Protocol
How a commitment launch works.
Lifecycle
Draft → policy locked → DBC pool created → commitment round open → snapshot at close → batch executed (or refunding) → open trading on the curve → migration to DAMM v2. Locks are held in SnarkPad's vesting vault, so they survive migration. DBC transfer hooks only gate routing while the curve is bonding, and they're revoked at completion.
Commitments
A commitment escrows quote tokens under one policy, picks a bounded lock tier (0/30/90/180-day cliff and linear periods), and sets a minimum output. At close the accepted set is snapshotted and committed to a root, so it can't be counted twice or have entries left out.
Execution
The settlement adapter buys through Meteora DBC with the total accepted amount, checks that what it received meets the batch's minimum, and splits tokens pro-rata straight into vesting custody. Rounding: accepted spend is floored, and any token dust goes one unit at a time by largest remainder. The total always matches exactly.
Refunds
If the round is oversubscribed, the unspent excess goes back to each participant. If the threshold is missed, or the execution deadline passes without execution, anyone can trigger the refund path and every participant withdraws their full escrow. No coordinator is needed.
Fees
The DBC trading fee is set in the policy and paid on curve swaps. A migration pool fee applies after graduation. Network fees and account rent are paid by whoever signs. SnarkPad takes no protocol fee in this version.
Authorities
The certificate shows the DBC config, the token authority option (immutable), the LP locks and the team vesting schedule. SnarkPad programs are upgradeable until their upgrade authority is revoked, and that will be disclosed here when it happens. We can't rule out insider wallets we can't see.
Deployment status
Live now: wallet sign-in, drafts, immutable policies, metadata storage, real DBC curve building and quote code, and local Groth16 proofs. Not deployed: the policy registry, quote escrow, vesting vault, proof authorization, DBC settlement adapter and production verifier. Every action that depends on them is disabled.