Docs · Reference

Glossary

The nouns Backstock uses, each in one sentence.

Terms

Raise: The pre-launch period where backers deposit the quote asset toward a min and max.
Backer: A wallet that deposited into a raise; it earns the backers' share of creator fees, the vault's paybacks and its wind-down quote, pro-rata to its deposit.
Reserve: The share of the raise kept as vault quote for the agent to buy dips with.
Initial vault quote: What went in at launch: the bundle's quote plus the leftover (initial_vault_quote). The payback rule measures the vault's liquid quote against it.
Curve: The bonding curve each coin opens on, run by its launchpad's venue (Raydium LaunchLab, pump.fun or Meteora DBC); on Backstock's own launchpad 79.31% of supply is sold on it before graduation.
EMA: Exponential moving average of price, sampled at every agent trade.
Band: The line one band above the EMA: the vault agent sells only at or above it. Buys have no price limit.
Vault average cost: The quote cost per token of what the vault holds. Agent sells fill at least a band above it; buys have no cost check and can raise it.
Window: The period over which the agent's buy budget resets (and its sell budget, on launches that cap sells per window).
Impact: How far a trade moves the spot price, in percent.
Terms: The fee split, the payback rule, the vault floor and the agent limits frozen into a launch at creation.
Quote asset: The asset a launch is priced in and raised in: SOL, USDC or a tokenized stock such as SPYx or NVDAx. Chosen at creation and permanent. Every amount on the launch (raise, vault, payback) is in it.
Bundle: The backers' pooled first buy on the coin's launchpad, made in the same instruction that creates the coin, before anyone else can trade. Its tokens and the unspent quote go into the vault.
Vault: The launch's on-chain account holding the bundle's tokens and its quote. Only the vault agent trades it. The platform admin key (a single key at launch; it is also the program's upgrade authority) and a single dev key can withdraw it; every withdrawal is an on-chain event on the launch page.
Vault agent: The one signer allowed to trade the vault. It sells slowly into strength, only at or above one band over the EMA and the vault's cost plus the band. Its own policy buys dips off the recent high (by default at least 15%); on-chain, buys have no price limit beyond the per-window budget, price impact and the vault floor. What it sells stays in the vault as quote.
Graduation: When the launch's curve completes (Raydium LaunchLab, pump.fun or Meteora DBC), the venue migrates the coin to its pool (Raydium CPMM, PumpSwap or Meteora DAMM v2) at the same price and locks the liquidity. The vault agent then trades that pool.
Creator fees: The creator share of every trade the launchpad pays to the launch itself (on Backstock's own, 0.5% of every curve trade, then the CPMM creator fee after graduation), in the quote asset. Each launch's split is frozen at creation; by default 75% to the vault, 15% to buyback & burn, 10% to backers. Creators get 0% by default; any creator share is set at creation and shown on the coin's page.
Backer earnings: The backers' share of the launch's creator fees (10% by default; each launch's split is on its page), the vault's payback (principal, then 15% of the vault at most every 4h while it stays above 5×) and the vault's quote if the launch winds down, all split by deposit. Claim any time; it never expires.
Payback: Once the vault's liquid quote is 5× what it held at launch, the vault agent may pay backers back: principal first, then 15% of the vault, never more than once every 4h. Buying back dips always comes first.
Vault floor: The amount of quote the vault always keeps, set per quote asset: no payout and no agent buy may take it below that.
Wind-down: When a launch is 3+ days old, the vault hasn't traded for 24 hours and wallets outside the vault and the pool hold 5% of the supply or less, anyone can close it: the vault sells what it holds and all of its quote goes to backers, pro-rata.