Four sale curves. One outer market. Full refund if it fails.
Templates
L01
Curve
default 60% sold · 40% pool · 6 BNB
first buy ×2.2 the last
ends at pool price
L02
Two-way
default 80% sold · 20% pool · 12.8 BNB
first buy ×15.5 the last
sell back, no fee
L05
Dividend
flat price
after the first 1%: 10% of each buy to holders
buy only
L08
Boss
HP = target − reserve
2% reward pool
crits in the last 10%
Graduation
whole reserve seeds the pool
default L01: pool opens at 0.01 BNB / 1M
default L02: last 0.1 BNB buys 1.57M
claim 120 s after launch
Outer market
buy / sell tax up to 10%, set by the creator
Flap's share varies by total tax: ≤3%: 10%, ≤5%: 5%, ≤10%: 3%
no commission receiver on this factory
the rest goes to the token's vault
Dutch clock auction
one round every 60 min
lot = the vault's whole BNB balance
opens at 3× the larger of two TWAPs
bid burns tokens to 0xdEaD
bid sets max tokens, min BNB and a deadline
Refunds
below target at sale end
filled, launch window missed
L02: in proportion to net payment
anyone can push refunds in batches
Who controls what
Factory and raises have no owner, no pause and no withdrawal function.
Creator sets every parameter at creation and can call open() once.
Vaults are beacon proxies. The Flap Guardian can upgrade all vaults at once. It can also call: release (pays docked buyer tokens to any address, capped at the vault's reserveAmount — once that cap is hit, buyers' claims revert); settleBid (pays a live round's BNB lot to any address without verifying a token burn); and bindPool (one-shot; reverts once a pool is bound).
BNB leaves a raise only as the pool seed, refunds, L02 sales, the excess of the filling buy, and BNB the Portal returns during the launch, which goes to the raise's vault.