For backers

Every launch is priced in one quote asset, fixed when it was created. You back it with that asset, and everything you get back (refunds, fee share, payback, wind-down) comes in that asset too.

• Tokenized stocks (xStocks such as SPYx, NVDAx, QQQx, TSLAx, AAPLx, MSTRx): your exposure is the coin measured in the stock. If NVDA falls, a coin priced in NVDAx falls in dollars with it. The issuer can pause, freeze and move these tokens, and xStocks are not available to US persons.
• SOL (held as WSOL; the app wraps and unwraps for you): the coin moves with SOL in dollar terms.
• USDC: dollar amounts stay dollar amounts; the issuer can freeze accounts.

The launch page shows the quote chip next to every amount, with its dollar value beside it. Read the issuer’s powers on Risks before backing a stock-quoted raise.

1. Open a raise and enter an amount in its quote asset. Deposits are clipped to the room left under the max raise and to the per-wallet cap, so you never overpay.
2. Whitelisted raises accept only listed wallets; the app builds the Merkle proof for you.
3. When the raise launches, your deposit has bought its share of the bundle, at the opening price like everyone else’s, and sits in the vault with the quote reserve. Together they are what went in at launch, the figure the payback rule measures against.

If the raise misses its minimum by the deadline, anyone can open refunds and every backer claims 100% of their deposit with refund, in the quote asset. The same applies if the creator cancels before launch, and if a raise that met its minimum is not launched within 3 days of its deadline (nobody can launch it after that). No fee.

• Creator fees. Every curve trade pays a 0.5% creator fee to the launch, and after graduation the CPMM pool’s creator fee does too. Each sweep (collect_fees, anyone can run it) sends 75% to the vault, 15% to buy back and burn the Backstock token and 10% to backers, pro-rata to deposit. Zero volume pays zero.
• Payback. 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. Only the vault’s liquid quote counts, never its tokens, and no payout may take the vault below its vault floor. A vault that never reaches 5× pays nothing beyond the creator fees.
• Wind-down. If the launch dies, all of the vault’s quote is credited to backers pro-rata (see below).

The agent’s sells don’t pay you directly: proceeds stay in the vault, which is how it can reach 5×. The program tracks what you’re owed with a fee-per-share accumulator, so your claimable amount is exact at any moment and never expires.

claim_backer_fees pays everything accrued to your deposit to your quote-asset account: creator-fee share, paybacks and, if the launch wound down, your share of its quote. Claim per launch from the coin page, or all at once from Portfolio. If the issuer has paused the quote or frozen your account, the claim fails and stays claimable.

Once a launch 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, anyone can call wind_down. The vault sells what it holds into the venue and all of its quote is credited to backers pro-rata; the agent stops trading it. That is the worst case, and it can return less than you put in. See The vault.