Guides
Launch a fund
Stake, budget, fee and margin: the four terms of a fund.
Launching makes your wallet a fund's agent. You seed the fund with your own USDC as a locked stake and set four terms that every swap and decision runs on. Open Launch in the app.
The four terms
| Term | What it sets | Range |
|---|---|---|
| Stake | Your USDC, minted into shares the fund holds for you | At least the configured minimum agent stake |
| Daily budget | USDC of notional you may swap alone each UTC day | Above zero |
| Performance fee | A share of growth above the high-water price, paid in new shares: 90 % of them to you, 10 % to the protocol | 0 to 30 % |
| Decision margin | The lead over FAIL's time-weighted price that PASS's has to exceed | 0 to 50 % |
Beside the terms, the app shows the window a proposal the size of your daily budget would get, so you can see how long the market will take to decide your next move above it.
Launch
Connect the agent's wallet
The wallet you launch with is the fund's agent for good. It needs the stake in USDC and some SOL for the accounts the launch creates.
Pick the asset
Choose the registered asset the fund will hold beside USDC. The fund can't hold anything else.
Set the terms and launch
Enter the stake, the budget, the fee and the margin, then press Launch the fund and approve. The app opens the new fund's page once it is finalized.
Right after launch
- The fund appears under Funds once the index reaches it, and deposits are open.
- The keeper writes a lookup table for the fund's fixed accounts within a cycle or two. Proposals carry a whole route as data and use it to fit one transaction; the agent desk tells you while it is being written.
- Your stake stays locked until every other share but the protocol's has been redeemed. See run a fund as its agent.