What a launch actually does
Five stages, each of them a transaction on Robinhood Chain. This page is the long version of the sequence on the front page, including the parts that can go against you.
Deposit
A launch begins with capital, not with a form. The creator sends the backing to the factory in the same transaction that creates the vault: USDG for a yield launch, a stock token for a stock launch, the constituents for a basket, or an existing liquidity position for a pool launch.
The size of that deposit is public from the first block, and it is what every holder is measuring the price against later. There is no way to launch with an empty vault and fill it in afterwards.
Launch
The factory deploys the vault, moves the backing into it and mints the token that represents it. Name, ticker, total supply and the creator's own allocation are all arguments to that one call, so there is nothing left to decide afterwards.
The binding between token and vault is made at deployment and there is no function to change it. A launch cannot swap its backing for something cheaper once people have bought.
Earn
The backing does not sit still. A pool launch collects swap fees, a stock launch picks up dividends and splits through the stock token's multiplier, a yield launch accrues the strategy's rate. All of it lands in the vault.
Nothing is distributed and nothing needs claiming. Backing per token rises instead, and that is the only place the yield ever shows up.
Trade
The launched token is an ordinary ERC-20 with no transfer hooks, so it trades anywhere on the chain that will list it. Price does what price does. It can run far above the backing on a good week and drift under it on a quiet one.
The difference here is that the vault's holdings are readable, so the premium or the discount is a number rather than a feeling.
Redeem
Send tokens to the vault, burn them, take that share of what it holds. Hold one percent of the supply and you get one percent of the vault, in the assets it is actually holding, in the same transaction.
Nobody can pause it and there is nothing to apply for. Redemption is the reason the rest of the design has to be as rigid as it is.
What can still go wrong
Backing is not a guarantee, and anyone who tells you otherwise is selling something. These are the risks the design does not remove.
The backing can fall
A vault holding NVDA is worth less when NVDA is worth less. Redemption returns your share of the assets, not your money back.
Premium can vanish
If a coin trades at four times its backing, redemption does not protect that price. It protects the backing underneath it.
Pool positions move
A liquidity position is exposed to the pair it sits in. Fees accrue, and so does the change in what the position holds.
Strategies can fail
An approved yield venue is still someone else's contract. A short list reduces that surface, it does not remove it.
Contracts are unaudited
Nothing here has been through a formal audit yet. The code will be published before the factory goes live.