Settlement State Machine

The Launchpad program enforces a strict state machine for every token launch. Each launch progresses through a series of states, with specific instructions triggering each transition.

States

State Definitions

State	Enum Value	Description
Created	0	LaunchConfig and Token-2022 mint created. Escrows not yet initialized.
EscrowsInitialized	1	All 5 escrow accounts created and tokens minted to escrows.
AuctionReady	2	CCA V2 auction initialized via CPI. Waiting for auction start slot.
AuctionActive	3	Implied state (not set by any instruction). Auction is live after start_slot.
Finalized	4	Auction ended and graduated. Final clearing price recorded.
ProceedsSwept	5	Quote tokens swept from CCA vault to proceeds escrow.
PoolCreated	6	Raydium CPMM pool created and LP tokens burned.
Settled	7	Team tokens distributed, claims enabled, mint authority renounced. Terminal state.
Cancelled	8	Launch cancelled before auction started. All tokens returned to creator. Terminal state.
EmergencyWithdrawn	9	Emergency recovery after settlement timeout. All remaining assets returned to creator. Terminal state.
FailedRecovery	10	Recovery from a non-graduated auction. All tokens returned to creator. Terminal state.

Transition Table

From State	To State	Instruction	Conditions
(none)	Created	create_launch_step_1	Protocol not paused, valid params
Created	EscrowsInitialized	create_launch_step_2	Creator only
EscrowsInitialized	AuctionReady	initialize_cca_auction	Creator only, supply steps hash matches, duration matches
AuctionReady / AuctionActive	Finalized	finalize_auction	slot >= end_slot, graduated
AuctionReady / AuctionActive	FailedRecovery	recover_failed_auction	slot >= end_slot, NOT graduated
Created / EscrowsInitialized	Cancelled	cancel_launch	Creator only, auction not started
AuctionReady	Cancelled	cancel_launch	Creator only, current_slot < start_slot
Finalized	ProceedsSwept	sweep_to_escrow	Settlement not paused
ProceedsSwept	PoolCreated	create_raydium_pool	Settlement not paused, min LP proceeds met
PoolCreated	Settled	enable_claims	Settlement not paused
Finalized / ProceedsSwept / PoolCreated	EmergencyWithdrawn	emergency_withdraw	slot > finalized_slot + emergency_timeout_slots

Happy Path

The typical successful launch follows this flow:

1. Creator calls create_launch_step_1 -- creates token and launch config
2. Creator calls create_launch_step_2 -- sets up escrows, mints tokens
3. Creator calls initialize_cca_auction -- creates CCA auction via CPI
4. Auction runs -- bidders place bids, keepers create checkpoints
5. Anyone calls finalize_auction -- records final clearing price
6. Anyone calls sweep_to_escrow -- sweeps proceeds via CCA CPI
7. Anyone calls create_raydium_pool -- creates liquidity, burns LP tokens
8. Anyone calls enable_claims -- distributes team tokens, enables claims, renounces mint

Steps 5-8 are permissionless (keeper pattern). Any wallet can submit these transactions.

Failure Paths

Non-Graduated Auction

If the auction ends without raising enough currency to meet the required_currency_raised threshold:

1. Auction reaches end_slot without graduating
2. Anyone calls recover_failed_auction
3. All tokens (auction, LP, team) are returned to the creator
4. Bidders recover their quote currency via CCA V2's exit_bid (non-graduated auctions give full refunds)

Cancelled Launch

If the creator decides to cancel before the auction starts:

1. Creator calls cancel_launch
2. All escrowed tokens are returned to the creator
3. Fee escrow SOL is returned to the creator
4. State becomes Cancelled (terminal)

Settlement Stall (Emergency)

If settlement stalls after finalization (e.g., Raydium pool creation fails):

1. Wait for emergency_timeout_slots after finalized_slot
2. Anyone calls emergency_withdraw
3. All remaining LP tokens, team tokens, proceeds, and fee SOL are sent to the creator
4. Mint authority is renounced (no more minting possible)

Idempotency

Settlement instructions (finalize_auction, sweep_to_escrow, create_raydium_pool, enable_claims) are idempotent. If the state is already at or past the target state, they return Ok(()) without error. This means keepers can safely retry without worrying about transaction failures from duplicate calls.

Access Control Summary

Instruction	Who Can Call	Notes
create_launch_step_1	Any signer	First caller becomes creator
create_launch_step_2	Creator only
initialize_cca_auction	Creator only
finalize_auction	Anyone	Permissionless (keeper)
sweep_to_escrow	Anyone	Permissionless (keeper)
create_raydium_pool	Anyone	Permissionless (keeper)
enable_claims	Anyone	Permissionless (keeper)
cancel_launch	Creator only	Before auction starts
emergency_withdraw	Anyone	After timeout; funds go to validated creator
recover_failed_auction	Anyone	After auction ends; funds go to validated creator