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

# Presale Vault Formulas

> The main Presale Vault formulas for fixed-price sales, dynamic allocation, fees, refunds, and vesting.

Presale Vault performs calculations in smallest token units. Display decimals are a UI concern; on-chain math uses integer arithmetic, checked overflow handling, and deterministic rounding.

# Constants

```math theme={"system"}
\text{BPS\_DENOMINATOR} = 10{,}000
```

```math theme={"system"}
\text{Q64\_SCALE} = 2^{64}
```

Deposit fee bps are capped at `5,000`. Immediate release bps are capped at `10,000`.

# Sale success

A sale is completed when the current timestamp is at or after `presale_end_time` and total net deposits meet the minimum cap:

```math theme={"system"}
\text{completed} = \text{total\_deposit} \ge \text{presale\_minimum\_cap}
```

If total deposits are below the minimum cap after the sale ends, the sale is failed.

# Deposit fee

The deposit amount tracked for allocation excludes the deposit fee. If a buyer deposits a net amount `D` into a registry with fee rate `f` bps, the gross amount required before Token-2022 transfer fees is rounded up:

```math theme={"system"}
\text{gross} =
\left\lceil
\frac{D \times 10{,}000}{10{,}000 - f}
\right\rceil
```

```math theme={"system"}
\text{deposit\_fee} = \text{gross} - D
```

The fee is tracked separately on the escrow, registry, and presale. In Pro Rata, the fee attributable to refunded overflow quote is refundable.

# Fixed Price

Fixed Price mode stores `q_price` as a Q64.64 value:

```math theme={"system"}
\text{q\_price} = \text{quote smallest units per base smallest unit} \times 2^{64}
```

For a net quote deposit `D`, bought base units are rounded down:

```math theme={"system"}
\text{base\_bought} =
\left\lfloor
\frac{D \times 2^{64}}{\text{q\_price}}
\right\rfloor
```

When the program needs the quote amount for a base amount, quote is rounded up:

```math theme={"system"}
\text{quote\_needed} =
\left\lceil
\frac{\text{base\_amount} \times \text{q\_price}}{2^{64}}
\right\rceil
```

For each registry, total sold base token is capped by registry supply:

```math theme={"system"}
\text{registry\_sold} =
\min(\text{base\_bought\_from\_registry\_deposits},\ \text{registry\_supply})
```

The buyer's cumulative claimable amount is then based on their share of `registry_sold`, after applying the unlock schedule.

# FCFS allocation

For FCFS, each registry with at least one deposit sells its full registry supply. A buyer's cumulative allocation before vesting is:

```math theme={"system"}
\text{user\_allocation} =
\left\lfloor
\frac{\text{registry\_supply} \times \text{user\_deposit}}
{\text{registry\_total\_deposit}}
\right\rfloor
```

Registries with zero deposits sell zero base token, so their supply is unsold.

# Pro Rata allocation and overflow

Pro Rata uses the same registry-level allocation formula as FCFS:

```math theme={"system"}
\text{user\_allocation} =
\left\lfloor
\frac{\text{registry\_supply} \times \text{user\_deposit}}
{\text{registry\_total\_deposit}}
\right\rfloor
```

Overflow quote is calculated at the presale level:

```math theme={"system"}
\text{remaining\_quote} =
\max(\text{total\_deposit} - \text{presale\_maximum\_cap},\ 0)
```

Each registry receives a share of that remaining quote:

```math theme={"system"}
\text{registry\_remaining\_quote} =
\left\lfloor
\frac{\text{remaining\_quote} \times \text{registry\_total\_deposit}}
{\text{presale\_total\_deposit}}
\right\rfloor
```

Each buyer receives a share of the registry refund:

```math theme={"system"}
\text{user\_refund} =
\left\lfloor
\frac{\text{registry\_remaining\_quote} \times \text{user\_deposit}}
{\text{registry\_total\_deposit}}
\right\rfloor
```

Refundable deposit fee for Pro Rata overflow is calculated proportionally from the registry's collected fee:

```math theme={"system"}
\text{registry\_refund\_fee} =
\left\lfloor
\frac{\text{registry\_total\_fee} \times \text{registry\_remaining\_quote}}
{\text{registry\_total\_deposit}}
\right\rfloor
```

```math theme={"system"}
\text{user\_refund\_fee} =
\left\lfloor
\frac{\text{user\_total\_fee} \times \text{registry\_refund\_fee}}
{\text{registry\_total\_fee}}
\right\rfloor
```

# Failed sale refund

If the sale fails, each buyer can withdraw their full remaining net deposit and deposit fee:

```math theme={"system"}
\text{failed\_sale\_refund} = \text{user\_deposit} + \text{user\_deposit\_fee}
```

The creator can withdraw the base-token supply from a failed sale.

# Creator withdrawal

After a successful sale, the creator can withdraw quote token once:

```math theme={"system"}
\text{creator\_quote\_withdrawal} =
\min(\text{total\_deposit},\ \text{presale\_maximum\_cap})
```

Deposit fees are collected through a separate instruction after completion. For Fixed Price and FCFS, the collectible fee is total deposit fee. For Pro Rata, the collectible fee excludes refundable overflow fee.

# Unlock and vesting

First, split the sold allocation into immediate and vested portions:

```math theme={"system"}
\text{immediate\_amount} =
\left\lfloor
\frac{\text{total\_sold\_token} \times \text{immediate\_release\_bps}}
{10{,}000}
\right\rfloor
```

```math theme={"system"}
\text{vested\_amount} = \text{total\_sold\_token} - \text{immediate\_amount}
```

The immediate portion is included only once the current timestamp is at or after `immediate_release_timestamp`.

The vested portion starts at:

```math theme={"system"}
\text{vesting\_start\_time} = \text{presale\_end\_time} + \text{lock\_duration}
```

and ends at:

```math theme={"system"}
\text{vesting\_end\_time} = \text{vesting\_start\_time} + \text{vest\_duration}
```

If `vest_duration` is zero, the vested portion becomes claimable at `vesting_start_time`. Otherwise it unlocks linearly:

```math theme={"system"}
\text{dripped\_vested\_amount} =
\left\lfloor
\frac{\text{vested\_amount} \times \min(\text{elapsed\_seconds},\ \text{vest\_duration})}
{\text{vest\_duration}}
\right\rfloor
```

The user's cumulative claimable token is their deposit share of the released amounts:

```math theme={"system"}
\text{user\_claimable} =
\left\lfloor
\frac{(\text{released\_immediate} + \text{dripped\_vested\_amount}) \times \text{user\_deposit}}
{\text{registry\_total\_deposit}}
\right\rfloor
```

The next claim is cumulative claimable minus already claimed and pending claim amounts.

# Transfer fees

If the base or quote mint is a supported Token-2022 mint with Transfer Fee enabled, transfers may require additional amount on deposit and may deliver less than the transferred amount on withdrawal or claim. Presale Vault accounts for transfer-fee-inclusive and transfer-fee-exclusive amounts when moving tokens, but allocation math is based on the net deposit tracked by the program.