How launches work

From create_launch to graduation.

A launch moves through four states:

create_launch ─▶ CREATED ─start_trading─▶ ACTIVE ─(curve sells out)─▶ GRADUATING ─graduate─▶ GRADUATED

Create. The creator signs one transaction containing create_launch and start_trading. It creates the mint (6 decimals), its Metaplex metadata, the Launch, BondingCurve, SweepVaultState, CreatorFeeVault accounts, funds the Sweep Vault's rent-exempt minimum, mints the full supply, revokes the mint authority (no freeze authority is ever set), and pays the launch fee to the protocol treasury. It is atomic: all of it happens or none of it does.
Trade. While ACTIVE, anyone can buy or sell against the bonding curve. Each trade charges the launch's fee and splits it between the Sweep Vault, the creator and the protocol.
Sweep. Whenever the vault holds enough SOL and the minimum interval has passed, anyone may call execute_sweep to buy a verified Tensor listing from the linked collection.
Graduate. The buy that takes the last curve token moves the launch to GRADUATING; trading on the curve stops. Anyone can then call prepare_graduation + graduate to seed a PumpSwap pool and lock the LP.

Validation at creation

Name ≤ 32 bytes, ticker 1–10 ASCII letters/digits, metadata URI ≤ 200 bytes.
The collection account must be a Metaplex Core CollectionV1 on the current cluster.
Max NFT price must be > 0 and ≤ the protocol ceiling; sweep interval ≥ the protocol default and never below 30 seconds.
Destination: Protocol NFT Vault or a Treasury address. Giveaway and Rewards modes are rejected on-chain in V1.