> ## 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.

# What is Presale Vault?

> Learn how Meteora's Presale Vault helps teams run standalone token presales with fixed-price, FCFS, and pro rata modes, permissioned access, registry buckets, refunds, fees, and vesting.

<Warning>
  Presale Vault is still in beta and is subject to breaking changes.
</Warning>

Presale Vault is Meteora's on-chain infrastructure for teams that want to run a standalone token sale before market trading begins.

A creator deposits the token being sold into a program-owned base vault. Buyers deposit a quote token during the sale window. If the sale succeeds, buyers claim the sold token according to the selected sale mode and unlock schedule. If the sale fails, buyers can withdraw their deposited quote token and refundable fees.

<Info>
  Presale Vault runs on the mainnet program `presSVxnf9UU8jMxhgSMqaRwNiT36qeBdNeTRKjTdbj`.
</Info>

## Why Presale Vault Exists

Pre-market token sales need more than a deposit address. Teams often need caps, allowlists, multiple participant tiers, predictable refund rules, vesting, and clean post-sale accounting before a token is listed on a live market.

Presale Vault brings those sale mechanics into one on-chain flow. A creator or launchpad can configure the sale terms up front, buyers participate through escrow accounts, and the program handles allocation, refunds, claims, fees, and unsold-token handling according to the configured mode.

<CardGroup cols={2}>
  <Card title="Standalone Fundraising" icon="coins" iconType="solid">
    Run a token sale before market trading begins, without requiring an AMM pool or automatic liquidity deployment.
  </Card>

  <Card title="Multiple Sale Modes" icon="shuffle" iconType="solid">
    Choose Fixed Price, FCFS, or Pro Rata depending on whether the sale needs a known price, capped urgency, or proportional allocation under oversubscription.
  </Card>

  <Card title="Participant Buckets" icon="users" iconType="solid">
    Use 1 to 5 registries to separate allocations, deposit fee bps, and buyer deposit ranges.
  </Card>

  <Card title="Permissioned Access" icon="shield-check" iconType="solid">
    Support public participation, operator-created escrows, or Merkle-proof allowlists with per-buyer registry and cap data.
  </Card>

  <Card title="Refund and Fee Accounting" icon="receipt" iconType="solid">
    Track net deposits and deposit fees separately, including failed-sale refunds and Pro Rata overflow refunds.
  </Card>

  <Card title="Unlock Control" icon="lock" iconType="solid">
    Configure immediate release, lock duration, and linear vesting for tokens bought in a successful sale.
  </Card>
</CardGroup>

## How Presale Vault Works

A Presale Vault launch has two main phases.

During the **sale phase**, the creator initializes the vault, funds the base-token vault, and buyers create escrow accounts. Deposits are accepted only while the sale is ongoing. The selected mode controls whether deposits are capped at the maximum cap, whether buyers can withdraw during the sale, and how allocations are calculated.

During the **settlement phase**, the sale is either completed or failed. Completed sales allow buyer claims, creator quote withdrawal, deposit-fee collection, Pro Rata overflow refunds when applicable, and one-time unsold base-token handling. Failed sales allow buyers to withdraw their quote deposit and fee, while the creator can withdraw the unsold base supply.

| Stage                | What Happens                                                                                                                                                            |
| -------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Initialize vault     | The creator sets the mode, whitelist mode, caps, timing, registries, unlock schedule, and unsold-token action. The base vault is funded with the total registry supply. |
| Create escrows       | Buyers need an escrow before depositing. Permissionless escrows use registry `0`; permissioned escrows include registry and personal cap data.                          |
| Deposit quote        | Buyers deposit net quote token plus any registry deposit fee and Token-2022 transfer fee. The program records the net amount used for allocation.                       |
| Sale ends            | The sale completes if total net deposits meet the minimum cap. Fixed Price and FCFS can end early at the maximum cap unless disabled.                                   |
| Settle buyers        | Completed sales allow claims. Failed sales allow full remaining quote and fee refunds. Completed Pro Rata sales allow proportional overflow quote and fee refunds.      |
| Settle creator       | The creator can withdraw raised quote after completion, withdraw base supply after failure, and collect non-refundable deposit fees after completion.                   |
| Handle unsold supply | After completion, unsold base token can be returned to the creator or burned once, depending on the configured action.                                                  |

## Product Building Blocks

<CardGroup cols={2}>
  <Card title="Presale Vault Modes" href="/helper-products/presale-vault/vault-modes" icon="shuffle">
    Compare Fixed Price, FCFS, and Pro Rata behavior around deposit capacity, withdrawals, allocation, and refunds.
  </Card>

  <Card title="Presale Vault Configuration Guide" href="/helper-products/presale-vault/configuration-guide" icon="gear">
    Review the main setup constraints around tokens, timing, caps, registries, access, fees, vesting, and unsold-token handling.
  </Card>

  <Card title="Presale Vault Token 2022 Support" href="/helper-products/presale-vault/token-2022-support" icon="certificate">
    See supported Token-2022 extensions, transfer-fee behavior, transfer hooks, and memo-transfer handling.
  </Card>

  <Card title="Presale Vault Access and States" href="/helper-products/presale-vault/access-and-states" icon="key">
    Review state accounts, escrow creation paths, operator permissions, Merkle roots, lifecycle gates, and close conditions.
  </Card>
</CardGroup>

<CardGroup cols={1}>
  <Card title="Presale Vault Formulas" href="/helper-products/presale-vault/formulas" icon="calculator">
    Understand the core formulas for Q64.64 fixed price, dynamic allocation, deposit fees, refunds, creator withdrawal, and vesting.
  </Card>
</CardGroup>

## Who Presale Vault Is For

<AccordionGroup>
  <Accordion title="Launchpads">
    Presale Vault is useful for launchpads that want repeatable presale infrastructure with configurable sale modes, permissioned access, registries, deposit fees, refunds, and vesting.
  </Accordion>

  <Accordion title="Token Creators">
    Creators can run a standalone fundraising round before listing, decide who can participate, define per-buyer limits, configure unlocks, and settle raised quote tokens after the sale.
  </Accordion>

  <Accordion title="Buyers">
    Buyers get an escrow account that tracks their registry, net deposit, deposit fee, personal cap, pending claim amount, claimed tokens, and remaining-quote withdrawal status.
  </Accordion>

  <Accordion title="Ecosystem Integrators">
    Wallets, launch interfaces, dashboards, and indexers can follow a clear lifecycle: vault initialization, escrow creation, deposits, completion or failure, claims, refunds, and creator settlement.
  </Accordion>
</AccordionGroup>

## Presale Vault vs Alpha Vault

Presale Vault and Alpha Vault both support early token access, but they solve different launch problems.

* **Presale Vault** runs a standalone token sale. Buyers deposit quote tokens into a presale vault and later claim the sold token. The creator withdraws raised quote tokens after a successful sale.
* **Alpha Vault** is paired with a launch pool. Users deposit into the vault so the vault can buy from that pool before public trading starts.

Use Presale Vault when the goal is a configurable fundraising round. Use Alpha Vault when the goal is first access to buy from a launch pool.

<Warning>
  Presale Vault does not automatically create liquidity or list the token after the sale. Launch teams should plan creator withdrawal, fee collection, refunds, unsold-token handling, and any post-sale liquidity deployment before deposits open.
</Warning>