Four ways to back a launch
The launch type decides what the vault holds and where its yield comes from. Minting, trading and redemption behave identically across all four.
Backed by a working pool
The vault holds a Uniswap v4 position rather than idle capital. Swap fees from that pool accrue to the vault, so the backing per token grows on volume that has nothing to do with your own coin's chart.
Redemption hands out the position's assets pro rata. The position itself never leaves the vault, so the liquidity cannot be pulled out from under the launch.
Suits: a launch that wants a yield source with no counterparty, and a creator who already runs liquidity.
Backed by one ticker
Choose a tokenized equity and the stablecoin it quotes against. The vault holds the position, the coin is the claim on it, and the coin can be traded by people who never wanted to hold the equity directly.
Corporate actions arrive on this chain as a rise in the stock token's multiplier rather than as extra units, so the vault picks up dividends and splits without any keeper doing anything.
Suits: a coin built around a single company, where the story and the backing point the same way.
Backed by three to ten tickers
Pick the constituents and their weights. The vault buys them at launch and the coin that comes out is an index anybody can trade in one transaction, redeemable into the underlying rather than into a promise about it.
Weights are written once and are never rebalanced, so a basket that drifts does it in public rather than being quietly changed behind the ticker.
Suits: a theme. Chip makers, the magnificent seven, whatever you can defend in ten lines.
Backed by an approved strategy
The deposit goes into a yield venue from a short approved list and stays there. Redemption value tracks the venue's share price, which moves in one direction while the strategy is working.
The list is short on purpose. Letting a creator name any address is how a launchpad ends up backed by whichever contract advertised the biggest number that week.
Suits: a launch that wants the backing to be boring and the coin to be the interesting part.
Pick by what you already hold
The right type is usually decided by the backing you can put up today, not by which one sounds best.
You run liquidity
Pool launch. The position you already manage becomes the backing, and its fees become the yield.
You hold one stock
Stock launch. The vault holds the token and the coin trades around it.
You have a thesis
Basket launch. Three to ten names with fixed weights, tradeable as one thing.
You hold stables
Yield launch. The deposit earns in an approved venue and the redemption price only climbs.