Metaplex

发行类型

Launch Pool

Last updated January 31, 2026

Launch Pool 为 Solana 上的公平代币发射提供有机价格发现机制。用户在窗口期内存入 SOL，并根据其在总存款中的份额按比例获得 SPL 代币。没有抢跑，没有抢先交易，每个人都能获得公平分配。

您将学到什么

本指南涵盖：

  • Launch Pool 定价和分配的工作原理
  • 设置存款和领取窗口
  • 配置资金收集的结束行为
  • 用户操作：存款、提款和领取

概要

Launch Pool 是一种众筹风格的代币发行机制，在定义的窗口期内接受存款，然后按比例分配代币。最终代币价格由总存款除以代币分配量确定——为您的代币生成事件 (TGE) 实现透明的链上价格发现。

  • 用户在存款窗口期间存入 SOL（收取 2% 费用）
  • 存款期间允许提款（收取 2% 费用）
  • 代币分配与存款份额成比例
  • 结束行为将收集的 SOL 路由到资金库 bucket

不在范围内

固定价格销售（参见 Presale）、基于出价的拍卖（参见 Uniform Price Auction）以及流动性池创建（使用 Raydium/Orca）。

快速开始

工作原理

  1. 特定数量的代币被分配到 Launch Pool bucket
  2. 用户在存款窗口期间存入 SOL（允许带费用提款）
  3. 窗口关闭后，根据存款份额按比例分配代币

价格发现

代币价格从总存款中产生：

tokenPrice = totalDeposits / tokenAllocation

userTokens = (userDeposit / totalDeposits) * tokenAllocation

示例： 分配 1,000,000 个代币，总存款 100 SOL = 每个代币 0.0001 SOL

生命周期

  1. 存款期 - 用户在定义的窗口期间存入 SOL
  2. Transition - 执行结束行为（例如，将收集的 SOL 发送到另一个 bucket）
  3. 领取期 - 用户根据其存款权重按比例领取代币

费用

指令Solana
Deposit2%
Withdraw2%
Graduation5%

存款费用示例：用户存入 10 SOL，实际记入用户存款账户的是 9.8 SOL。

设置指南

前置条件

npm install @metaplex-foundation/genesis @metaplex-foundation/umi @metaplex-foundation/umi-bundle-defaults @metaplex-foundation/mpl-toolbox

1. 初始化 Genesis Account

Genesis Account 创建您的代币并协调所有分发 bucket。

initializeV2.ts
1import {

2  findGenesisAccountV2Pda,

3  genesis,

4  initializeV2,

5} from '@metaplex-foundation/genesis'

6import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

7import { generateSigner, keypairIdentity } from '@metaplex-foundation/umi'

8import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

9

10const umi = createUmi('https://api.mainnet-beta.solana.com')

11  .use(mplToolbox())

12  .use(genesis())

13

14// umi.use(keypairIdentity(yourKeypair));

15

16const baseMint = generateSigner(umi)

17const TOTAL_SUPPLY = 1_000_000_000_000_000n // 1 million tokens (9 decimals)

18

19// Store this account address for later or recreate it when needed.

20const [genesisAccount] = findGenesisAccountV2Pda(umi, {

21  baseMint: baseMint.publicKey,

22  genesisIndex: 0,

23})

24

25await initializeV2(umi, {

26  baseMint,

27  fundingMode: 0,

28  totalSupplyBaseToken: TOTAL_SUPPLY,

29  name: 'My Token',

30  symbol: 'MTK',

31  uri: 'https://example.com/metadata.json',

32}).sendAndConfirm(umi)

totalSupplyBaseToken 应等于所有 bucket 分配的总和。

2. 添加 Launch Pool Bucket

Launch Pool bucket 收集存款并按比例分配代币。在此处配置时间。

addLaunchPoolBucket.ts
1import {

2  genesis,

3  addLaunchPoolBucketV2,

4  findLaunchPoolBucketV2Pda,

5  findUnlockedBucketV2Pda,

6} from '@metaplex-foundation/genesis'

7import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

8import { keypairIdentity, publicKey } from '@metaplex-foundation/umi'

9import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

10

11const umi = createUmi('https://api.mainnet-beta.solana.com')

12  .use(mplToolbox())

13  .use(genesis())

14

15// umi.use(keypairIdentity(yourKeypair));

16

17// Assumes genesisAccount, baseMint, and TOTAL_SUPPLY from the Initialize step.

18

19const [launchPoolBucket] = findLaunchPoolBucketV2Pda(umi, { genesisAccount, bucketIndex: 0 })

20const [unlockedBucket] = findUnlockedBucketV2Pda(umi, { genesisAccount, bucketIndex: 0 })

21

22const now = BigInt(Math.floor(Date.now() / 1000))

23const depositStart = now

24const depositEnd = now + 86400n // 24 hours

25const claimStart = depositEnd + 1n

26const claimEnd = claimStart + 604800n // 1 week

27

28await addLaunchPoolBucketV2(umi, {

29  genesisAccount,

30  baseMint: baseMint.publicKey,

31  baseTokenAllocation: TOTAL_SUPPLY,

32

33  // Timing

34  depositStartCondition: {

35    __kind: 'TimeAbsolute',

36    padding: Array(47).fill(0),

37    time: depositStart,

38    triggeredTimestamp: null,

39  },

40  depositEndCondition: {

41    __kind: 'TimeAbsolute',

42    padding: Array(47).fill(0),

43    time: depositEnd,

44    triggeredTimestamp: null,

45  },

46  claimStartCondition: {

47    __kind: 'TimeAbsolute',

48    padding: Array(47).fill(0),

49    time: claimStart,

50    triggeredTimestamp: null,

51  },

52  claimEndCondition: {

53    __kind: 'TimeAbsolute',

54    padding: Array(47).fill(0),

55    time: claimEnd,

56    triggeredTimestamp: null,

57  },

58

59  // Optional: Minimum deposit

60  minimumDepositAmount: null, // or { amount: sol(0.1).basisPoints }

61

62  // Where collected SOL goes after transition

63  endBehaviors: [

64    {

65      __kind: 'SendQuoteTokenPercentage',

66      padding: Array(4).fill(0),

67      destinationBucket: publicKey(unlockedBucket),

68      percentageBps: 10000, // 100%

69      processed: false,

70    },

71  ],

72}).sendAndConfirm(umi)

3. 添加 Unlocked Bucket

Unlocked bucket 在 Transition 后接收来自 Launch Pool 的 SOL。

addUnlockedBucket.ts
1import {

2  addUnlockedBucketV2,

3  genesis,

4} from '@metaplex-foundation/genesis'

5import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

6import { generateSigner, keypairIdentity } from '@metaplex-foundation/umi'

7import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

8

9const umi = createUmi('https://api.mainnet-beta.solana.com')

10  .use(mplToolbox())

11  .use(genesis())

12

13// umi.use(keypairIdentity(yourKeypair));

14

15// Assumes genesisAccount, baseMint, claimStart, and claimEnd from previous steps.

16

17await addUnlockedBucketV2(umi, {

18  genesisAccount,

19  baseMint: baseMint.publicKey,

20  baseTokenAllocation: 0n,

21  recipient: umi.identity.publicKey,

22  claimStartCondition: {

23    __kind: 'TimeAbsolute',

24    padding: Array(47).fill(0),

25    time: claimStart,

26    triggeredTimestamp: null,

27  },

28  claimEndCondition: {

29    __kind: 'TimeAbsolute',

30    padding: Array(47).fill(0),

31    time: claimEnd,

32    triggeredTimestamp: null,

33  },

34  backendSigner: null,

35}).sendAndConfirm(umi)

4. 最终化

配置完所有 bucket 后，进行最终化以激活发行。此操作不可逆。

finalize.ts
1import {

2  genesis,

3  finalizeV2,

4} from '@metaplex-foundation/genesis'

5import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

6import { keypairIdentity } from '@metaplex-foundation/umi'

7import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

8

9const umi = createUmi('https://api.mainnet-beta.solana.com')

10  .use(mplToolbox())

11  .use(genesis())

12

13// umi.use(keypairIdentity(yourKeypair));

14

15// Assumes genesisAccount and baseMint from the Initialize step.

16

17await finalizeV2(umi, {

18  baseMint: baseMint.publicKey,

19  genesisAccount,

20}).sendAndConfirm(umi)

用户操作

包装 SOL

用户必须在存款前将 SOL 包装为 wSOL。

wrapSol.ts
1import {

2  findAssociatedTokenPda,

3  createTokenIfMissing,

4  transferSol,

5  syncNative,

6  mplToolbox,

7} from '@metaplex-foundation/mpl-toolbox'

8import { WRAPPED_SOL_MINT, genesis } from '@metaplex-foundation/genesis'

9import { keypairIdentity, publicKey, sol } from '@metaplex-foundation/umi'

10import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

11

12const umi = createUmi('https://api.mainnet-beta.solana.com')

13  .use(mplToolbox())

14  .use(genesis())

15

16// umi.use(keypairIdentity(yourKeypair));

17

18const userWsolAccount = findAssociatedTokenPda(umi, {

19  owner: umi.identity.publicKey,

20  mint: WRAPPED_SOL_MINT,

21})

22

23await createTokenIfMissing(umi, {

24  mint: WRAPPED_SOL_MINT,

25  owner: umi.identity.publicKey,

26  token: userWsolAccount,

27})

28  .add(

29    transferSol(umi, {

30      destination: publicKey(userWsolAccount),

31      amount: sol(10),

32    })

33  )

34  .add(syncNative(umi, { account: userWsolAccount }))

35  .sendAndConfirm(umi)

存款

depositLaunchPool.ts
1import {

2  genesis,

3  depositLaunchPoolV2,

4  findLaunchPoolDepositV2Pda,

5  fetchLaunchPoolDepositV2,

6} from '@metaplex-foundation/genesis'

7import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

8import { keypairIdentity, sol } from '@metaplex-foundation/umi'

9import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

10

11const umi = createUmi('https://api.mainnet-beta.solana.com')

12  .use(mplToolbox())

13  .use(genesis())

14

15// umi.use(keypairIdentity(yourKeypair));

16

17// Assumes genesisAccount, launchPoolBucket, and baseMint from previous steps.

18

19await depositLaunchPoolV2(umi, {

20  genesisAccount,

21  bucket: launchPoolBucket,

22  baseMint: baseMint.publicKey,

23  amountQuoteToken: sol(10).basisPoints,

24}).sendAndConfirm(umi)

25

26// Verify

27const [depositPda] = findLaunchPoolDepositV2Pda(umi, {

28  bucket: launchPoolBucket,

29  recipient: umi.identity.publicKey,

30})

31const deposit = await fetchLaunchPoolDepositV2(umi, depositPda)

32

33console.log('Deposited (after fee):', deposit.amountQuoteToken)

同一用户的多次存款会累积到一个存款账户中。

提款

用户可以在存款期间提款。需要支付 2% 费用。

withdrawLaunchPool.ts
1import {

2  genesis,

3  withdrawLaunchPoolV2,

4} from '@metaplex-foundation/genesis'

5import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

6import { keypairIdentity, sol } from '@metaplex-foundation/umi'

7import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

8

9const umi = createUmi('https://api.mainnet-beta.solana.com')

10  .use(mplToolbox())

11  .use(genesis())

12

13// umi.use(keypairIdentity(yourKeypair));

14

15// Assumes genesisAccount, launchPoolBucket, and baseMint from previous steps.

16

17await withdrawLaunchPoolV2(umi, {

18  genesisAccount,

19  bucket: launchPoolBucket,

20  baseMint: baseMint.publicKey,

21  amountQuoteToken: sol(3).basisPoints,

22}).sendAndConfirm(umi)

如果用户提取全部余额，存款 PDA 将被关闭。

领取代币

在存款期结束且领取开放后：

claimLaunchPool.ts
1import {

2  genesis,

3  claimLaunchPoolV2,

4} from '@metaplex-foundation/genesis'

5import { mplToolbox } from '@metaplex-foundation/mpl-toolbox'

6import { keypairIdentity } from '@metaplex-foundation/umi'

7import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

8

9const umi = createUmi('https://api.mainnet-beta.solana.com')

10  .use(mplToolbox())

11  .use(genesis())

12

13// umi.use(keypairIdentity(yourKeypair));

14

15// Assumes genesisAccount, launchPoolBucket, and baseMint from previous steps.

16

17await claimLaunchPoolV2(umi, {

18  genesisAccount,

19  bucket: launchPoolBucket,

20  baseMint: baseMint.publicKey,

21  recipient: umi.identity.publicKey,

22}).sendAndConfirm(umi)

代币分配：userTokens = (userDeposit / totalDeposits) * bucketTokenAllocation

管理员操作

执行 Transition

存款结束后，执行 Transition 将收集的 SOL 转移到 Unlocked bucket。

transitionLaunchPool.ts
1import {

2  genesis,

3  transitionV2,

4  WRAPPED_SOL_MINT,

5} from '@metaplex-foundation/genesis'

6import {

7  findAssociatedTokenPda,

8  mplToolbox,

9} from '@metaplex-foundation/mpl-toolbox'

10import { keypairIdentity } from '@metaplex-foundation/umi'

11import { createUmi } from '@metaplex-foundation/umi-bundle-defaults'

12

13const umi = createUmi('https://api.mainnet-beta.solana.com')

14  .use(mplToolbox())

15  .use(genesis())

16

17// umi.use(keypairIdentity(yourKeypair));

18

19// Assumes genesisAccount, launchPoolBucket, unlockedBucket, and baseMint from previous steps.

20

21const [unlockedBucketQuoteTokenAccount] = findAssociatedTokenPda(umi, {

22  owner: unlockedBucket,

23  mint: WRAPPED_SOL_MINT,

24})

25

26await transitionV2(umi, {

27  genesisAccount,

28  primaryBucket: launchPoolBucket,

29  baseMint: baseMint.publicKey,

30})

31  .addRemainingAccounts([

32    { pubkey: unlockedBucket, isSigner: false, isWritable: true },

33    { pubkey: unlockedBucketQuoteTokenAccount, isSigner: false, isWritable: true },

34  ])

35  .sendAndConfirm(umi)

为什么这很重要： 如果不执行 Transition，收集的 SOL 将保持锁定在 Launch Pool bucket 中。用户仍然可以领取代币，但团队无法获取募集的资金。

参考

时间条件

四个条件控制 Launch Pool 的时间：

条件用途
depositStartCondition存款开放时间
depositEndCondition存款关闭时间
claimStartCondition领取开放时间
claimEndCondition领取关闭时间

使用带有 Unix 时间戳的 TimeAbsolute：

const condition = {

  __kind: 'TimeAbsolute',

  padding: Array(47).fill(0),

  time: BigInt(Math.floor(Date.now() / 1000) + 3600), // 1 hour from now

  triggeredTimestamp: null,

};

结束行为

定义存款期结束后收集的 SOL 会发生什么：

endBehaviors: [

  {

    __kind: 'SendQuoteTokenPercentage',

    padding: Array(4).fill(0),

    destinationBucket: publicKey(unlockedBucket),

    percentageBps: 10000, // 100% = 10000 basis points

    processed: false,

  },

]

您可以将资金分配到多个 bucket：

endBehaviors: [

  {

    __kind: 'SendQuoteTokenPercentage',

    padding: Array(4).fill(0),

    destinationBucket: publicKey(treasuryBucket),

    percentageBps: 2000, // 20%

    processed: false,

  },

  {

    __kind: 'SendQuoteTokenPercentage',

    padding: Array(4).fill(0),

    destinationBucket: publicKey(liquidityBucket),

    percentageBps: 8000, // 80%

    processed: false,

  },

]

获取状态

Bucket 状态：

import { fetchLaunchPoolBucketV2 } from '@metaplex-foundation/genesis';



const bucket = await fetchLaunchPoolBucketV2(umi, launchPoolBucket);

console.log('Total deposits:', bucket.quoteTokenDepositTotal);

console.log('Deposit count:', bucket.depositCount);

console.log('Claim count:', bucket.claimCount);

console.log('Token allocation:', bucket.bucket.baseTokenAllocation);

存款状态：

import { fetchLaunchPoolDepositV2, safeFetchLaunchPoolDepositV2 } from '@metaplex-foundation/genesis';



const deposit = await fetchLaunchPoolDepositV2(umi, depositPda); // throws if not found

const maybeDeposit = await safeFetchLaunchPoolDepositV2(umi, depositPda); // returns null



if (deposit) {

  console.log('Amount deposited:', deposit.amountQuoteToken);

  console.log('Claimed:', deposit.claimed);

}

注意事项

  • 2% 协议费用适用于存款和提款
  • 同一用户的多次存款会累积在一个存款账户中
  • 如果用户提取全部余额，存款 PDA 将被关闭
  • 存款结束后必须执行 Transition 以处理结束行为
  • 用户必须拥有 wSOL（包装的 SOL）才能存款

常见问题

Launch Pool 中的代币价格是如何确定的？

价格是根据总存款有机发现的。最终价格等于存入的总 SOL 除以分配的代币数量。存款越多意味着每个代币的隐含价格越高。

用户可以提取他们的存款吗？

可以，用户可以在存款期间提取。需要支付 2% 的提款费用，以防止系统被利用。

如果我多次存款会怎样？

同一钱包的多次存款会累积到一个存款账户中。您的总份额基于您的累计存款。

用户何时可以领取他们的代币？

在存款期结束且领取窗口开启后（由 claimStartCondition 定义）。必须先执行 Transition 来处理结束行为。

Launch Pool 和 Presale 有什么区别？

Launch Pool 根据存款有机发现价格，按比例分配。Presale 则是预先设定固定价格，按先到先得的方式分配，直到达到上限。

术语表

术语定义
Launch Pool基于存款的分发方式，价格在结束时发现
存款窗口用户可以存入和提取 SOL 的时间段
领取窗口用户可以领取其按比例分配代币的时间段
End Behavior存款期结束后执行的自动化操作
Transition处理结束行为并路由资金的指令
按比例分配基于用户在总存款中的份额进行代币分配
Quote Token用户存入的代币（通常是 wSOL）
Base Token正在分发的代币

后续步骤

Next
Presale