Launchpad: 4-Layer Drop

The Paimon Launchpad is the issuance venue for Paimon-curated alternative assets. It is live on BSC mainnet and has executed at least one production drop (xSPCX SpaceX SPV, V4 contract, April 2026).

Module

Mainnet address

LaunchpadDrop (V4.2.2)

0xea088Af719F3238982823fa5eE1C1FaCb2E0e231

LaunchpadSettlement

(operational, not enumerated)

PaimonTreasury (launchpad)

(operational, not enumerated)

PaimonBadge

0x48e9a6846D9722599621aF8A6af0F23b0dB8184a

PointsHubV2

0x748560eaCcd4C01FC29b3B5b72d3b8C85B2B5017

Settlement currency

USDT BSC 0x55d398326f99059fF775485246999027B3197955

Drop Lifecycle

A Drop progresses through eight on-chain phases, defined in DropPhase (ILaunchpadDrop.sol:8-17):

Created ──► QuestActive ──► Snapshot ──► Commitment ──► LayerSale ──► Settled ──► Finalized
                                                                          │
                                                                          └──► Cancelled (any phase)

Phase

What happens

Triggered by

Created

Drop config + 4 layers configured; RWA token escrowed; metadata linked

createDrop (KEEPER)

QuestActive

Pre-drop quest period (if any) — users earn points via tasks

advancePhase

Snapshot

Merkle snapshot of points balances taken; users below the per-layer threshold are filtered out

setSnapshot (KEEPER, off-chain merkle)

Commitment

Users call commit(layerIdx, usdtAmount) — locks points + escrows USDT

advancePhase

LayerSale

Layer-by-layer settlement: keeper calls settleLayerBatch (Batch mode) or sets settlementRoot (MerkleClaim mode); users claimAllocation

advancePhase

Settled

Refund window opens; over-committed USDT returned via requestRefund; per-layer closeRefundWindow ends the window

advancePhase

Finalized

All layers closed, USDT split between Treasury and vePool, leftover RWA returned to issuer, badges minted via finalizeUserPoints

finalizeSettlement

Layer Structure

Every drop has exactly four layers (LAYER_COUNT = 4, LaunchpadDrop.sol:47). Each layer is independently configured via the LayerConfig struct (ILaunchpadDrop.sol:37-46):

Field

Meaning

priceDiscount

Discount in basis points off basePrice (e.g. 6032 = 60.32 % off)

minUsdtRequired

Minimum USDT a wallet must commit to participate in this layer (0 = no floor)

pointsPerUsd

Points consumed per 1 USDT committed (1e18 precision; e.g. 1.5e18 = 1.5 points per $1)

allocationBps

Layer's share of the total raise in basis points (the four layers must sum to 10000)

perWalletCap

Maximum USDT a single wallet can commit in this layer (0 = no cap)

saleStartTime / saleEndTime

Layer-specific sale window (layers can overlap or stagger)

mode

SettlementMode.Batch (keeper allocates on-chain, gas-bounded MAX_BATCH_SIZE = 200) or SettlementMode.MerkleClaim (off-chain merkle, user claims with proof)

The points-and-USDT double-gate is what differentiates a Paimon drop from a plain "first-come-first-served" sale: lower layers offer steeper discounts but require more points, so users who consistently engage with the protocol (staking, social tasks, holding) get priority access to the best prices.

Worked Example — xSPCX V4 (April 2026)

This is a real drop that executed on mainnet, with parameters as committed via the V4 contract.

Metric

Value

Asset

xSPCX Paimon Tradable SpaceX SPV Token

Total supply for sale

30,600 xSPCX

Total raise target

$200,000 USDT

Base price

$6.93

Settlement mode

MerkleClaim

Refund window

1 minute (operational, configurable)

Commitment window

4/13 → 4/20 (7 days)

Sale window

4/20 21:00 → 23:00 EDT (2 hours)

Layer pricing

Layer

Public name

Discount

Effective price

Min commit

Per-wallet cap

Points/USD

Implicit points floor

L0 — Pioneer

The Founders

60.32 %

$2.75

$2,000

$20,000

1.5

3,000 pts

L1 — Builder

The Core

33.91 %

$4.58

$500

$10,000

1.0

500 pts

L2 — Explorer

Early Movers

7.65 %

$6.40

$100

$5,000

0.5

50 pts

L3 — Open

Community

0 %

$6.93

—

$2,000

Points required to fully fill a layer's per-wallet cap = cap × pointsPerUsd. So a user who wants to max out the Pioneer layer ($20,000 cap) needs 30,000 points, while the Open layer is freely available to anyone.

Fee Routing

Per drop, the platform takes a configurable issuance fee (issuanceFeeBps, default 100 bps = 1 %), split between the protocol Treasury and the vePool:

Default split

Bucket

Purpose

70 % of fee

PaimonTreasury

Protocol operations, audit, compliance reserves

30 % of fee

vePool

Reserved for future vePAIMON / governance distribution

Project revenue (raise minus fee)

Issuer Treasury

Settles to the issuer per drop config

Unsold RWA

Returned to issuer

Reduces dilution of secondary holders

All routing is recorded in DropTreasuryRecord (ILaunchpadDrop.sol:84-89) and re-derivable from LaunchpadDrop events.

Soulbound Badges

Successful commitment in a drop mints a non-transferable PaimonBadge (PaimonBadge.sol:208-211):

Enum

Badge name

Earned by

SpacePioneer

Space Pioneer

Participating in a SpaceX-themed drop (e.g. xSPCX)

AIBeliever

AI Believer

Participating in an AI-themed drop (e.g. future Anthropic SPV)

DualHolder

Dual Holder

Holding badges across multiple categories

TopReferrer

Top Referrer

Driving qualified referrals into a drop

QuestMaster

Quest Master

Completing all pre-drop quests

Badges are mapped per (user, BadgeType) and each combination can only be minted once (userBadges[user][type] == false → mintable). They serve as on-chain proof of participation and unlock multipliers in the points system.

Refund Window

After a layer settles in MerkleClaim mode, users who committed but did not receive their full requested allocation can call requestRefund. Once the operator calls closeRefundWindow for a layer, no further refunds can be claimed. The refund window duration is global (refundWindowDuration, default 3 days; can be reduced operationally — for the xSPCX V4 it was set to 1 minute since the entire sale was a 2-hour event).

Operator Flow

End-to-end Drop lifecycle as executed by the issuance operator:

Configure refund window duration
Create drop — escrows the RWA token, runs on-chain createDrop with the layer config
Link metadata (project info / image / description) to the drop
Advance Created → QuestActive
Wait for the commitment window to close
Advance to LayerSale; for each layer, set the settlement merkle root (MerkleClaim mode) or run batch settlement (Batch mode)
Users claimAllocation with their merkle proof
Advance to Settled
closeRefundWindow(layerIdx) × 4 → finalizeSettlement(dropId)

All steps map to on-chain calls on LaunchpadDrop / LaunchpadSettlement; the operator dashboard is the off-chain UI that batches these calls and signs them with the KEEPER service account under multisig review.

What This Replaces

A previous draft of this document described a "Hard Gate Review + Soft Scoring + Candidate Pool" governance flow for asset onboarding. That mechanism is not implemented in any contract. Asset curation today is performed off-chain by the Paimon team prior to drop creation; on-chain enforcement is limited to the drop / layer / settlement mechanics described above.

The on-chain points-and-USDT double-gate is what enforces "fair access" — it does not screen which assets get listed (that is a curatorial decision), but it does control who gets early access at favourable prices.

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Last updated 10 days ago