Launch
Every fund starts with a launch window. Anyone can deposit, everyone gets in at the same NAV, and earlier deposits earn a bonus. At the close the fund's pool opens at NAV and every depositor is staked from day one.
The window
| Setting | Detail |
|---|---|
| What you deposit | Any one basket token with a weight, or USDG |
| Window | Set per fund (7 days by default) |
| Minimum raise | If the raise is below it at the close, the launch fails and everyone is refunded in full |
| Target raise | Optional. The launch can close early once deposits reach it |
| Early-deposit bonus | Each deposit earns a bonus per day until the close, set per fund |
| Withdrawals | None. Deposits are final once made (unless the launch fails) |
| Supply | Fixed at launch and split between depositors and the pool |
The launch page shows the live raise, the target, the time left, the current bonus, and each basket token's deposits against its target share, so you can see which tokens the fund still needs.
What happens at the close
- Deposits are valued at closing oracle prices (USDG at $1). That total is the raise. A token you deposit keeps moving in price until the close, so its value is what it is worth then.
- The supply is split. About 10% of the raise (set per fund) is kept as USDG for the pool. The pool gets that USDG plus enough fund tokens to open at NAV. Depositors share the rest of the supply in proportion to their points: closing value plus the early-deposit bonus.
- The fund rebalances to its target weights, then the keeper seeds the pool. Trading and minting open once the pool is seeded.
- Depositors are staked automatically. Your share arrives as staked fund tokens, earning yield from the start. Nothing to claim (you can also claim yourself, staked or as plain tokens).
The depositor lock
Launch tokens are locked for a few days after the close (set per fund). During the lock they can't be transferred or sold in the pool, but you can always redeem them at NAV for your slice of the basket, and they earn yield like any staked tokens. Tokens you buy later are never locked.
Worked example
A fund launches with a fixed supply of 1,000,000 tokens and an illustrative bonus of 1% a day. The window raises $1,000,000. Across all depositors the bonus averages 3%, so total points are 1,030,000.
Pool. 10% of the raise, $100,000 USDG, goes to the pool with 90,909 fund tokens. Depositors share the other 909,091 tokens.
NAV. $1,000,000 of assets over 909,091 tokens is $1.10. The pool holds $100,000 against 90,909 tokens, also $1.10, so it opens at NAV.
Two depositors, each bringing $10,000 (valued at the close):
| Deposited | Days of bonus | Points | Tokens | Worth at NAV | |
|---|---|---|---|---|---|
| Alice | Day 1, $10,000 | 7 | 10,700 | 9,444 | $10,388 |
| Bob | Last day, $10,000 | 1 | 10,100 | 8,914 | $9,806 |
Tokens = 909,091 × your points ÷ 1,030,000. Alice comes out about 4% ahead of what she brought; Bob about 2% behind. The bonus is paid out of the fixed supply, so it moves value from late depositors to early ones, much like an early entry on a bonding curve. Both are staked and earning from the close.
If the launch fails
If the raise is below the minimum at the close, the launch fails and every depositor takes back exactly what they deposited. If nobody finalizes the launch within 7 days of the close, anyone can mark it failed to open refunds.