Rules & fees
How a round runs
| Stage | What happens |
|---|---|
| Open | No start or end time. Agent ID holders (or their bound wallets) subscribe, top up or exit within the per-person range; each Agent ID counts once per round. |
| Full | Reaching the target closes subscriptions and exits. Anyone can trigger the launch; the keeper does it automatically. |
| Launched | Token creation and the opening buy happen in one transaction, then tokens are distributed. |
| Refunding | Only if a full round hasn't launched within 3 days: full refunds, no fee. |
- The last subscription only takes what's needed to fill the round; the rest is returned on the spot. It may be below the per-person minimum.
- The issuer cannot cancel a round or change any parameter.
Fees
| Item | Rule |
|---|---|
| Rate | 2% by default; adjustable 1%–5% in the contract. Each round locks the rate at creation, so later changes don't affect it. |
| Who pays | Subscribers, on their own amounts. Issuers pay nothing (only Flap's 0.01 BNB address lock fee). |
| At launch | Charged on the BNB actually used to buy; anything Flap returns is fee-free. |
| On exit | Charged on the amount exited. |
| Where it goes | Straight to the Zebra DAO. No gas reimbursement and no reward for whoever triggers. |
Flap separately charges a 1% trading fee on each buy and sell, plus any buy/sell tax the issuer set (which also applies to the round's buy). Under Flap's current rules each tax payment first loses a 10% protocol fee and a 2% commission, and the other 88% goes where the issuer set; Zebra launches name the Zebra DAO as the receiver of that 2% commission.
Curve progress after launch
Same measure as Flap's UI: tokens sold ÷ 80% (graduation at 800M sold; the other 200M go to PancakeSwap with the raised funds). 100% means the round's buy fills the curve and graduates on the spot.
Estimated on Flap's current BNB curve (Portal v5.26: r = 6.14, about 16 BNB in the curve at graduation):
| Progress after launch | Supply bought by the round | Raise needed (incl. 2% fee and Flap's 1%) | Left for the market to graduate |
|---|---|---|---|
| 10% | 8% | 0.49 BNB | 15.52 BNB |
| 25% | 20% | 1.40 BNB | 14.65 BNB |
| 50% | 40% | 3.58 BNB | 12.53 BNB |
| 62.5% | 50% | 5.21 BNB | 10.94 BNB |
| 75% | 60% | 7.49 BNB | 8.73 BNB |
| 90% | 72% | 11.78 BNB | 4.58 BNB |
| 100% | 80% | 16.49 BNB | 0 (graduates at launch) |
The higher the progress, the less upside for subscribers, since gains come from later market buys; at 100%, if every subscriber sold, the group would lose about 20%. When Flap changes its curve, zebra.pub and the API recalculate from the new parameters automatically.
Non-BNB pools
Issuers can pick other pools Flap supports (USD1, USDT, stock tokens and so on). Subscribing, exiting and refunds stay in BNB. Only at launch:
- The token is created with a zero opening buy;
- In the same transaction, BNB buys through Flap, which swaps it into the pool's quote token.
To stop the launch being sandwiched, the contract uses PancakeSwap V3's 30-minute average price to set the minimum tokens out, and requires the reference pools' spot price to be within half the slippage cap of that average. If not, the launch reverts with nothing changed on-chain and is retried later. The issuer sets the slippage cap, 1%–5%.
The reference pools are exactly the pools Flap converts through: before registering a route, Zebra buys through Flap with BNB on a mainnet fork, records which pools Flap went through, and registers those. Every launch checks this again: each of those pools' prices must move the way the buy moves them, otherwise Flap used some other pool and the launch reverts to be retried (if Flap changed its path, the round can be fully refunded 3 days after filling). Pool tokens Flap converts through V2 or another DEX have no usable average price and are not offered.
To look back 30 minutes, a reference pool must keep enough price observations (at least 1,800); otherwise someone could cheaply push the start of the window out of its history and block launches. Zebra grows a pool's history before registering its route, and the pool opens for new rounds once that history has actually filled; until then the site shows it as unavailable.
Progress is always estimated on the BNB curve, so a non-BNB pool's actual progress drifts slightly with the exchange rate. Choosing 100% adds 20% headroom automatically; the extra BNB is returned to subscribers at launch.