How it works

1. Raise. A creator opens a raise in a quote asset: a tokenized stock such as NVDAx or SPYx, SOL, or USDC. Backers pool that asset toward a minimum and a maximum, with a per-wallet cap, a deadline and an optional whitelist. Miss the minimum, or the creator cancels: every backer takes back 100%.
2. Launch and bundle, one instruction. launch creates the coin on its launchpad (Backstock’s own, or the one the creator picked), quoted in the raise’s asset, and spends the pool on its first buy at the opening price: the bundle. Nobody trades before it, nobody is exempted, and backers own it pro-rata. The bundle takes at most 75% of supply and never completes the curve; a reserve share of the raise may stay as quote.
3. Vault and agent. The bundle’s tokens and the quote sit in the launch’s vault. Only the vault agent trades it: it sells slowly into strength and buys back dips, inside limits the program checks on every fill. What it sells stays in the vault as quote.
4. Graduation. Once the curve has sold its share of supply and raised its target, the venue moves the coin to its pool (Raydium CPMM, PumpSwap or Meteora DAMM v2), with the liquidity locked: graduation. The agent follows it to the pool.
5. Payback, or wind-down. When the vault's liquid quote is 5× what it held at launch and the chart is strong, the agent may pay backers back (principal first, then 15% of the vault at most every 4h). Buying back dips always comes first. A launch that dies can be closed by anyone; the vault sells and all of its quote goes to backers (wind-down).

Every curve trade pays a 1.25% fee in the quote asset. Its 0.5% creator part lands in the launch itself and splits, by default, 75% vault, 15% buyback & burn, 10% backers (creator fees). Creators get 0% by default; any creator share is set at creation and shown on the coin’s page.

Say a USDC raise closes at 10,000 USDC and you put in 1,000 USDC, a 10% share. The creator kept a 30% reserve. The same arithmetic holds for any quote; with NVDAx the units are NVDAx, not dollars. At launch:

Over the coin’s life the launch collects its share of every trade’s curve fee. Say collect_fees has swept 2,000 USDC of it so far:

The payback is conditional, not scheduled. Only when the vault’s liquid quote reaches 5× what went in at launch (49,500 USDC here; tokens don’t count) may the agent pay:

Below 5×, nothing is paid beyond your share of creator fees, and no payout can take the vault under its vault floor. A coin that never gets there stays a coin that never got there. Real fills differ by the curve’s price and fees; the launch page shows the actual numbers from the Launched event.

• The raise misses its minimum or the creator cancels: refunds open and every backer claims 100% of their deposit, in the quote asset. No fee.
• The coin dies. 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 run the 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.
• The agent goes offline. The vault sits. Its limits are enforced by the program, not the agent, so a stolen agent key can’t take anything out either.
• The quote’s issuer pauses or freezes it. Tokenized-stock issuers can pause transfers, freeze accounts, and move or burn tokens from any account, a vault included. Instructions fail cleanly; the agent stands down. See Risks.

1. 01

   Back the raise

   Backers pool the launch's quote asset (SOL, USDC or a tokenized stock such as SPYx) before the coin exists. Min and max raise, a per-wallet cap, a deadline, an optional whitelist. Miss the minimum and everyone is refunded in full.

   Refund: 100% if min not met or creator cancels

2. 02

   The bundle buys first

   One instruction creates the coin on the launchpad its creator picked (a Raydium LaunchLab platform, pump.fun or Meteora DBC), priced in the quote asset, and spends the raise, minus the 1% launch fee, on its first buy at the opening price. Backers own that buy pro-rata; nobody is exempted and there is no earlier trade to snipe. The tokens and the unspent quote go into the vault. Only the vault agent trades them; 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, and every withdrawal is an on-chain event on the launch page.

   Bundle: ≤ 75% of supply, never completes the curve

3. 03

   The agent works it

   It sells slowly into strength, sized so it doesn’t hurt the chart, only at or above one band over the EMA and the vault’s cost plus the band. It buys dips off the recent high (by default at least 15%) with vault quote; on-chain, buys have no price limit beyond the per-window budget, price impact and the vault floor. Every sale stays in the vault. Price-impact-limited on-chain, one trade per slot, and every action is a public Trade event.

4. 04

   Graduation

   Everyone else trades the coin on its curve, paying the launchpad's fee per trade in the quote asset (1.25% on Backstock's own). When the curve completes, its venue migrates the coin to a pool (Raydium CPMM, PumpSwap or Meteora DAMM v2) at the same price and locks the liquidity. The vault agent moves to the pool; the creator fee keeps flowing to the launch.

   Backstock launchpad curve fee: 0.25% Raydium + 0.5% platform + 0.5% creator

5. 05

   Backers get paid back

   Once the vault's liquid quote is 5× what went in at launch, the agent may pay backers: principal first, then 15% of the vault at most every 4h. Under 5×, nothing is paid. Separately, backers get their share of the launch's creator fees pro-rata (by default 10%, with 75% to the vault and 15% to buyback & burn; each launch's split is frozen at creation and shown on its page). Claim any time.

   Payback: 5× the start, then 15% per 4h

A launch account moves through four on-chain states: Raising, Live, Refunding and WoundDown. The UI adds “ready to launch” (minimum met, not launched yet), “raise failed” (deadline passed below the minimum) and “graduated” (trading on the graduated pool), and says under every status chip what you can do now.

The creator can call launch any time the minimum is met. Anyone can call it once the minimum is met and either the deadline has passed or the raise is full, so a creator can’t hold a funded raise hostage.