Docs · Protocol
The vault
Where the bundle lives: a program-owned account per launch, what can move it, who gets its profit, and how it winds down.
What's in it
At launch the bundle tokens and the SOL reserve move into the launch’s vault — a Token-2022 account at a program address derived from the launch (["vault", launch]) plus SOL held on the launch account. Only the program can sign for it.
Venues
Every launch has a venue. New launches are pump.fun tokens: the raise seeds the launch with a one-time create key, and the launch instruction creates the token on pump.fun with the launch itself as the token’s creator and buys the bundle on pump.fun’s bonding curve in the same transaction, before any public trade can exist. Public trading happens on pump.fun (and on PumpSwap once the curve completes and graduate_pump records the pool), never on this site; there is no Holdfast trade fee on these launches. The vault agent trades the vault on that venue under the same rules as below (band, cost basis, window caps, max impact); only the same-slot anti-sandwich rule has nothing to see there, so the agent relies on its slippage floor and private submission.
- Creator fees. pump.fun pays the token’s creator a share of every trade; the launch is the creator, so the creator wallet earns nothing from trades. Any wallet can collect them (
collect_pump_fees): 25% to the launch’s buyback-and-burn pool, 75% to the vault SOL (to backers once wound down). - Agent profit. Realized profit on agent sells goes 25% to the buyback pool and 75% to backers (100% to backers on the legacy Holdfast-curve launches).
- Buyback and burn.
buyback_burn(permissionless, at most once a minute per launch) spends the pool on the Holdfast token on its own pump.fun curve or PumpSwap pool and burns what it bought. Every burn is listed on the launch page. - Wind-down. Same age and idle rules; “nobody else holds” is read from the venue’s own token account plus the vault, then the vault’s tokens are sold into the venue and the proceeds plus the vault SOL go to backers. The buyback pool stays for the crank.
The two launches created before this change trade on the Holdfast curve, the program’s own bonding curve described in the rest of these docs (1% trade fee split between backers, creator and platform; liquidity that never migrates). New launches on that curve are closed (holdfast_curve_enabled is off on mainnet).
Who can move it
The creator has no instruction that touches the vault. Three instructions do, and each emits an event the launch page shows:
| Instruction | Signer | What it moves |
|---|---|---|
agent_buy / agent_sell | Agent authority | Value between the vault and the same launch's curve, inside the agent rules |
wind_down | Anyone, once eligible | Vault tokens back to the curve; the curve's and vault's SOL to backers |
admin_withdraw_vault | Platform admin | Any amount of vault SOL and tokens to the platform fee recipient |
Profit share
When the agent sells, the fill minus the sold tokens’ average cost is realized profit. 100% of it goes to backers, pro-rata to their deposit, through the same accumulator as the fee share — claim both with claim_backer_fees. Only the cost part returns to the vault’s SOL and its buy-back budget. Each payout emits VaultProfitShared right after the agent’s trade.
Wind-down
Anyone can call wind_down on a live launch that is at least 3 days old, no trade for 24 hours, and no tokens held outside the curve and vault (measured from real balances: the mint’s supply equals the curve’s plus the vault’s tokens; burned tokens don’t count). It returns the vault’s tokens to the curve and credits the curve’s and vault’s SOL to backers pro-rata, claimable with claim_backer_fees.
The launch then shows Wound down: buys, sells and agent trades stop for good. Backer, creator and platform fee claims keep working.
Average cost
The vault tracks the SOL cost of the tokens it holds (average-cost method). Agent buys add their SOL to the cost; agent sells remove the sold tokens’ share of it. That average is what the agent rules compare fills against, so the vault never buys above its cost and never sells below cost plus the band. $HFLIVE’s vault is at Chpz…NGD8 ↗.