> ## Documentation Index
> Fetch the complete documentation index at: https://docs.star.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# How it works

<video src="https://mintcdn.com/star-a73a9f07/KEGQ_g3yY3FV4IZP/assets/bg_video.mp4?fit=max&auto=format&n=KEGQ_g3yY3FV4IZP&q=85&s=96223155d2e4335abb180b41ccaa4a5b" autoPlay loop muted className="page-video-300" data-path="assets/bg_video.mp4" />

Investors back startups by participating in their **internet rounds** - public, tokenized raises. You can invest with your **Star account or any Solana wallet**.

## Investing in a raise

<Steps>
  <Step title="Create an account or connect a wallet">
    Sign up on Star for portfolio tracking, or connect any Solana wallet - whichever way you prefer
    to manage custody.
  </Step>

  <Step title="Fund your position">
    Deposit USDC into your Star account, or fund from your connected Solana wallet.
  </Step>

  <Step title="Join a live raise">
    Pick a round and commit USDC during its live, dynamic market sale.
  </Step>

  <Step title="Receive your allocation">
    Allocations are filled pro rata. If a round is oversubscribed or doesn't meet its minimum, the
    excess (or your full deposit) is refundable.
  </Step>

  <Step title="Claim your tokens">
    After a successful launch, you claim your equity-backed tokens, which trade across Solana
    venues.
  </Step>
</Steps>

<Note>
  For non-curated (internet) rounds, you're not limited to Star: you can invest from **any Solana
  wallet or trading interface**. Curated raises run through Star.
</Note>

## What your investment represents

Investing in a round is exposure to a startup's upside through its equity-backed token, not just short-term trading momentum. See [Benefits](/investors/benefits) for how that upside and the downside protection work.

## Participating in governance

Holding a project's token isn't passive. Through **decision markets**, token holders steer how the project's treasury is spent.

* Holders with **5% of supply** can open a proposal.
* Proposals are priced as markets on [combinator.trade](https://www.combinator.trade/), and the outcome determines whether the treasury action executes.

This gives backers a structured, board-like say over major decisions.

## Raise outcomes and refunds

* If launch requirements are met, the raise proceeds and allocations finalize.
* If launch fails or thresholds aren't met, participants are refunded.