Launch process

Launching a token on the PawPad has a few more steps than other popular launchpads, but the launch process is actually very easy. There's just one form to fill out and submit, then the token is immediately launched. The PawPad does not have a bonding curve or anything similar. When launching, the token creator provides the initial liquidity and the liquidity is immediately deployed on Meteora as a dynamic AMM.

The token creator has the option to own 0% or 10% of the total supply upon mint. If the creator chooses to own 10% of the supply, it will be vested linearly over 7 days with daily unlocks and no cliff. However, as the first unlock happens in a day, the creator cannot dump during the launch process nor shortly after.

The initial liquidity of the token is permanently locked in four separate buckets:

• 25% is permanently locked in a streamflow contract until the year 2100. Trading fees compound in the liquidity pool so over time, as trades happen, the liquidity increases.

• 25% is permanently locked. Fees can permanently claimed by the token creator

• 25% is permanently locked. Fees can permanently claimed by the Sandy project

• 25% is permanently locked. Fees can permanently claimed by the angel vault participants (see below)

The launch of the token progresses through four phases, each lasting one hour.

Phase 1: angel vault

In the first phase, the liquidity is deployed in Meteora, but trading of the token is not yet possible. Instead, it is possible to join the angel vault. As a user you can deposit some SOL in the angel vault to buy the token that is launched. After one hour, the angel vault closes and does a "group buy" for all the participants. Then, the amount of tokens that are bought are distributed following each buyer's share of the buys.

This ensures that tokens cannot be sniped. It does not matter if you buy 1 minute or 59 minutes after the token launches, everyone participating in the angel vault receives their tokens with the same price.

The tokens received are under a vesting contract. There is a one hour cliff and one hour vesting after trading starts. This ensures that angel vault participants cannot mass sell their token allocation right after trading starts.

Additionally, angel vault participants can claim a permanent share of the fees in phase 5 (when vesting is completed).

For example, if a user named Sally buys 1 SOL worth of of tokens, and in total 10 SOL is in the angel vault, the vault will do a 10 SOL buy on the initial liquidity and then Sally receives 10% of that (as she deposited 10% of the total). Additionally, she will receive 2.5% of the trading fees in perpetuity. These can be claimed at any time on the PawPad launchpad platform.

Phase 2: vault buy and cooldown

After one hour the angel vault is closed and the group buy will occur. This occurs within a one-hour window where the vault is closed and trading hasn't started yet. In this hour, token creators are encouraged to set up everything they regard important for when trading starts. A countdown is shown on the project page.

Phase 3: Trading starts

After the cooldown period trading starts. People can swap between the token and SOL directly on the token page on the PawPad. If there is at least $600 worth of liquidity in the pair, the token is also tradeable on Jupiter.

Phase 4: Angel vesting

An hour after trading started, the angel vault tokens start vesting. They vest linearly over one hour and people can claim as often as they want.

Phase 5: Angel vesting completed

After the vesting is completed all unclaimed tokens can be claimed and the angel vault can be closed. When closed, the user receives back some SOL of rent fees as well as their share of the permanent fees.

It is important to close the angel vault on the PawPad app and not on the Meteora dapp. If you close the angel vault on the Meteora dapp, you will not receive your share of the fees.