The launchpad hook

Supply and the curve#

Every launch mints 1,000,000,000 tokens; 75% are sold on the curve, and it graduates at a fixed SOL raise. The curve’s liquidity is locked for ever: nothing compounds into it, so a launch graduates when its reserve reaches the raise or its curve sells out.

On every swap#

• Before every swap it sets the LP fee: 0.3%, or in the first 30 seconds a fee that starts at 80% and falls linearly to 0.3%. It goes to Bordrless in SOL: from a buy’s SOL before the curve, from a sell’s after it.
• A buy: before the curve, the creator fee and (while holders hold enough) the holder fee, from the SOL in, as cuts to the launch’s SOL holding and the holder vault; after the curve, the burn from the tokens out.
• A sell: before the curve, the burn from the tokens in; after it, the creator and holder fees from the SOL out. The DEX holds its quarter of those two fees back from the delivery.
• The creator’s own first buy, into the creator’s wallet inside the sniper window, pays the normal LP fee instead of the sniper fee, once.

Extra accounts#

index 5   launch                  writable
index 6   launch SOL holding      writable   creator fees are paid here
index 7   holder vault            writable   holder fees are paid here
index 8   kit config              read       for the holder-fee threshold

Graduation#

A separate, permissionless instruction. It tops the pool up from the reserve so the price does not move when the virtual reserves are dropped, burns the rest, and the DEX mints the first LP to the launch, which has no instruction to spend it. With kit rules it then calls the kit’s graduate, which lifts max wallet. Solana forbids indirect reentrancy, which is why graduation is its own instruction rather than part of after_swap.