The vault

Each launch has an authority address, the program address ["authority", launch], that only the program can sign for. It owns two token accounts:

• The quote vault, its associated account for the quote mint. It holds every unit of quote the launch owes: the raise while raising, then the vault’s quote plus backer credit not yet claimed.
• The token vault, its associated Token-2022 account for the coin, holding the bundle’s tokens.

The program keeps one invariant after every instruction: the quote vault’s balance is at least what it owes (the raise; the raise minus refunds; or vault quote plus unclaimed backer credit). At launch the bundle’s quote plus the leftover is recorded as initial_vault_quote, the figure the payback rule measures against.

launch creates the coin on Raydium LaunchLab with the authority as payer and creator, quoted in the launch’s asset, and buys the bundle from the quote vault in the same instruction, before any public trade can exist. The coin trades on the LaunchLab curve until it has sold 79.31% of supply; Raydium then moves it to a CPMM pool at the same price, and the permissionless graduate records the pool on the launch. The vault agent trades whichever venue is current, under the rules on the vault agent.

The creator has no instruction that touches the vault. These do, and each emits an event the launch page shows:

When the agent sells, the whole fill stays in the vault as quote. Nothing is split off: that quote is the agent’s capital for buying back dips, and it is what the vault is measured by. The launch’s creator fees add to it: each collect_fees sweep sends 75% to the vault, 15% to the buyback wallet, which buys back and burns the Backstock token, and 10% to backers through the fee-per-share accumulator, claimable with claim_backer_fees.

Each quote asset has its own vault floor, copied into the launch’s terms at creation (min_vault): an amount of quote the vault always keeps. No agent buy and no payout may take it below that. The floor is in the quote’s units, so it reads differently on an NVDAx launch and a USDC one; the launch page shows it in both the quote and USD.

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. payout_backers is signed by the agent authority only, and runs only when every condition holds at the check.

• The vault’s liquid quote is at least 5× initial_vault_quote. Tokens don’t count.
• The chart is strong: price above the EMA band, real buy flow, not in a drawdown. If it isn’t, nothing is paid and the agent keeps the quote for dip buys.
• The first payout repays the principal, initial_vault_quote, pro-rata to deposit. Every later payout is 15% of the vault’s quote.
• Never more than one payout per 4h; the principal payout starts the clock too.
• Never below the vault floor.

Each payout emits BackersPaid and shows on the launch page as the principal or a 15% payout. A vault that never reaches 5× pays nothing beyond its share of creator fees.

Anyone can call wind_down on a live launch that 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. Outside holdings are measured from real balances: the supply minus the venue’s token account and the token vault. The vault sells what it holds into the venue (with a floor on the fill) and all of its quote is credited to backers pro-rata, claimable with claim_backer_fees. That can be less than what went in: it is the worst case, not a refund.

The launch then shows Wound down: agent trades stop for good. Backer claims keep working.

The vault tracks the quote cost of the tokens it holds (average-cost method). Agent buys add their quote to the cost; agent sells remove the sold tokens’ share of it. That average is what the agent rules compare fills against, so the vault never buys above its cost and never sells below cost plus the band.