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Launch Lifecycle

A LaunchSale has three on-chain states:

Active
 ├─ full curve sold -> Graduated
 └─ deadline passes -> expire() -> Failed

Active​

The bonding curve is open before its immutable deadline. Users can buy and sell curve tokens, subject to quote and slippage constraints.

Graduated​

Graduation is one-way and can happen only when the curve allocation is fully sold. The sale reserve is consumed/distributed according to the graduation process, the pool is bootstrapped and the creator vesting contract is created.

Failed​

A launch becomes failed only after the deadline has passed and expire() is called while the curve is incomplete. Holders can redeem their curve tokens pro-rata against the remaining reserve.

See Statuses for application-level creation states and on-chain launch states.