Launch lifecycle
A launch has a project profile, a configured token and supply, a participation phase, and distribution rules. Those product stages do not all map to the same onchain state machine.
Base is the live network for bonding curves, auctions, and presales. Stellar uses the same product flow, with bonding-curve states already in the factory and vault source.
Shared product flow
Configure → issue and deposit → schedule → participate → distribute or settle → claim.
The creator prepares the profile, allocation, quote asset, prices, dates, and eligibility before signing. The intended issuance flow creates the token and deposits the supply. Once the format opens, participants trade, bid, or commit. The format's settlement and vesting terms determine what happens next.
Current bonding-curve states
| State | Condition | Trading |
|---|---|---|
Scheduled | Chain time is before starts_at | No buys or sells |
Open | Chain time is at or after starts_at, before graduation | Eligible buys and recorded-position sell-backs |
Graduated | A successful buy reaches or exceeds the net reserve target | Buys and sells permanently stop |
There is no ends_at field and no Failed state in the current curve. A launch that has not graduated remains open, even if its target takes years to reach. A start time in the past opens the curve immediately on creation.
Graduation is a boundary
Graduation is triggered inside the buy that reaches the target. No keeper or separate finalization call is needed to change that state. The whole purchase is accepted, subject to the buyer's payment limit, so the reserve can exceed the target.
On Base, follow the live launch for how graduation settles. On the Stellar prototype, graduation stops trading without releasing the quote reserve or creating a pool. graduation_preview is accounting only. Future settlement must also reconcile the final curve price with pool funding and allocation.
Vesting runs on its own clock
Team vesting uses the configured launch start as its reference. It does not wait for graduation. Team claims and fee claims remain available under their own rules after trading stops.
Auction and presale phases
Auctions need bidding, close, settlement, and claim phases. Presales need commitments, allocation, proceeds/refund settlement, and participant claims. Those stages are live on Base. On Stellar they are part of the expansion, not existing contract enum values.
See auctions, presales, and vesting for their different timing rules.