Launch mechanics

Fee destinations#

Trading fees can go to holders, be locked, go to a treasury or go to the creator. The destination is fixed in the manifest.

Fee decay#

A starting fee that steps down over a set number of days, so early trading pays more than later trading.

Seasonal lifespan#

A launch can declare a season: a period after which it enters a Winding Down phase with published rules.

Milestone unlocks#

Creator allocation unlocks only when objective conditions are met, such as a holder count or time passed.

Per-wallet caps with cluster merging#

A cap limits how much of the supply one wallet can buy. With cluster merging, wallets linked by funding signals share one cap, so splitting across many wallets does not bypass it. Merging relies on heuristics and can be wrong in both directions.

Insured launches#

A launch can opt into the insured pool, which is designed to make partial refunds under published rules if objective failure conditions occur.

Vouching#

Holders can vouch for a launch. A launch can require a minimum number of vouches before it opens. See Vouch staking.