FAQ

A pooled first buy. Your deposit, in the launch's quote asset, joins the raise; at launch the raise buys the coin's first tokens on its launchpad and they sit in the launch's vault. You own a pro-rata claim on what the vault pays backers: 10% of creator fees, payback once the vault reaches 5×, and the vault's quote if the launch winds down. Backing is not an investment in a company or a fund, the coin is not a share of anything, and the vault can go to zero. For backers ›

Everyone is refunded in full, in the quote asset they deposited. If the raise misses its minimum by the deadline, the creator cancels, or it isn't launched within 3 days of the deadline, each backer claims 100% of their deposit back. For backers ›

Only when the vault earns it: once the vault's liquid quote (tokens don't count) is 5× what went in at launch, the agent may pay backers their principal, then 15% of the vault per payout, never more than one payout every 4h. Under 5×, nothing is paid; buying back dips always comes first, and no payout takes the vault below its floor. There is no fixed timeline, and many launches will never get there. For backers ›

No. The bundle is bought by the launch instruction and held in the vault, and the creator has no instruction that touches it. Only the vault agent trades it, on the launch's curve and later its graduated pool, within its on-chain rules. The platform admin key (a single key at launch; it is also the program's upgrade authority) and a single dev key can withdraw a vault; every withdrawal is an on-chain event on the launch page. The vault ›

It's what a launch is priced and raised in, picked by the creator at creation and permanent: SOL (held as wrapped SOL), USDC, or a tokenized stock such as SPYx or NVDAx. A coin quoted in NVDAx is measured in NVDAx: its chart, its vault's reserve and its payback are all counted in it, so in USD the reserve moves with the stock, both ways. Prices also show in USD. Choosing a quote ›

No. xStocks, the tokenized stocks Backstock lists, are not available to US persons, and other restrictions apply by jurisdiction. Launches quoted in SOL or USDC don't involve them, but check your own rules before backing anything. Risk ›

Tokenized-stock issuers keep powers over their tokens: they can pause all transfers, freeze an account, and for xStocks move or burn tokens from any account through a permanent delegate, a launch's vault included. While transfers are paused, launches, agent trades, payouts and graduation fail cleanly and the agent stands down; nothing in the launch's accounting breaks, but nothing moves either. Risk ›

On its launchpad's venue, not on this site. Every coin starts on a bonding curve priced in its quote asset: Raydium LaunchLab (Backstock's own launchpad, StonkFun, bonk.fun, Raydium), pump.fun, or Meteora DBC. On Backstock's own, each curve trade pays 1.25% in the quote asset (0.25% to Raydium, 0.5% to Backstock, 0.5% creator fee to the launch); other launchpads charge their own. When the curve completes, the venue migrates the coin to its pool (Raydium CPMM, PumpSwap or Meteora DAMM v2) with the liquidity locked: that's graduation. The vault agent follows it to the pool. For traders ›

The launchpad is where the coin is created and listed: Backstock's own (the default), StonkFun, bonk.fun, Raydium, pump.fun or Meteora. It never changes the core rules: one instruction creates the coin and buys the bundle into the program vault, the vault agent trades it under on-chain limits, and every creator fee the launch collects splits by the split frozen at creation (by default 75% vault, 15% buyback, 10% backers). Creators get 0% by default; any creator share is set at creation and shown on the coin's page. The launchpad changes who keeps the curve fee, how much reaches the launch, and where the coin graduates. Launch cards and pages carry a badge naming the launchpad. Launchpads ›

StonkFun and bonk.fun keep their platform fee and, after graduation, the pool's creator fees, and forward a share they decide; bonk.fun's is discretionary (typically about 33%), may stop, and Token-2022 coins have received none, which is why bonk.fun launches use an SPL Token coin. pump.fun charges 0.95% protocol plus a 0.30% creator fee on the curve (the creator share shrinks with market cap on PumpSwap, 0.05% on custom pairs); its admins can reassign a coin's creator fees and change fees at any time, it sets the starting price, and the metadata is immutable. Meteora runs on Backstock's own config with a flat fee, Meteora keeps 20% of it, and the coin lists on Jupiter rather than a launchpad site. Raydium's launchpad takes a 0.75% platform fee and pays the launch a small creator fee. LaunchLab fees are frozen at create; pump.fun and Meteora fees are observed, not frozen. Launchpads ›

The creator fee lands in the launch itself and, by default, is split 75% to the vault, 15% to buyback and burn and 10% to backers. Creators get 0% by default; any creator share is set at creation and shown on the coin's page (up to 90% to a creator wallet, with at least 10% always going to buyback and burn). Backstock also takes a 1% launch fee from the raise (to the treasury), a flat SOL create fee and, on its own launchpad, its 0.5% share of the curve fee. Each launch freezes its split at creation; platform changes only apply to launches created afterwards. Fees ›

The reserve is what the vault agent buys dips with. On-chain there is no price limit on buys: they are limited by the per-window budget, price impact and the vault floor. The agent's own policy buys only dips off the recent high, by default at least 15%. Buys can lose quote (SOL, USDC or the stock) if the price keeps falling. What the agent sells joins the reserve: all sale proceeds stay in the vault. Agent rules ›

Two, on one budget. Each vault's agent budget is split between a conservative strategy (the EMA band) and an adaptive one (drawdown, liquidity and momentum), each with its own P&L. Weights start at 70/30; every 6 hours they shift 5 points toward the strategy with the better measured risk-adjusted result, if both traded enough to compare, within 50–90% conservative and 10–50% adaptive. Past performance doesn't guarantee anything, and the on-chain limits apply to both. The vault agent ›

The vault stops trading and no payback runs until it's back. Public trading on the coin's venue carries on, and the agent's heartbeat is public. Agent status ›

Once a launch is at least 3 days old, no vault trade for 24 hours, and wallets outside the vault and the venue hold 5% of the supply or less, anyone can call wind_down: the vault sells what it holds and all of its quote goes to backers pro-rata. That can be less than what they put in; it's the worst case short of zero. The vault ›

Every rule is an account or instruction you can open: the instruction list above comes from the program's IDL, every agent action is an on-chain Trade event, and every token page has a Verify on-chain panel with explorer links. Verify on-chain ›