For backers

1. Open a launch that is raising and enter an amount. Deposits are clipped to the room left under the max raise and to the per-wallet cap, so you never overpay.
2. Whitelisted raises accept only listed wallets; the app builds the Merkle proof for you.
3. When the raise launches, your SOL has bought the bundle — the first slice of supply — and it sits in the vault.

If the raise misses its minimum by the deadline, anyone can open refunds and every backer claims 100% of their deposit with refund. The same applies if the creator cancels before launch. There is no fee on a refund.

Every public trade pays a 1% fee; 50% of it accrues to backers, pro-rata to their deposit. So does 100% of the vault agent’s realized profit: when it sells above the vault’s average cost, the difference goes to backers, not the vault. The program tracks both with a fee-per-share accumulator, so your claimable amount is exact at any moment and never expires. Vault-agent trades pay no fee.

claim_backer_fees pays everything accrued to your deposit so far: fee share, profit share and, if the launch wound down, your share of its SOL. Claim per launch from the token page, or all at once from Portfolio. Zero volume pays zero — earnings come only from real trades and wind-down.

Once a launch is at least 3 days old, no trade for 24 hours, and no tokens held outside the curve and vault, anyone can call wind_down. The vault’s tokens go back to the curve and the curve’s and vault’s SOL is credited to backers pro-rata; trading ends. See The vault.