FAQ
Participation
Does depositing earlier get me a better allocation?
No. All participation is collected over the window and a single allocation is computed for everyone at once, from aggregate demand at the close. Your position in the window, your position in a block, and your gas bid are all irrelevant to the result.
What if I deposit more than the cap?
Only `A_max` = 138.84 USDG is counted toward the target. The excess is not allocated and not lost — it comes back as part of your refund. Refunds are non-negative by construction.
Can I get around the cap with multiple wallets?
The per-address cap applies per address, but the protocol additionally enforces a supply-wide rule that no address's final balance exceeds 2% of total supply across the reserve, raise, and pool buckets combined. The cap's purpose is distributional, and SEATS failures exist precisely so that concentrated capital cannot force a launch that lacks participants.
Do I have to claim my tokens and my refund at the same time?
No. They are independent leaves of the same Merkle commitment. Claim either one, in any order, whenever you want. Claiming one never blocks or invalidates the other.
What happens if my ETH-to-USDG conversion fails at deposit?
The deposit does not enter the auction. A failed conversion is never credited to your deposit balance — this is a release-blocking invariant, not best-effort behaviour.
Failure and Refunds
What happens if the round misses its target?
Every effective contribution is set to zero, every participant's full deposit becomes refundable in USDG, and no LP is created. The round then closes permanently.
Can the team extend the window or lower the target to save a round?
No. There is no path that extends a window, reduces a target, or tops up an under-subscribed round. The only remedy is a new `roundId`.
What is the difference between a MONEY failure and a SEATS failure?
MONEY means not enough total capital was committed. SEATS means enough capital was committed, but it sat in too few addresses to reach the target under the 2% cap. Both resolve identically — full refund — but they tell a creator very different things about what to change.
Is "full refund" a guarantee against loss?
No. It describes how the clearing mechanism resolves a round that fails to meet its target — your deposit becomes refundable rather than being partially deployed. It says nothing about the value of a token after a round clears and trading begins. See [Disclaimer](../legal/disclaimer.md).
Mechanism
Does the auction discover a price?
No, deliberately. FDV is fixed exogenously and the auction solves only for a fair allocation of a fixed token pool against observed demand. All price discovery is deferred to the DEX pool created at graduation.
Why is settlement computed off-chain?
Iterating every address's fill and refund on-chain in one transaction is gas-infeasible, and it reintroduces ordering-dependence — someone has to be first in the loop. Computing over the frozen deposit set and committing a single Merkle root avoids both. Because the largest-remainder procedure is fully deterministic and ties break by address order, anyone can recompute the root independently and check it.
Can a published Merkle root be changed?
Not in place. A correction requires pausing the round and publishing a new root under an incremented `snapshotVersion`, which is a distinct and externally visible commitment.
Why is the LP paired against a stock token instead of the gas token?
So that a project's liquidity is denominated in an asset with an independent real-world reference, rather than inheriting the chain's volatility for unrelated reasons — and so that a token about a company can be priced against that company. See [Graduation & the Canonical LP](../protocol/graduation.md).
Creators
How many participants do I actually need?
`N_min = ⌈ V_target / A_max ⌉`. At a 50% raise share and the current FDV, that is 25 distinct addresses — and no amount of capital substitutes for them.
Can I change my creator tax or Stock Token after launch?
No. Both are fixed at project creation and immutable once the auction starts.
Why is my reserve capped at 2.9%?
That ceiling applies to memecoin launches. APP and ICM projects may reserve up to 29%, reflecting ongoing development to fund. The distinction is set at project creation.