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LaunchPad Docs

Product Overview

What It Is

Section titled “What It Is”

LaunchPad is a raises platform. Projects use it to sell a portion of their token supply at a defined valuation, with built-in principal protection for every investor.

A project says: “We are selling 30% of our token at a $50M valuation.” Investors deposit capital. That capital goes into yield-generating reserves that back a perpetual PUT right on each position sold. Investors can always get their money back by exercising the PUT behavior of their position, with no expiry and no extra approval flow.

The platform also supports token generation events (TGEs), where a project launches and distributes tokens for the first time. The core product is structured raises with principal protection.

There is no platform token. No staking requirement. No paywall to participate.

Why It Exists

Section titled “Why It Exists”

Crypto fundraising has a trust problem. Projects raise capital and investors hope the token holds value. When it does not, investors lose everything. This makes institutional capital cautious and retail investors cynical.

LaunchPad is designed so principal protection is structural, not social. Deposited capital is held in reserve, routed into yield strategies, and remains available for exit mechanics defined on-chain.

For projects, this is a credibility signal: “We are confident enough to offer structural downside protection.” For investors, it removes most project-token downside while preserving upside exposure.

How a Raise Works

Section titled “How a Raise Works”

Setting up a raise

Section titled “Setting up a raise”

A project configures:

  • What it is selling: token and supply percentage (for example 30%)
  • Token price: fixed USD price per token (implying valuation)
  • Accepted deposit assets: USDC, WETH, and others
  • Raise cap: maximum accepted deposits
  • Yield strategy: Aave V3 by default at launch

Each accepted collateral asset is isolated. A project accepting USDC and WETH runs parallel isolated pools per asset, with separate reserve accounting.

Investing

Section titled “Investing”

An investor deposits into a collateral pool. At deposit time, a live price feed converts collateral to USD notional. The system computes position allocation from fixed token pricing.

Example:

  • Raise token price: $0.05
  • Alice deposits 10,000 USDC -> $10,000 notionally -> allocation equivalent to 200,000 token units
  • Bob deposits 3.33 WETH when WETH is $3,000 -> ~$10,000 notionally -> same allocation equivalent

Equal USD notional maps to equal allocation regardless of collateral type.

Position representation (ERC-721 in current codebase)

Section titled “Position representation (ERC-721 in current codebase)”

In the current FT codebase, investor positions are represented as pFT ERC-721 position NFTs, not a fungible ERC-20 PUT token.

Each pFT position stores:

  • Collateral token
  • Collateral amount and remaining amount
  • FT amount allocated to the position
  • Strike/oracle context used by conversion math

The economic behaviors still map to the same user actions: hold, redeem-style exit, and withdraw-style token claim.

What investors can do

Section titled “What investors can do”

After investing, investors have three choices:

  • Hold: Keep position unchanged.
  • Redeem behavior: Exercise principal-protection path and exit to collateral.
  • Withdraw behavior: Claim project FT exposure, forfeit protection on that portion, and release backing capital for buyback/burn routing.

Partial actions are supported in current contract flows.

What happens to capital

Section titled “What happens to capital”

Deposited capital flows into yield strategies (Aave V3 at launch). Yield follows a waterfall:

  1. Platform fee on gross yield
  2. Remaining yield to project allocation
  • Ecosystem budget
  • Buyback and burn

When investors take withdraw-style exits (claim FT), backing capital for that portion is released into capitalDivesting, which can later be pulled for buyback and burn operations.

The project’s token circulating supply only increases when investors withdraw — and investors only withdraw when the token price exceeds their redemption value. Unlike traditional vesting where tokens unlock on a timer regardless of performance, new tokens only enter circulation when the raise is succeeding. The capital released by each withdrawal funds buybacks that offset the new supply. Supply inflation has a built-in counterweight.

The PUT Primitive

Section titled “The PUT Primitive”

The PUT primitive is what differentiates this design from standard raise platforms. It is a perpetual right to exit against reserve collateral, encoded in position mechanics.

In the current implementation, this right is expressed through ERC-721 position state and conversion formulas, not a fungible PUT token supply.

Core properties

Section titled “Core properties”
  • Perpetual: no expiry in mechanism design
  • Permissionless: exit paths are user callable
  • Pool backed: exits draw from reserve collateral routed through strategy wrappers

What the PUT means for different participants

Section titled “What the PUT means for different participants”
  • For cautious investors: risk-free exposure to a project with full downside protection
  • For institutional capital: removes downside risk, the primary blocker for participation
  • For projects: strongest possible credibility signal — guaranteeing investors can exit at par

Transferability

Section titled “Transferability”

Because positions are ERC-721 tokens in the current implementation, transferability is position-level via NFT transfer.

Whoever owns the pFT position controls its actions.

Yield and Buyback Mechanics

Section titled “Yield and Buyback Mechanics”

Where yield comes from

Section titled “Where yield comes from”

All deposited capital is deployed to yield strategies. At launch the default is Aave V3, using supply-side lending behavior.

How yield flows

Section titled “How yield flows”
Deposited capital -> Yield strategy (Aave V3)
Yield accrues
Platform fee on gross yield
Net to project
  -> Ecosystem budget
  -> Buyback and burn

Project-side split between ecosystem budget and buyback/burn is configured per raise.

How buyback and burn is funded

Section titled “How buyback and burn is funded”

Two sources feed buyback and burn:

  1. Yield surplus allocated to buyback
  2. Released capital from withdraw-style exits (capitalDivesting)

In successful raises, this creates a mechanism where additional circulating exposure can be counterbalanced by buyback and burn funding.

Pricing

Section titled “Pricing”

Fixed token price, live collateral price

Section titled “Fixed token price, live collateral price”

Each raise has a fixed USD price per project token. This does not change during the raise.

Collateral value used at deposit is live-priced by oracle feed at transaction time. This normalizes allocation across accepted assets.

After deposit, exit conversion in the current contract flow uses position math (strike, ftPerUSD, token decimals), not real-time market repricing.

Valuation math

Section titled “Valuation math”
FDV = token price * total token supply

Example:

  • $0.10/token * 1B supply = $100M FDV
  • Selling 30% at $0.10 implies up to $30M notional raise

Raise Isolation

Section titled “Raise Isolation”

Each raise is isolated with its own:

  • Reserve collateral accounting
  • Position state and allocations
  • Yield wrapper/strategy routing
  • Admin controls

A failure in one raise should not directly contaminate unrelated raises.

Safety

Section titled “Safety”

Circuit breaker

Section titled “Circuit breaker”

Rate limits on outflow are available through circuit breaker integration in wrapper flows.

Pausability

Section titled “Pausability”

Admin can pause new entry paths. Exit rights are intended to remain available via the defined mechanisms.

Admin controls

Section titled “Admin controls”

Admin rotation uses delayed two-step acceptance. Sensitive roles are multisig-based.

Upgradeability

Section titled “Upgradeability”

Core contracts are upgradeable with controlled authorization paths.

Who This Is For

Section titled “Who This Is For”

Projects

Section titled “Projects”
  • Teams launching initial token distribution at defined valuation
  • Existing protocols running structured additional rounds
  • Teams signaling confidence through principal-protection mechanics
  • Projects that want built-in tokenomics (yield-funded buyback/burn) from day one

Investors

Section titled “Investors”
  • Institutions requiring downside controls
  • Funds and VCs preferring transparent on-chain raise structures
  • Retail users seeking raise participation with principal-protection behavior
  • DeFi users who value secondary market liquidity for position tokens

What this is not

Section titled “What this is not”
  • Not a meme coin launchpad — this is for structured raises with real valuations
  • Not a token sale with a limited refund window — the PUT is perpetual and unconditional
  • Not a locked staking product — positions are liquid and tradeable from day one

Platform Economics

Section titled “Platform Economics”

The platform earns revenue from a percentage of yield generated on active reserves.

No direct fee is charged on core user actions (deposit, redeem-style exit, withdraw-style exit). Platform revenue scales with active capital and strategy yield rates.

The platform fee (10% of yield) goes to the DAO. The DAO is the platform — there is no separate platform treasury.