03d753051103a6945b5) **Tax = floor + (90% - floor) x 0.5^(t / 240 s)** applies for the first 3,600 seconds after the pool opens. The floor is 2% on a buy and 3% on a sell. | Minute | Buy tax | Sell tax | | - | - | - | | 0 | 90% | 90% | | 10 | 17.6% | 18.4% | | 20 | 4.75% | 5.72% | | 60 and after | 2% | 3% | While this launch schedule runs: * **The holding cap applies.** No buy from the pool can take a wallet above 799,200 CSM, which is 1.2% of the pool's CSM. Wallet-to-wallet transfers are not capped. The Ledger, the pool hook, the Base Camp buyback, the Avalanche vault and the Treasury address are exempt. * Only Base Camp can add liquidity. * The Base Camp buyback, the Avalanche vault and the exit helper's position route refuse to run. The owner Safe can set both taxes by hand at any time after the pool opens, up to 10% a side. Its first such call ends the launch schedule for good. The holding cap and the limit on outside liquidity end with it. While the launch schedule runs, the owner Safe can also switch the holding cap off, or on again, at once. ## Why a trade can fail Your slippage, the holding cap in the launch hour or a Uniswap price limit can stop a trade. So can a very large sale. A sale that would push the price below the bottom of Base Camp's floor band fails. If part of the band is left, sell less. If net selling has used it all up, no one can sell in the pool until new buys or other liquidity come in. A failed trade costs gas only. ## One pool Only the official pool can trade CSM on Uniswap v4. CSM moves in or out of Uniswap's v4 contract only as far as its hook allows. This check is on from deployment, and the owner Safe can switch it off and on. The token also names its one official pool on chain, under [URC-5](https://docs.cashmere.exchange/mountain/tokenomics.md#one-pool-urc-5). The owner Safe can also block outside venues. ## Providing liquidity On **Base Camp**, open **Liquidity**: * **Add liquidity.** This opens to anyone when the launch schedule ends. The app adds full-range positions. A custom range may not have just one of its two ends at the edge of the price range. * **Collect fees.** Collecting your pool fees on their own pays no tax. * **Remove.** Taking principal out pays the live tax. The ETH part is taxed at the sell rate and goes to the Gatehouse. The CSM part is taxed at the buy rate and is burned. Here is a worked example, which is not an outcome: removing 1 ETH and 10,000 CSM at launch settings pays 0.03 ETH and 200 CSM. A liquidity position carries no weight, so it gets no Forage. How a removed position counts in net flow is explained on [Treks](https://docs.cashmere.exchange/mountain/treks.md#the-trek). ## Base Camp's positions Base Camp opens the pool with two positions. The 66,600,000 genesis CSM sit in one wide position. The floor ETH, which is the first 25 ETH of the sale (or all of it, if the sale raised less), sits in a narrow band next to the launch price. No function can remove or move either position. Their pool fees, in ETH and CSM, go to the Team Safe at launch settings. The owner Safe can change the receiver or burn the CSM part. Anyone can trigger the fee collection while the price is near its average. ## The exit helper The exit helper is an ownerless contract for CSM stuck in another Uniswap v4 pool. It has no fee and cannot be paused or upgraded. It is not on the site yet, so call it from the explorer. A sale through the official pool pays the trading tax. * **Position exit** is for your position in another v4 pool. You approve the helper, and it takes the position out. It then gives you the CSM, or sells it through the official pool with a minimum out. Taking the CSM out through the official pool pays the liquidity exit tax on it, at the buy rate, and that part is burned. This route is refused in the launch hour. * **Balance exit** is for your ERC-6909 balances of CSM at the pool manager. The helper burns them and sells the CSM through the official pool. This route works in the launch hour, at the live sell tax. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.