Launch setup
When you launch, you choose the token and trading pair, where trading taxes go, which perps the vault trades, who can update the strategy, how profits are split, and whether to make an opening purchase. The review step shows everything together before you sign.
Token and trading pair
Identity
The creator supplies a token name, ticker symbol, image, description, and optional links. The prepared launch commits to the uploaded metadata reference.
Launch pair
The quote asset is the asset used by the Flap launch market. Native ETH and approved ERC-20 quote assets use different transaction paths: a native creator purchase is sent as transaction value, while an ERC-20 purchase requires an allowance and token transfer.
Quote-asset availability is controlled by both Flap and Perpetuals. The app verifies the asset’s address, decimals, curve configuration, route support, and protocol enablement before launch. An asset shown elsewhere in the interface is not automatically valid as a launch pair.
Creator purchase
A creator can optionally buy tokens as part of the launch transaction. The app estimates token output from the reviewed Flap curve and simulates the transaction, but the creator-buy call does not include an onchain minimum-output amount. The estimate can differ from the final amount if external launch behavior changes.
The entered amount is a maximum spend. Purchased tokens are delivered to the launcher. Unspent ERC-20 quote is returned in the same ERC-20; unspent native quote is wrapped and returned as WETH rather than native ETH. Flap’s portal fee and the token buy tax affect the estimate.
Perp strategy
Positions
Pick at least one perp market. For each position, choose:
- the Lighter perpetual market;
- long or short direction;
- target share of strategy equity;
- requested leverage.
A market can be used once. Position allocations can add up to 100%, with anything left over kept as reserve. Leverage is capped by both Lighter and Perpetuals.
The default limit is eight positions, and the contracts support up to sixteen.
Strategy control mode
The control mode determines who may replace the portfolio later:
- Fixed: the vault follows a managed Fixed-mode strategy.
- DAO: staked tokenholders change the portfolio through proposals and votes.
- Delegated: an assigned manager changes the portfolio directly.
Strategy control changes the requested portfolio. Custody remains bound to the token’s dedicated custody contract.
Initial activity
The launch records whether strategy trading is requested as active. An active setting tells the operating system to work toward the selected portfolio.
Taxes and profit split
Buy and sell tax
Buy and sell tax are separate values. Each must satisfy the live protocol bounds. The deployed policy supports asymmetric rates while enforcing a 10% contract maximum and a configured minimum for each side.
Trading-tax destinations
The collected-tax allocation contains four percentages that must add to 100%:
- strategy vault;
- direct holder dividends;
- deflation or burn;
- liquidity provision.
The strategy-vault allocation cannot fall below the protocol minimum. This ensures every Perpetuals token directs a meaningful portion of its tax policy into the vault system.
Strategy-profit destinations
A separate percentage determines how realized strategy profit is divided. The selected dividend share goes to the configured holder dividend asset. The remainder funds buyback-and-burn of the launched token.
Direct tax dividends and strategy-profit dividends may use the same asset, but they are different accounting sources. Direct dividends come from token trading tax. Profit dividends come from funds classified as profit after returning from Lighter.
Dividend asset
Dividends can use the launch quote asset, the launched token, or an approved custom ERC-20 route. DAO launches restrict dividend assets to the quote asset or launched token. Native quote dividends resolve to wrapped native value for ERC-20 dividend accounting.
Review and preparation
Review checks the launch settings without opening the wallet. Preparation then builds the exact launch transaction for the connected creator and saves it for nine minutes.
The prepared launch locks in:
- the creator wallet;
- the token and strategy settings;
- the expected fees and revenue split;
- the contract versions and block used to build the transaction;
- the launch contract and transaction data;
- the expiry time.
If the preparation expires or one of those values changes, the app builds a fresh transaction.
Before opening the wallet, the app checks the wallet address, network, launch contract, transaction amount, expiry time, and estimated gas.
Transaction sequence
The launch coordinator performs the following operations atomically:
- validates the caller, launch switch, fees, and configuration;
- locks the selected Flap salt;
- calls Flap VaultPortal to create the strategy vault and Tax Token V3;
- registers the token with the revenue router;
- deploys or resolves the token-specific custody account;
- creates the DAO stake vault when DAO control was selected;
- records the initial strategy profile and control authority;
- delivers any creator-purchased tokens;
- connects the vault to its custody contract;
- forwards the configured protocol launch fee.
A failure reverts the transaction, so the token, vault, custody, and strategy registration are created together.
The coordinated launch is one transaction. An ERC-20 creator purchase may require a separate exact-amount approval first, so the complete wallet journey can contain more than one transaction.
Flap market lifecycle
The launch uses Flap’s four-fifths threshold and V2 migration path. The token begins in Flap’s tradable curve phase. When circulation reaches the configured 80% supply threshold, Flap handles migration into its DEX market.
The Perpetuals indexer treats Flap’s Tradable state as bonding and treats DEX state or a nonzero pool address as graduated. This lifecycle concerns the token market; it does not change the token-specific strategy vault or Lighter custody registration.
Migration execution and liquidity are controlled by external Flap contracts. Perpetuals validates the expected Flap dependencies during launch preparation.
Fees and approvals
A launch transaction can include four separate costs:
- Protocol launch fee
- A configurable native fee sent to the Perpetuals launchpad fee receiver.
- Flap salt-lock fee
- An external native fee read from Flap and forwarded during the launch.
- Creator purchase
- The optional native or ERC-20 amount the creator chooses to spend on launched tokens.
- Gas
- The network transaction cost. It is separate from every application-level fee.
ERC-20 creator purchases require approval before launch. The launch page prompts for the allowance when needed and does not request an approval for native ETH.
After launch
The token detail page becomes the primary interface for the launched system. It displays the token market, strategy instruction, control mode, vault and custody information, Lighter account, activity, and accounting data.
Some values update from contract events while others come from Lighter or indexed read models, and the interface labels their data freshness.