Docs · Start
How a launch works
Four beats — raise, lock, defend, earn — each enforced by an instruction of the Holdfast program.
The four beats
01
Back the raise
Backers pool SOL before trading opens. Miss the minimum and everyone is refunded in full.
Refund: 100% if min not met or creator cancels
Recorded on a local Solana validator · 0:08 02
The bundle locks
At launch, the pool buys first, before any public trade can exist, and the tokens are clamped into the vault. There is no instruction to take them out.
Bundle: ≤ 25% of supply
Recorded on a local Solana validator · 0:09 03
The agent defends
It buys dips at least 2% under the and at or below the vault’s cost, and sells rallies above both. Rate-limited, on-chain.
Per window: ≤ 10% of vault SOL
Recorded on a local Solana validator · 0:10 04
Backers earn
50% of every 1% trading fee goes to backers, pro-rata, forever. Claim any time.
50% of fees to backers
Recorded on a local Solana validator · 0:10
Lifecycle and states
A launch account moves through three on-chain states: Raising, Live and Refunding. The UI adds “ready to launch” (minimum met, not launched yet) and “raise failed” (deadline passed below the minimum) from the clock.
| State | Entered by | What can happen |
|---|---|---|
| Raising | create_launch | Deposits until the deadline or the max raise; the creator may cancel. |
| Live | launch | Public buys and sells, vault-agent trades, fee claims. |
| Refunding | cancel_launch, or refund after a missed minimum | Every backer takes back 100% of their deposit. |
Who can open trading
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.