Concepts
The treasury
Where a launch's money sits, who controls it, and how it flows.
Each launch has its own treasury: a USDC vault owned by the launch's program-derived address. No wallet holds its keys. The program moves money out of it in exactly one way: paying a holder who redeems.
What goes in
- Sale proceeds, after the 1% protocol share and the team share. Both go out in the same transaction as each purchase: the protocol share to the protocol, which buys $PLINTH with it to burn, and the team share to the team wallet. See $PLINTH.
- Yield, after the launch's yield route. See Yield.
- Redemption fees, which stay behind when a holder redeems.
- Follow-on sale proceeds, after the same two shares.
What comes out
Only redemptions. A holder burns tokens and receives the floor for each, less the fee. There is no owner withdrawal, no mint delegation and no freeze authority on the token.
Cash and fund positions
On mainnet the treasury holds USDC. On the local test network, a launch can also hold shares of a test Treasury fund:
- The fund position counts toward the treasury at its current value.
- The launch keeps a fixed share of its treasury, the buffer, in USDC for redemptions. The local network uses 20%.
- Rebalance brings the buffer back to its target and pays any yield owed to the team. Anyone can run it from the token page.
- A redemption larger than the buffer draws on the fund in the same transaction.
Reading a treasury
The Launch terms panel on each token page lists the launch address, token mint, creator, team wallet, quote mint and program, so you can check every account on a block explorer.