The IPO.fun Paper

Memecoin launches on bonding-curve venues like pump.fun are dominated by snipers, MEV bots and pre-launch insiders. By the time a normal buyer sees a token, the curve has already moved several percent. IPO.fun introduces a presale stage before the bonding curve, so allocations are decided by who showed up early — not by who had the fastest RPC.

• Pending — presale parameters are committed on-chain. No deposits accepted.
• Active — backers contribute SOL into the escrow PDA until the hard cap is hit or the deadline expires.
• Launching — soft cap met. The program is permissioned to deploy the SPL token on pump.fun.
• Launched — token live on the bonding curve. Backers can claim their pro-rata allocation.
• Failed — soft cap not reached. Refunds open; any backer can pull their full deposit back.

Every presale is backed by a deterministic PDA derived from the presale ID. The wallet has no signer key — only the program can move funds, and only along the paths defined above (launch transfer or refund). IPO.fun operators never have signing authority.

For each backer b with contribution c_b in a presale that raised C SOL and minted a presale supply of S tokens:

allocation(b) = floor( S * c_b / C )

Any dust from rounding is rolled into the pump.fun liquidity bootstrap. There is no team allocation, no early-backer bonus and no vesting cliff at the presale layer.

If the soft cap is not reached by the deadline, the program flips to REFUND state. Any backer can call claim_refund to receive c_b SOL back. Refunds do not expire.

On successful launch, the escrow pays the pump.fun bonding-curve initialization fee, mints the token, and assigns creator-fee rights to the dev wallet declared at presale creation. From that moment on, the token is a normal pump.fun asset — IPO.fun no longer has any privileged role over it.

• You trust the Solana runtime and the deployed presale program (audit pending).
• You trust pump.fun for post-launch trading and creator-fee distribution.
• You do not trust IPO.fun with custody of your SOL.
• You do not trust the dev with custody — they can only receive funds after a successful launch.

• Public audit of the escrow program.
• Optional vesting and cliff parameters at the presale level.
• Secondary-market routing for unclaimed allocations.
• Dev reputation scores derived from past presale outcomes.