How offerings work

Every offering follows the same shape:

• Create. A creator sets the raise, token split and rules. These are locked once the offering opens.
• Participate. While open, signed-in accounts commit SOL up to the per-account limit.
• Succeed or refund. At close, if the minimum raise was reached the offering succeeds; otherwise every participant can reclaim their SOL.
• Launch on Pump.fun. On success, the project proceeds to a public launch on Pump.fun. Allocation settlement follows the eventual verified design.