One sentence: a coin launches only when enough people have pledged for it, everyone enters in the same transaction at the same price, and a campaign that misses its target refunds every pledger in full.
A campaign states its coin, its target, its deadline, and its fee split. All of it is immutable after creation. Pledged SOL sits in a program-owned vault while the campaign runs. It is an account no person can sign for.
If the target is met at the deadline, the coin mints and the program executes one buy with the entire pool. Not one buy per pledger. Sequential buys on a bonding curve would give earlier buys better prices, and the same-price promise would be false. One buy, one price, tokens to a vault. Your claim is your pledge over the pool. Claims never expire, and there is no sweep function. A sweep function is a rug function.
Open → Filled (past target, still open, under cap) → Launched
Open → Expired → every pledger withdraws in full
Launch happens at the deadline, not at the moment the target is hit. Everyone knows the launch time, everyone can inspect the pledger table until then, and everyone can leave until then.
| Campaign window | 6 hours default · 12 and 24 as options |
| Per-wallet cap | 10% of target |
| Hard cap | 2x target · pledges past it are rejected |
| Platform fee | 2% of raise · success only · stated on every page |
| Creator deposit | 0.1 SOL · refundable on launch or expiry |
| Creator fee split | Default 50/50 · stated at creation · never changed |
Withdrawal is unilateral. Before the deadline: any pledger, any time, full amount. After the deadline, if the target was missed: same. It is never processed, cranked, or approved by a team. If refunds depended on someone pushing a button, the escrow would be custody with extra steps.
If the target is met but the launch cannot execute within a grace period after the deadline, withdrawals unlock. There is no state in which pledged SOL is stuck: it either becomes the launch, or it goes back to its owner. Failed campaigns pay no platform fee, ever. Rent from closed accounts returns to the pledger.
Anyone can create a campaign. The creator is allocated nothing. Zero supply. If they want a position, they pledge like everyone else, visibly, in the table. Creator fees from the venue are routed by a split stated on the campaign page before the first pledge, written at creation, never changed after.
Each of these is a property of the program, not a promise from a team.
Campaigns are public before the coin exists, so a campaign can be front-run. Someone can launch the same idea directly while a campaign fills. Pledgepad does not hide this. Withdrawals stay open until the deadline for exactly this reason.
The pledger table shows concentration. It does not prove ten wallets are ten people. Pledgepad does not claim sybil resistance, because it does not have it. It claims visibility: you can see the table and leave.
The program is being built in the open. Campaigns are not open yet. Watch @pledgepadapp for the first one.