Launchpad (fund token launch)

Community template, not deployed on Robinhood Chain (4663). LaunchpadStrategy lives in sherwood-strategies (src/launchpad/), outside the audited core protocol, and has not been audited. It is not approved on the 4663 StrategyFactory, so sherwood strategy propose launchpad cannot run there today. This page documents the mechanics for when it is approved; a proposal that uses it prices as an uncertified tier-2 call at full notional.

The LaunchpadStrategy lets a fund launch its own token. A proposal spends vault capital to launch the token on a launchpad, holds back a reserve of the new token, and lets the fund’s share holders claim a pro-rata slice of that reserve during a claim window. The venue plugs in through a launch adapter. Two are written: Sushi Launchpad V2 and StonkBrokers Smart Launch V2.

A launch settles as a loss, by design. v1 measures a proposal’s P&L as the vault’s change in asset balance. Nothing credits the reserve or the launch token, so a launch settles as a loss of about assetIn, the capital it spent. The reserve is a dividend in kind to holders, not an asset the vault books. Size --max-drawdown-bps for that loss. The CLI does it for you: see Drawdown.

What happens

Execute. The strategy pulls assetIn of the vault asset. It swaps it into the launch quote through the allowlisted swap adapter, pays the venue’s launch fee, and launches the token with a dev buy. The reserve lands on the strategy clone in the same transaction. The vault’s share supply is snapshotted at this moment.
Claim window. Each holder can claim reserve × shares at snapshot / total supply at snapshot, once. Shares are not burned. claimFor(holder) is permissionless and always pays the holder, never the caller. Sherwood’s keeper calls it for every holder, so holders receive their slice without acting.
Settle. The strategy converts leftover quote to the vault asset, then pushes to the vault: the vault asset, any quote it could not convert, and the unclaimed reserve in kind. After settlement the clone holds nothing and no more claims are possible.

The strategy never sells the fund token, not into its own pool and not anywhere else. That price can be moved inside the settling transaction.

Claim window

The window is set at propose (--claim-window, at most 14 days) and clamped at execute:

windowEnd = min(executedAt + claimWindow, executedAt + strategyDuration − 5 minutes)

Settlement opens after windowEnd, or at executedAt + strategyDuration, whichever comes first. A claim in the execute block reverts SnapshotNotFinal. Shares escrowed in the withdrawal queue at the snapshot cannot claim (QueueCannotClaim). Their slice stays in the reserve and goes to the vault at settlement.

The keeper distributes the reserve. Every few minutes during the window, Sherwood’s keeper calls claimFor for each holder at the snapshot, batched through Multicall3, and pays the gas. Holders receive their tokens without claiming, and a holder who claims first is skipped. Give the keeper room: set a claim window of an hour or more. claim and claim-for stay available as a fallback.

Fees

The launch’s creator fees are paid to the fund’s vault, named at launch. A proposer cannot point them anywhere else. Fees never pass through the strategy, so settlement makes no venue call. Anyone can push accrued fees to the vault with sherwood launchpad collect-fees.

Fees in the vault asset can be sniped. When the launch is quoted in the vault asset (a USDG vault launching against USDG), quote-side fees raise totalAssets the moment they land. With no proposal open, deposits and redemptions are instant, so someone can deposit, call collect-fees, and redeem with a cut of fees the long-term holders earned. Collection is permissionless by design, so the template cannot close this on v1. Collect often, for example from a keeper, so no large lump is ever pending. Closed-deposit vaults are not exposed.

Launch tokens, raw quote and fees delivered to the vault sit outside totalAssets(). A later proposal decides what to do with them. The vault owner’s rescueERC20 can move non-asset tokens while no proposal is open.

Venues

	Sushi Launchpad V2	StonkBrokers Smart Launch V2
CLI `--venue`	`sushi` (default)	`stonk`
Launch	Live from the launch block. The dev buy is the reserve source.	A bonding curve first. Graduation and a locked LP come later through `sherwood launchpad finalize`.
Reserve	Bought in the dev buy, so `--min-tokens-out` must be at least `--reserve`	Kept from the minted supply before the curve is armed
Quote tokens	Any quote with a registered Sushi price feed. USDG and WETH today.	One fixed quote per pad: WETH, STONK, USDG, GME, NVDA, AAPL, SPCX, USO
Launch fee	Native fee, read live	None
Creator fees	70% of LP fees (80% on a canonical-SUSHI quote), in both assets	16.5% of the per-trade tax, paid at trade time
Venue hazards	Quote feed older than 3 days refuses the launch (`StalePriceFeedRound`)	Stock lanes revert `StalePrice` on oracle gaps, such as weekends

Each launch gets its own adapter clone (ERC-1167) that is the venue’s creator and fee receiver. No adapter holds another fund’s fee stream. Sushi fee disposition (--fee-mode). direct pays the vault its share of fees in both assets. burn pays the quote share and burns the launch-token share. buyback pays nothing: the quote share buys the token back and burns it. holders (Sushi’s DISTRIBUTE_TO_HOLDERS) is refused, because nothing in this stack could collect it for the vault. Trust in the Sushi owner. Sushi’s owner can re-point a launch’s fee receiver, reprice the launch fee, change the fee split and upgrade the launchpad proxy. A fund launching on Sushi trusts that owner with its fee stream. It does not trust it with the reserve, which reaches the strategy inside the launch transaction, or with vault capital, which the venue never holds.

WOOD is not a supported quote yet. Sushi needs a WOOD/USD feed registered by its owner, and no StonkBrokers pad has a WOOD lane. Pair against USDG or WETH. Pons is out of scope: its factory only launches for whitelisted addresses.

Drawdown

v1 refuses a settlement whose price per share falls below ppsAtExecute × (1 − maxDrawdownBps), capped at 90%. A launch loses about assetIn, so the CLI sizes the drawdown from the vault’s live totalAssets():

maxDrawdownBps = ceil(assetIn / totalAssets × 10_000) + 200

Omit --max-drawdown-bps and the CLI uses that value.
A lower --max-drawdown-bps is refused. Below it, settleProposal reverts SettlePriceBelowFloor and only the vault owner’s unstick or emergency path can finish the proposal.
If the required value is above 9,000 bps, the CLI refuses the proposal. Lower --asset-in.

Example: a vault holding 10,000 USDG launching with 1,000 USDG needs 1,000 + 200 = 1,200 bps.

Launch fee cap

The venue’s launch fee is read live, and on some lanes it is bought with a swap. Execution is permissionless, so the proposal carries a voted cap, maxFeeIn: the most the fee may cost, in the token that pays for it. The CLI defaults --max-fee-in to the live cost plus 25% and refuses a value below the live cost. A manipulated price then costs the attacker a reverted execute, not the fund its budget.

Propose

The CLI checks every _initialize condition on-chain before sending anything: the counterparty allowlist for both adapters, quote support, Sushi feed age, the live launch fee, the 20% reserve cap and the claim window. It reports every failure in one message.

sherwood strategy propose launchpad \
  --vault 0x... \
  --venue sushi \
  --quote USDG \
  --asset-in 1000 \
  --reserve 10% \
  --min-tokens-out 120000000 \
  --claim-window 7d \
  --token-name "Robin Fund" \
  --token-symbol ROBIN \
  --name "Launch ROBIN" \
  --duration 8d

Size --min-tokens-out from a live quote of the dev buy. A floor of a few tokens makes the reserve floor meaningless. On StonkBrokers, pick the pad by its quote and quote the dev buy through the StonkBrokers lens:

sherwood strategy propose launchpad \
  --vault 0x... \
  --venue stonk \
  --quote USDG \
  --asset-in 500 \
  --reserve 10% \
  --min-tokens-out <quoted-floor> \
  --claim-window 7d \
  --token-name "Robin Fund" \
  --token-symbol ROBIN \
  --name "Launch ROBIN" \
  --duration 8d

Required: --asset-in, --quote, --reserve, --min-tokens-out, --claim-window, --token-name, --token-symbol. The full flag list, with the Sushi and StonkBrokers options, is in Strategy commands. Batch calls:

Execute: [asset.approve(clone, assetIn), clone.execute()]
Settle:  [clone.settle()]

minTokensOut, minQuoteOut, settleSlippageBps and deadline can change only before execute, and only in the tightening direction.

Operate

sherwood launchpad status <strategy>               # launch, reserve, claim window, venue
sherwood launchpad claim <strategy>                # claim your slice of the reserve
sherwood launchpad claim-for <strategy> <holder>   # pay a holder their slice (permissionless)
sherwood launchpad collect-fees <strategy>         # push accrued fees to the vault (permissionless)
sherwood launchpad finalize <strategy>             # graduate + bond a StonkBrokers launch

status shows balances and times only. It never prices the launch token.

Trust notes

BaseStrategy.rescueTo(token) is vault-only and works in any state. A vault batch could move the reserve out of a clone during the claim window. That is v1’s emergency exit.
The registry gates both adapters with TierRegistry.isCounterpartyAllowed at init and execute. Settlement and claims never consult the registry, so a de-listing cannot freeze the reserve or the exit.
On StonkBrokers the adapter clone’s fee destination is fixed at launch and cannot follow a vault migration.

Addresses

Not deployed on Robinhood Chain (4663). When the template and its launch adapters are approved there, their addresses will be published on Deployments from the sherwood-strategies deployments/4663.json book.

Smart Contracts

Strategies

Governance

Launchpad (fund token launch)

What happens

Claim window

Fees

Venues

Drawdown

Launch fee cap

Propose

Operate

Trust notes

Addresses

​What happens

​Claim window

​Fees

​Venues

​Drawdown

​Launch fee cap

​Propose

​Operate

​Trust notes

​Addresses

What happens

Claim window

Fees

Venues

Drawdown

Launch fee cap

Propose

Operate

Trust notes

Addresses