# Mission
Source: https://docs.star.fun/about/mission



<video />

We're a team of serial founders who deeply believe in a **free and open internet** where *anyone* with a great idea can raise money from a community that wants to see them win.

While **venture funding** works for some, it is <u>highly exclusive</u> to who you know and where your passport is from.

While equity crowdfunding works for some, it *doesn't scale* across jurisdictions, comes with **regulatory overhead**, and is *anything but* customizable.

So we're building an **onchain economy** where startups use the *accessibility, composability, and scalability* of tokens to raise capital and rapidly grow. Where your friends, your family as well as angels and VCs - gets the opportunity to invest in the next generation of founders.

**Welcome**, we're glad to have you here.


# Our story
Source: https://docs.star.fun/about/our-story



<video />

**Star** was born in February *(7 months ago)*. We were a bunch of serial builders who tried launching a token for an AI startup - long story short, *it wasn't fun*. So we decided to build a **better platform** where ambitious startups and founders could get funded.

In June we **launched Star** with our own fundraiser and raised **450K** in **48 hours**, largely due to an experiment where we turned on a <u>livestream</u>. Since then, we've earned **200K** in trading fees on our token and helped teams raise over **\$1.6M**. We hosted the *first-ever* <u>livestreamed fundraising event</u> in crypto, which over **50,000** people tuned in to.

<video />


# $star
Source: https://docs.star.fun/about/what-is-$star



<video />

\$star is a market-governed ownership token, with the treasury and protocol IP placed under [@combinatortrade](https://combinator.trade)-powered decision markets.

## Token Info

<table>
  <thead>
    <tr>
      <th>Property</th>
      <th>Value</th>
    </tr>
  </thead>

  <tbody>
    <tr>
      <td>Contract Address</td>
      <td>`StargWr5r6r8gZSjmEKGZ1dmvKWkj79r2z1xqjFstar`</td>
    </tr>

    <tr>
      <td>Main Liquidity Pool</td>
      <td>`BCHdYBEzzStNGXYNHyf623KheHsBgpZFs4rjLvbE5YtJ`</td>
    </tr>

    <tr>
      <td>Mint Authority</td>
      <td>Assigned to the DAO</td>
    </tr>
  </tbody>
</table>

All trading and liquidity now occur exclusively on this contract.

## Supply Data

<table>
  <thead>
    <tr>
      <th>Allocation</th>
      <th>Amount</th>
      <th>Percentage</th>
    </tr>
  </thead>

  <tbody>
    <tr>
      <td>Total Supply</td>
      <td>272,762,996 \$STAR</td>
      <td>100%</td>
    </tr>

    <tr>
      <td>Circulating Supply</td>
      <td>272,762,996 \$STAR</td>
      <td>70%</td>
    </tr>

    <tr>
      <td>Team Allocation</td>
      <td>116,910,117 \$STAR</td>
      <td>30%</td>
    </tr>
  </tbody>
</table>

## DAO & Treasury

<table>
  <thead>
    <tr>
      <th>Property</th>
      <th>Value</th>
    </tr>
  </thead>

  <tbody>
    <tr>
      <td>Treasury Address</td>
      <td>`EtdhMR3yYHsUP3cm36X83SpvnL5jB48p5b653pqLC23C`</td>
    </tr>

    <tr>
      <td>Monthly Allowance</td>
      <td>\$35,000 USDC</td>
    </tr>

    <tr>
      <td>DAO Contract</td>
      <td>`6Eykhr9PfnjKFGWxgACCUKo1sy9zRKEBAQV8n94Qo33y`</td>
    </tr>
  </tbody>
</table>

All protocol revenues and assets are held on-chain and governed by the DAO. Any expenditure above the allowance amount requires market approval. The allowance starts on **February 1st**.

### Marshall Islands DAO LLC

A Marshall Islands DAO LLC governs all protocol IP.


# Case studies
Source: https://docs.star.fun/founders/case-studies



<video />

Three internet rounds, and what they produced.

## SurfCash

*The local neobank for people who move* - a crypto payments app for emerging markets. SurfCash used its round to raise pre-seed capital and build a waitlist ahead of launch.

<CardGroup>
  <Card title="$450K" icon="sack-dollar">
    Raised
  </Card>

  <Card title="15x" icon="arrow-trend-up">
    Waitlist growth (1k → 15k)
  </Card>

  <Card title="$40K" icon="coins">
    Trading revenue, week one
  </Card>
</CardGroup>

## Trace

*Voice-first reminder app* - spoken notes, lists, and location alerts. Trace ran a small, live-streamed round to fund UGC marketing.

<CardGroup>
  <Card title="$15K" icon="sack-dollar">
    Raised in 48 hours
  </Card>

  <Card title="200" icon="mobile-screen">
    TestFlight signups
  </Card>

  <Card title="$2.5K" icon="coins">
    Trading revenue, week one
  </Card>
</CardGroup>

## Star

Star ran its own internet round on the platform - dogfooding the product end to end, with the raise closing on a live stream.

<CardGroup>
  <Card title="$450K" icon="sack-dollar">
    Raised
  </Card>

  <Card title="$150K" icon="coins">
    Trading revenue
  </Card>

  <Card title="3M" icon="eye">
    X impressions, no paid marketing
  </Card>
</CardGroup>


# Curated raises
Source: https://docs.star.fun/founders/curated-raises



<video />

A **curated raise** is an application-gated path for teams that are reviewed before they raise. It's well suited to **pre-ICO** projects - raising before a token is live and tradable - and to founders who want a vetted, fixed-window raise rather than the self-serve internet round.

## Applying

The application has four steps - **Basics**, **Details**, **Funding**, and **Review**. Apply at [star.fun/submit](https://www.star.fun/submit).

<AccordionGroup>
  <Accordion title="Required to submit">
    * **Project basics:** logo, project name, ticker, and elevator pitch
    * **Core links:** website URL and X/Twitter username
    * **Media:** one hero asset (demo video or banner image)
    * **Project details:** full description
    * **Fundraise setup:** minimum raise, treasury allowance, and public allocation percentage
  </Accordion>

  <Accordion title="Optional but recommended">
    * Team members (name, role, X handle, photo)
    * Telegram, Discord, and GitHub links
    * Additional project media and documents (PDFs, up to 5)
    * Referral code (if referred by a partner or fund)
  </Accordion>
</AccordionGroup>

### Vetting

Curated projects are reviewed before going live:

<Steps>
  <Step title="Pre-launch review">The team and project are reviewed for fit and readiness.</Step>
  <Step title="Verification">Confirmed teams receive a verification badge.</Step>
  <Step title="TGE approval">A final approval gate before the token generation event.</Step>
</Steps>

## The raise

* The deposit window is fixed at **5 days**.
* Founders set a fixed **minimum target**. If it isn't met, participants are refunded.
* Everyone deposits USDC during the window. If demand exceeds the accepted amount, the excess is refunded **pro rata**.
* Funds are held safely until launch, then participants claim their tokens.
* Total token supply is fixed at **1,000,000,000**.

### Fundraise parameters

| Parameter                | What it means                                                                                                |
| ------------------------ | ------------------------------------------------------------------------------------------------------------ |
| Minimum raise            | The minimum you need to raise; below it, investors are refunded.                                             |
| Treasury allowance       | Your operating budget, transferred to you on a schedule after the raise.                                     |
| Public allocation %      | Share of supply sold in the raise - a smaller % implies a higher starting price/FDV, a larger % a lower one. |
| Liquidity allocation     | A portion of raised USDC is reserved for post-launch trading liquidity.                                      |
| Team performance package | Remaining team tokens unlock against market-cap milestones (supply is fixed).                                |

## Pre-ICO governance

Before a project has ICO'd, its **treasury and IP are governed by decision markets pegged against the price of \$STAR**.

<Note>
  Since the project has no live token of its own yet, there's no native price to run markets
  against. \$STAR is used as the welfare metric: good decisions for projects on the platform improve
  the price of \$STAR, so it stands in until the project's own token is live.
</Note>

While pre-ICO:

* You receive a **treasury allowance** defined before the raise.
* **Larger expenditures or allowance changes** must be approved through decision markets.
* A **follow-on fundraise** requires a proposal specifying the amount and valuation. Fundraise proposals can only be created by the team.
* **Holders can raise issues** by creating proposals (a minimum amount of the illiquid token is required to do so).

## Going live (TGE)

<Steps>
  <Step title="Initiate the TGE">
    The team creates a proposal to start the token generation event.
  </Step>

  <Step title="Final pre-TGE raise">
    One final fundraise runs right before TGE (under 5 days), with a share of raised funds reserved
    for AMM creation.
  </Step>

  <Step title="Token goes live">
    Early investors can be placed on vesting schedules, though vesting isn't required.
  </Step>
</Steps>

Once the token is live, decision markets run against the project's own token. See [Ownership](/founders/ownership) for how Bedrock and decision markets work after launch.


# Fees
Source: https://docs.star.fun/founders/fees



<video />

Star's fees are simple and apply at two stages: while you're fundraising, and after your token successfully launches.

## During fundraising

Star takes a **1% fee on all trades during the fundraise**.

## After a successful raise

Once a token **successfully fundraises**, Star takes a **0.5% fee on trades**.

| Stage                  | Star's fee           |
| ---------------------- | -------------------- |
| During fundraising     | **1%** on all trades |
| After successful raise | **0.5%** on trades   |

<Note>
  Separately, **you (the founder) earn 0.5% on every secondary trade** of your token once it's live.
  See [Fundraising](/founders/fundraising#founder-economics) for how founder trading revenue and
  milestone unlocks fit together.
</Note>


# Fundraising
Source: https://docs.star.fun/founders/fundraising



<video />

An internet round raises USDC through a **dynamic market sale** - a live, public sale optimized for speed and price discovery. You raise an initial amount up front, then unlock more capital over time as your market cap grows. This page covers the raise economics and what happens once your token goes live.

## The raise

In an internet round you tokenize **a part of your company's equity** as a liquid, equity-backed token, then raise against it. That slice entitles you to more than the raise itself - you also receive automatic capital unlocks (up to **\$8.6M**) and **0.5% of every trade** (see [Founder economics](#founder-economics) below).

Pick the preset that fits your round - all three are self-serve. A larger target raises more up front and pushes your token to a higher **graduation market cap** (where the sale completes and your token migrates off the bonding curve into a live trading pool):

| Preset   | Raise target | Graduates at |
| -------- | ------------ | ------------ |
| Micro    | **\$10K**    | \~\$190K     |
| Standard | **\$25K**    | \~\$352K     |
| Pro      | **\$50K**    | \~\$622K     |

<Note>
  The **equity link** - the share of your equity the token is backed by - defaults to **10%** and is
  customizable in the flow, from a minimum of **1%** to a maximum of **30%**. Your graduation market
  cap prices that slice, so the link sets the **valuation you're raising at**: valuation =
  graduation market cap ÷ equity link. On the Standard preset (\~\$352K graduation cap), a 10% link
  implies a **\~\$3.5M** valuation; a 5% link implies **\~\$7M**.
</Note>

Token supply is fixed at **1,000,000,000** tokens (Solana SPL).

You can launch on [star.fun/raise](https://www.star.fun/raise) or through the CLI [via an AI agent](#launching-with-an-ai-agent).

## How the dynamic market sale works

Your raise runs as a **dynamic market sale on a bonding curve**. There's no fixed price: the token price rises as more is bought, so **earlier backers get a better price**. The sale is a live market - backers can **buy and sell throughout the raise** - and it **completes once it reaches its graduation market cap** (the figure in the table above).

The sale collects **more than the up-front capital you take home**. Your preset (say \$10K) is what reaches you; the round raises more than that, because it also funds:

* **\~\$7.5K for incorporation** with [Bedrock](/founders/ownership#bedrock) (your BVI company plus Cayman SPC), and
* **on-chain liquidity** - a reserve paired with tokens so your market has ample depth to trade against once the token is live.

## Token distribution

Your fixed 1B supply splits three ways:

| Allocation  | Share   | Purpose                                                          |
| ----------- | ------- | ---------------------------------------------------------------- |
| Public sale | **60%** | Sold to backers during the raise                                 |
| Team        | **20%** | Vests to your team, linearly over 9 months after a 3-month cliff |
| Liquidity   | **20%** | Seeds the trading pool when your token graduates off the curve   |

## Founder economics

As a founder, you receive value from three sources:

<Steps>
  <Step title="Initial raise">
    The up-front amount from your preset (\$10K / \$25K / \$50K), settled in USDC.
  </Step>

  <Step title="0.5% per trade">
    You earn **0.5% of every secondary trade** of your token, for as long as it trades. See
    [Fees](/founders/fees).
  </Step>

  <Step title="Automatic capital unlocks">
    More capital unlocks to your team as your market cap climbs through milestone bands (see below).
  </Step>
</Steps>

### Automatic capital unlocks

As your market cap grows, your raise **unlocks more capital automatically**. Portions of tokens are set aside as **positions higher up the price curve**; when demand pushes the price to that level, those positions are **automatically bought**, and the proceeds unlock to your team. You never have to sell manually or time the market - growth converts into funding on its own.

Unlocked capital reaches you in **weekly \$2,500 allowances**, and follows this schedule:

| Market cap | Capital unlocked (cumulative) |
| ---------- | ----------------------------- |
| \$2M       | \$10,000                      |
| \$10M      | \$200,000                     |
| \$20M      | \$775,000                     |
| \$40M      | \$1,900,000                   |
| \$80M      | \$4,200,000                   |
| **\$160M** | **\$8,600,000 (max)**         |

## Going live

Once the sale completes, your token goes live and becomes tradable across Solana venues.

### Trading

* Your token is live and tradable through any Solana DEX.
* You earn **0.5% per trade** (see [Fees](/founders/fees)).

### Treasury

Raised funds are held in your project **Squads treasury**. Larger expenditures are governed by [decision markets](/founders/ownership) - backers get a structured, board-like say over how treasury capital is spent.

### Receiving your allowance

Your weekly allowance lands in **the wallet you created the project with**. To withdraw, you can:

* **Send to any other Solana wallet**, or
* **Open a bank account with [Altitude](https://altitude.xyz)** - our preferred partner for stablecoin business banking, so you can send and receive both fiat and stablecoins.

### Editing your project

Manage everything about your project from the **founder dashboard** (open it from your user dashboard):

* **Edit your project info** anytime - description, website and links, hero/banner media, team members, and socials.
* Once the token is live, on-chain **metadata** (name, ticker, links) is updated through proposals.
* Find your token's **mint address** and **liquidity pool address** in the **Details** tab on your Star project page.

### Follow-on fundraising

You can raise again later through **proposal-approved minting** - issuing additional equity to the token to fund the next stage.

## Launching with an AI agent

Connect Star's official launch tooling ([`@star-factory/launch-cli`](https://www.npmjs.com/package/@star-factory/launch-cli)) to **Claude Code, Cursor, or any MCP-enabled agent** and ask it to launch your token on Star - a full internet round, straight from wherever you already work. The agent gathers your launch details, you authorize with your Star account in the browser, and Star derives your launch wallet, reserves a Star vanity mint, and runs the launch end to end. **Your agent never touches wallet secrets or keypairs** - and nothing launches until you approve the exact payload.

<Steps>
  <Step title="Connect the Star MCP server">
    For **Claude Code**:

    ```bash theme={null}
    claude mcp add star -- npx -y @star-factory/launch-cli mcp serve
    ```

    For **Cursor** (or any client with an `mcp.json`):

    ```json theme={null}
    {
      "mcpServers": {
        "star": {
          "command": "npx",
          "args": ["-y", "@star-factory/launch-cli", "mcp", "serve"]
        }
      }
    }
    ```
  </Step>

  <Step title="Ask your agent to launch">
    Say something like: *"Launch my token on Star - name My Startup, ticker MYSTAR, website
    mystartup.com, raising \$25K."* The agent starts a secure sign-in: open the link it shows, sign
    in with your Star account, and enter the code.
  </Step>

  <Step title="Approve the launch">
    The agent validates and previews the launch first, then shows you exactly what will be sent.
    Nothing goes out until you confirm.
  </Step>

  <Step title="Go live">
    The agent submits the launch, waits until your token is live, and reports your project link
    and launch id. Keep the launch id in case you ever need support.
  </Step>
</Steps>

A launch needs just a **name**, a **ticker** (letters and numbers), and a **website**, plus the **raise preset** you want - **\$10K** (default), **\$25K**, or **\$50K**. Your agent can also set your **equity link** (1-30%, default 10%) and pass your X username, description, elevator pitch, token utility, Telegram / Discord / GitHub links, and icon, banner, and demo-video URLs.

<Note>
  The preset picks how much your round raises up front - the same three self-serve tiers as the web
  flow - and the equity link picks how much equity the token is backed by, which sets the valuation
  you're raising at. Everything else (curve, economics) is fixed by the protocol preset. After
  launch, manage your project from the founder dashboard as usual.
</Note>

### Using the CLI directly

The same package is a full CLI if you'd rather run it yourself:

```bash theme={null}
npm install -g @star-factory/launch-cli

star launch login                # authorize this device via browser sign-in
star launch create --name "My Startup" --ticker MYSTAR \
  --website https://mystartup.com --preset 25k --dry-run   # preview, mutates nothing
star launch create --name "My Startup" --ticker MYSTAR \
  --website https://mystartup.com --preset 25k \
  --yes --wait-until live                      # launch for real
star launch status <launchId> --watch          # check status anytime
```

Run `star launch create --help` or see the [full command reference on npm](https://www.npmjs.com/package/@star-factory/launch-cli) for every flag.


# Launch guide
Source: https://docs.star.fun/founders/launch-guide



<video />

A good launch is mostly preparation. The founders who raise fastest have their proof of work connected, a demo people can try, and a launch post ready to go before they ever hit the button. This page walks through what to have in place before you launch, what to do the moment you go live, and how to keep momentum through the first days.

## Before you launch

### Connect your Proof of Work

Backers decide quickly, and the first thing they do is check who you are. Connect your **X**, **GitHub**, and **LinkedIn** accounts to your project so that answer is one click away.

<CardGroup>
  <Card title="X" icon="x-twitter">
    Your public voice. Pin a post that shows what you've shipped, and make sure your profile makes
    it obvious what you're building.
  </Card>

  <Card title="GitHub" icon="github">
    Your shipping record. Public repos and recent commits show the product is real and moving.
  </Card>

  <Card title="LinkedIn" icon="linkedin">
    Your track record. A real work history tells backers you've done hard things before.
  </Card>
</CardGroup>

A project with connected accounts is simply easier to back than one without. Empty or missing profiles make backers hesitate, and hesitation is the last thing you want during a live sale.

### Link a working demo

Show, don't tell. A working demo linked in your project is imperative - backers put money behind things they can try, not things they read about.

In order of preference:

1. **A live product URL** - the real thing, even if it's rough.
2. **A TestFlight or beta link** - fine if you're pre-release.
3. **A demo video** - if nothing is deployable yet, a tight 60-90 second walkthrough of the product working beats any amount of description.

<Note>
  You can add a demo video URL directly to your project in the raise flow, and edit it later from
  your founder dashboard.
</Note>

### Write your launch post before you launch

Don't launch and then start typing. Have your launch post drafted and ready in every channel where your audience lives - X first, plus Telegram, Discord, Farcaster, or your newsletter if that's where your people are.

A good launch post covers:

* **What you're building**, in one or two plain sentences.
* **Why now** - what you've shipped, what's working, what the raise unlocks.
* **A visual** - a demo GIF or screenshot, so people see the product without clicking.
* **Your star project link** - always include it. This is the single most important part of the post: it's how people go from reading about your raise to backing it.

### Warm up your audience

A launch lands better when people are expecting it:

* **Tease it in the days before** - share what you're building and when you're going live.
* **Tell your network the date and time** directly. DMs work better than broadcasts.
* **Line up a few supporters** who'll back the raise, reply, and repost in the first hour. Early activity makes everyone else more comfortable joining in.

### Pick your moment

Launch when your audience is awake and you have the day clear. The hours right after launch are when attention is highest, so don't launch at midnight, before a flight, or on a day full of meetings. Plan to spend launch day talking to people.

## When you go live

<Steps>
  <Step title="Publish your launch post">
    Post to X and every other channel within minutes of launching, with your star link in each post.
    Pin the X post to your profile.
  </Step>

  <Step title="Start a livestream">
    Livestreaming right after you launch has the highest impact of anything you can do. Go live
    **directly on Star**, and connect your X account to stream there at the same time. Answer
    questions as they come in, demo the product, and talk to users and early backers in real time.
    Keep the stream going through the first hours of the raise.
  </Step>

  <Step title="Work the replies">
    Reply to every comment and question on your launch post. DM people who engage. Questions
    answered in public convince more than the person who asked.
  </Step>
</Steps>

## The first 24-48 hours

Momentum is visible during a live sale, so keep feeding it:

* **Stay responsive** - keep answering questions on X, in your community channels, and on stream.
* **Share milestones as they happen** - crossing 25% or 50% of your raise, notable backers joining, product usage ticking up. Each one is a reason for someone on the fence to come look.
* **Go live again** - a second stream on day two catches the people who missed the first one.
* **Thank your backers publicly.** They're your first owners, and they'll amplify you if you make them feel like it.

## After the raise

The raise is the start, not the finish. Keep shipping in public, keep your holders close, and line your announcements up with your milestones - the [Post-launch](/founders/post-launch) page covers how to put your community to work after you're live.

## Launch-day checklist

Run through this before you hit **Launch your project**:

* [ ] X, GitHub, and LinkedIn connected to your project
* [ ] Working demo linked (live URL, beta link, or demo video)
* [ ] Launch post drafted for X and every other channel your audience lives in
* [ ] star project link included in every post
* [ ] Audience warmed up and a few supporters ready to engage early
* [ ] Day is clear, and you're ready to livestream on Star right after launch

Want the mechanics of the raise itself - presets, economics, capital unlocks? See [Fundraising](/founders/fundraising). For what strong launches look like in practice, see [Case studies](/founders/case-studies).


# Overview
Source: https://docs.star.fun/founders/overview



<video />

## What is an internet round?

An **internet round** is a new way for founders to raise their first round, right here on the internet. Founders raise lightning-fast rounds through **liquid equity** - you fractionalize a slice of your company and sell it into a liquid, tradable market. Investors get ownership and oversight over the funds they put in.

It's designed to get an app, agent, startup, or idea funded, with distribution built in from day one: your earliest backers become owners, and owners become your distribution.

The result is **speed + ownership + alignment**.

## How a standard round works

A standard internet round gives up **10% of your company's equity** (the equity link - customizable from **1%** to **30%**) - but that slice doesn't buy a single check. It entitles you to an ongoing package:

* **Up-front capital** when the raise succeeds - pick a self-serve preset: **\$10K**, **\$25K**, or **\$50K**
* **Automatic unlocks** of up to **\$8.6M** more - token positions along your price curve get bought as demand climbs, so market-cap growth converts into funding on its own
* **0.5% of every trade** of your liquid equity

You keep the rest of your cap table to raise from VCs later. An internet round fractionalizes and sells a slice of equity into a liquid, tradable market - it doesn't use up your ownership.

<Note>
  If the company is acquired, investors share in the upside. Raised funds sit in a treasury that
  founders and investors govern together through [decision
  markets](/founders/ownership#decision-markets).
</Note>

All three presets (**\$10K** / **\$25K** / **\$50K**) are self-serve, each targeting a higher graduation market cap - see [Fundraising](/founders/fundraising) for the full mechanics. The **equity link** defaults to **10%** and is customizable directly in the flow, from a minimum of **1%** to a maximum of **30%** - a smaller link means you're raising at a higher implied valuation.

## Key benefits

<CardGroup>
  <Card title="Liquid equity" icon="shield-halved">
    Tokens are a real, tradable equity claim backed by Bedrock, not just a ticker.
  </Card>

  <Card title="Dynamic market sale" icon="bolt">
    Raise fast through a dynamic market sale optimized for speed and price discovery. Settle in
    USDC.
  </Card>

  <Card title="Milestone unlocks" icon="arrow-trend-up">
    Unlock up to **\$8.6M** in additional funding as your market cap grows.
  </Card>

  <Card title="Trading fees" icon="rotate">
    Earn **0.5%** on every secondary trade of your liquid equity.
  </Card>

  <Card title="Liquid ownership" icon="chart-pie">
    Distribute ownership to backers and team. It's liquid and tradable from day one.
  </Card>

  <Card title="Go live" icon="broadcast-tower">
    Livestream your raise to investors on star and X - and keep backers updated with continuous
    streams as you build.
  </Card>
</CardGroup>

## Who it's for

Internet rounds work best for teams who:

* Want to raise in **days, not months**
* Are comfortable building in **public**
* Care about **distribution** as much as capital
* Want a community of aligned owners, not just investors

Tokens are a powerful tool, but **timing matters**. The strongest rounds come from teams with a working product, early traction, and something people already care about.

## Going live

Livestreaming runs through the whole journey, not just the raise. It's how you turn attention into capital - and keep it.

<Steps>
  <Step title="At the raise">
    Go live to pitch your round to investors on star and X, turning attention into commits in real
    time.
  </Step>

  <Step title="As you build">
    Stream continuous updates and AMAs to your holders. Engaged backers stay close to the project,
    and active holders drive the secondary volume you earn fees on.
  </Step>

  <Step title="At milestones">
    Go live when you ship or cross a market-cap milestone, tying each unlock to a moment your
    community can rally around.
  </Step>
</Steps>

## Where to go next

<CardGroup>
  <Card title="Fundraising" icon="money-bill-trend-up" href="/founders/fundraising">
    Raise economics, presets, milestone unlocks, and going live.
  </Card>

  <Card title="Ownership" icon="scale-balanced" href="/founders/ownership">
    Bedrock equity-backed tokens and decision markets.
  </Card>

  <Card title="Curated raises" icon="user-check" href="/founders/curated-raises">
    The application-gated, pre-ICO path.
  </Card>

  <Card title="Fees" icon="receipt" href="/founders/fees">
    What Star charges during and after a raise.
  </Card>
</CardGroup>


# Ownership
Source: https://docs.star.fun/founders/ownership



<video />

An internet round token is backed by two structures that work together: **Bedrock**, which ties the token to real company equity, and **decision markets**, which govern how the project's treasury is spent. Bedrock gives holders exposure to the upside; decision markets protect that capital.

<CardGroup>
  <Card title="Bedrock" icon="shield-halved">
    Equity-backed tokens. An enforceable, legal claim on real company value.
  </Card>

  <Card title="Decision markets" icon="scale-balanced">
    Market-based treasury governance - backers get a board-like say over how funds are spent.
  </Card>
</CardGroup>

## Bedrock

Bedrock is a standardized legal infrastructure layer that connects tokens to real-world equity. It gives founders a fast path to launch and gives token holders enforceable protections - without taking control away from the founder.

Each project carries an explicit **equity figure** (e.g. *10% equity*) that the token is backed by.

### The structure

<CardGroup>
  <Card title="Project Company (BVI)">
    The founder's company. Holds IP, signs contracts, and runs operations.
  </Card>

  <Card title="Bedrock SPC (Cayman)">
    Holds the project's equity link (1-30%, typically 10%) via preference shares.
  </Card>

  <Card title="Bedrock Foundation">
    An independent entity that enforces token-holder rights when needed.
  </Card>
</CardGroup>

<Note>
  The standard structure is a **BVI** project company paired with a **Cayman SPC**. It can also be
  set up as a **Delaware C Corp** or another structure on request.
</Note>

Bedrock enforces a strict sequence so funds are never at risk before the company legally exists:

<Steps>
  <Step title="Fundraise">Run your internet round. Funds are held securely during the raise.</Step>

  <Step title="KYC + incorporation (after a successful raise)">
    Once your raise succeeds, complete the KYC and incorporation form from your founder dashboard.
    The company is then incorporated (a BVI project company with a Cayman SPC). If incorporation
    fails, funds are refunded and the token never goes live.
  </Step>

  <Step title="Token goes live">The equity-backed token goes live and starts trading.</Step>
</Steps>

### Ownership and control

* **Founders keep everything outside the equity link (90% at the standard 10% link) and full operational control.**
* **Bedrock holds minority preference shares** with no day-to-day control.

Bedrock only intervenes in cases of **fraud, misuse of funds, or unauthorized value extraction**. It does *not* intervene in failed startups, token price drops, or normal business decisions.

<AccordionGroup>
  <Accordion title="What token holders get">
    * A real legal counterparty behind the token
    * IP legally owned by the company (not the founder personally)
    * Enforceable protections via the Foundation
    * A funded litigation mechanism, at no cost to holders

    If a founder commits fraud, there is recourse. If the company is acquired, value flows through equity. If the project simply fails, there are no guarantees - it's still a startup.
  </Accordion>

  <Accordion title="The buyout mechanism">
    Bedrock aligns tokens with equity through a built-in acquisition path:

    * Acquire **30%+** of tokens, then buy the remaining supply at a premium, then receive equity.
    * Acquire **100%** of tokens, then receive the full Bedrock equity stake.

    Any acquisition flows through the token, so holders benefit from buyout premiums - and founders can cleanly exit the structure if needed.
  </Accordion>

  <Accordion title="Founder constraints">
    Founders must assign all IP to the company, keep company and personal funds separate, avoid regulated activities (e.g. custody or exchange) without licenses, and stay compliant with local tax obligations.
  </Accordion>
</AccordionGroup>

## Decision markets

Decision markets govern how a project's **treasury** is spent - raised funds, trading fees, and revenues. For founders, think of them as a way to **align your investors with the business, much like a board**: backers get a structured, market-mediated say over major decisions, rather than relying on founder discretion alone.

Day-to-day operations stay with the founding team. Decision markets are scoped to high-impact choices like treasury allocation and structural changes.

### How they work

<Steps>
  <Step title="A holder opens a proposal">
    Token holders with at least **5% of supply** can create a proposal.
  </Step>

  <Step title="The market prices it">
    The proposal runs as a market on [combinator.trade](https://www.combinator.trade/). Participants
    put capital behind outcomes, producing a real-time signal on which decisions are expected to
    maximize long-term value.
  </Step>

  <Step title="The outcome executes">
    The market outcome determines whether the treasury action is carried out.
  </Step>
</Steps>

### Founders can propose too

As a holder, you can create proposals as well - for example, to **increase your weekly allowance** to a larger amount, or to **shift to a different funding structure**. Like any treasury decision, these go to the market rather than being changed unilaterally.

### What this gives investors

* **Restricted founder control** - funds can't be unilaterally extracted or major decisions forced through.
* **Transparent capital flows** - treasury usage is visible and governed by predefined mechanisms.
* **Continuous signal** - backers can react as information changes, not just at periodic governance windows.

<Note>
  For projects that haven't launched their token yet, treasury and IP are governed by decision
  markets in a slightly different way - see [Curated raises](/founders/curated-raises).
</Note>


# Post-launch
Source: https://docs.star.fun/founders/post-launch



<video />

Your raise is the start, not the finish. After launch, your community is your biggest growth lever. Here's how to keep it working for you.

## Keep your community updated

Share progress regularly so holders stay close to what you're building:

* Post updates on **X**.
* **Livestream on Star** - go live for product updates, AMAs, and milestone moments.

Consistent updates keep holders engaged, and engaged holders drive the secondary trading volume you earn fees on.

## Put your community to work

Your holders are aligned owners, not just an audience. Lean on them:

* **Get feedback** on what you're building - ship in public and let holders pressure-test features before you go wide.
* **Amplify new features** - mobilize holders to share launches and milestones, turning ownership into distribution.

## Tie momentum to milestones

Your [milestone unlocks](/founders/fundraising#capital-unlock-schedule) and [trading fees](/founders/fees) both reward growth. Line up announcements, releases, and streams with your market-cap milestones so every step forward is a moment your community can rally around.

## Govern with your backers

Bigger calls - treasury spend, allowance changes, structural shifts - run through [decision markets](/founders/ownership#decision-markets). Bring your community into those decisions rather than working around them; it's what keeps capital and incentives aligned over the long run.


# Benefits
Source: https://docs.star.fun/investors/benefits



<video />

A token should carry real ownership rights, not just speculative upside. Every internet round gives investors **both** - exposure to the company's upside through **equity-backed tokens**, and protection on the downside through **decision markets**.

<CardGroup>
  <Card title="Upside" icon="arrow-trend-up">
    Equity-backed tokens (Bedrock) tie your token to real company value.
  </Card>

  <Card title="Downside protection" icon="shield-halved">
    Decision markets govern the treasury, so capital can't be misused.
  </Card>
</CardGroup>

## Upside - equity-backed tokens

Through [Bedrock](/founders/ownership#bedrock), your token is anchored to a real equity stake in the company, with enforceable rights behind it.

* **Direct linkage to enterprise value:** the token is tied to real equity structures, reducing ambiguity about what the instrument represents.
* **A clear path in acquisitions:** if the company is bought, value flows through equity to token holders.
* **Institutional readability:** rights, entities, and obligations are explicit, so the model is easier to diligence.

## Downside protection - decision markets

Through [decision markets](/founders/ownership#decision-markets), the project's treasury - raised funds, trading fees, and revenues - is governed by the market rather than founder discretion. As an investor, you can act, not just watch:

* **Open proposals:** holders with **5% of supply** can create a proposal on [combinator.trade](https://www.combinator.trade/).
* **Treasury discipline by default:** high-impact spends and structural changes route through market governance, not unilateral control.
* **Continuous signal:** you can react as information changes, instead of waiting for periodic governance windows.
* **Credible recourse:** transparent processes mean capital can't be arbitrarily diluted or misused.

## Together

Equity for upside, decision markets for downside. Combined, they give investors structured protection that an unstructured token launch can't - a real claim on value, and a real say in how the money behind it is spent.

For early-stage projects raising before their token is live, see the [pre-ICO path under curated raises](/founders/curated-raises).


# How it works
Source: https://docs.star.fun/investors/how-it-works



<video />

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.


# What is Star?
Source: https://docs.star.fun/what-is-star



<video />

Star is a fundraising platform for the next generation of founders. Teams raise capital by running an **internet round** - a public, tokenized startup raise conducted live online.

The idea is simple: raise in **days, not months**, and turn your earliest supporters into owners. By issuing an equity-backed token, you let backers invest in your success and share in the upside - which turns users into evangelists and gives you distribution from day one.

A good example is **SurfCash**, a stablecoin neobank that raised <strong><u>\$450K</u></strong> on Star and grew its user base <strong><u>15x</u></strong> after launching \$SURF.

<img alt="SurfCash raise stats" />

## How it works

<CardGroup>
  <Card title="Tokenize">Issue an equity-backed token for a slice of your company.</Card>
  <Card title="Go live">Pitch in public and open a dynamic market sale.</Card>
  <Card title="Raise">Backers commit USDC in real time and receive tokens.</Card>
  <Card title="Launch">The token goes live and trades across Solana.</Card>
</CardGroup>

Raises come in three self-serve presets - **\$10K**, **\$25K**, or **\$50K** - each targeting a higher graduation market cap.

Founders raise by launching a token with **built-in ownership rights** - designed to align you with your supporters for the long term. Backers get exposure to your upside through equity-backed tokens, and a say in the treasury through decision markets.

We've been through this ourselves: we raised \$450K in 24 hours on a [livestream](/about/our-story), so we know what it's like - and we've built Star to get founders funded.

<video />

What this makes possible:

* Anyone can invest in a startup they believe in
* Founders raise in public, with the audience watching
* Capital is raised in days, not months
* Founders build with a community of aligned backers from day one

<CardGroup>
  <Card title="For founders" href="/founders/overview" icon="rocket">
    Learn how internet rounds work and how to raise.
  </Card>

  <Card title="Raise an internet round" href="https://www.star.fun/raise" icon="arrow-up-right-from-square">
    Start your raise on star.fun.
  </Card>
</CardGroup>