Fundraise rules

A fundraise is a coin's phase before launch. During the fundraise Memelut holds the SOL users put in with hearts.

1. How it starts

Every new coin created on Memelut starts as a fundraise ("In raccolta"). The coin does not exist on the blockchain yet.

2. A heart on a fundraise coin

• The heart sends SOL from your wallet to the fundraise pot, a Memelut wallet used only for fundraises. You sign it on your phone.
• Amount per heart: from $0.10 to $5.
• No trading fee; you pay only a small network fee (well under $0.01). You need your own SOL to contribute: Memelut does not advance the network fee.
• You are promised tokens, computed on the same curve the coin will launch on, based on how much has already been raised when your contribution is confirmed. The estimate you see before signing can change slightly.
• In your wallet the contribution shows in the "In raccolta" row.
• A comment on a fundraise coin comes with a contribution.

3. Limits

• At launch, and at least for the first 3 months, you can have at most $50 of open contributions across all fundraises.
• There is also an overall cap across all fundraises: when it is full, new contributions pause for a while.
• If the curve is almost full, the part of your contribution that does not fit is returned to you.

4. Launch

• When the fundraise reaches $10 (the dollar value of the SOL raised, at the current SOL price), hearts lock ("launching") and Memelut launches the coin on Meteora.
• The launch cost is taken from the fundraise (the coin's accounts on the blockchain and network: about $1.20 today, roughly 12-13% of a $10 fundraise). The rest buys the coin on the curve, with the normal pool fee.
• The tokens bought are shared among contributors in proportion to the tokens they were promised and delivered to each wallet. What you receive can differ from what was promised.
• The pool creator role passes to the coin's creator, who from then on receives their share of the fees.
• The small leftover of the fundraise after launch (about $0.19) stays with Memelut.
• A contribution that arrives when the fundraise is already launching or closed is returned to you automatically.

5. "Launch now"

The creator can launch the coin without waiting for $10, paying the launch cost from their own wallet. If the fundraise already had contributions, the whole fundraise goes into the first buy and the tokens are shared as in point 4.

6. Selling back before launch

• Until the coin is launching you can sell back your share at the curve price minus 1%. The 1% stays in the fundraise. The payment arrives in your wallet, minus the network cost.
• In the app, a sell-back covers your whole share in that fundraise.
• Very small payments (below about $0.0024) cannot be made.
• Sell-back is locked during launch.

7. Refund

• If a fundraise started in V2 has not launched within 90 days of the coin's creation, Memelut refunds contributors automatically.
• The same applies if we remove the coin while the fundraise is open.
• The refund shares the fundraise pot among the open contributions in proportion to the tokens each one was promised, minus network costs; any rounding remainder goes to the largest contribution. Because earlier contributions were promised more tokens per SOL, the refund can be more or less than what you put in.
• Fundraises started before V2: no automatic refund. You can leave at any time by selling back.

8. Custody and risks

• While the fundraise is open, the SOL sits in a Memelut wallet and depends on Memelut. It is not covered by any deposit guarantee or investor compensation scheme.
• Contributing gives you no rights in Memelut, in the creator or in the coin beyond the tokens you receive at launch.
• A launch can fail or take longer: in that case the fundraise stays "launching" until we fix it.
• Read the Risk Disclosure.

9. Closing your account

While you have open contributions or tokens being delivered, deleting your account may be postponed.