Archived mechanism. Use the current Launchpad guide linked below. · 2026-09-16. Release notes

This URL is retained for historical links. It is not an instruction page for the current Launchpad.

01

The mechanism changed

Earlier Launchpad versions used a timed presale and a later settlement process. The supply figures, deposit rules, timing, custody, allocation and refund descriptions in the original article must not be applied to a new launch.

Supported successful legacy markets retain their existing Raydium route. Their presence in Explore does not mean new launches use the same mechanism.

This page remains available so older links have an honest destination and earlier product discussions retain their context. It should be read as a record of a previous design. A rule that was correct for a deposit-and-settlement journey can be wrong for a market that begins trading immediately, even when both products share the Launchpad name.

The distinction also matters when browsing existing tokens. A successful legacy token can still have an active market through its established route. That continued market access preserves the token’s history; it does not move the token into a newer preset or make an archived presale instruction applicable to a fresh launch.

Launchpad / archiveKeep the old mechanism in its historical context.
The earlier timed presale and legacy Raydium route differ from immediate DBC trading, net-reserve completion and DAMM v2 graduation for new launches.HISTORICAL COMPARISON / NEW LAUNCHES USE THE CURRENT MECHANISMQuestionEarlier presaleCurrent launchHow does it begin?Timed depositsTrading at creationWhat drives the transition?Presale settlementNet reserve targetWhere does it continue?Legacy Raydium routeMeteora DAMM v2Which rules should I use?Historical record onlyCurrent launch guideExisting successful legacy markets retain their history. Their visibility does not change new-launch rules.
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02

Read the current mechanism

Current tokens trade on Meteora DBC from creation. Net reserve determines curve completion; migration then opens a DAMM v2 market for the same mint. CAPX is default, with eligible graduated Capx tokens available as payment assets.

For a new launch, start by identifying the payment token and the current quote. Then read how buys and sells affect net reserve, what happens at the completion threshold and how the graduated pool becomes available. Those are the decisions and states in the current journey. Old deposit windows and settlement assumptions should not be carried into it.

The comparison below preserves the useful historical distinction without turning the archive into onboarding. Follow the current mechanics guide for supply, fees, payment-token eligibility and graduation behavior, and use the live launch application for the transaction quote that applies when you act.

Launchpad / state transitionCompletion and a live pool are separate states.
The active curve completes, migration can remain pending, and the same mint then trades on DAMM v2.A CONTINUING TOKEN IDENTITY01Curve active02Migration pending03DAMM v2 liveBuys and sells changethe net reserve.Target reached. The pooltransition is not yet finished.Trading continueson the graduated pool.SAME TOKEN MINT THROUGHOUTHolders keep their token. There is no replacement-token claim.Successful v1 markets keep their existing Raydium route; these current presets are not retroactive.
Swipe to explore the full diagram
Current Launchpad mechanismLegacy market guide
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