Vault lifecycle

The five stages every new vault goes through, from deployed to trading live, and what can happen at each one.

Vault lifecycle

1. Deployed
2. Activated
3. Strategies set
4. Auction
5. Trading live

A new vault moves through five stages. The creator drives the first two in the app. The rest are run by 4626 and by the auction itself.

The five stages

Stage	What happens	Can people buy shares?
Deployed	The vault's contracts exist onchain, but hold nothing yet.	No
Activated	The creator deposits 100,000,000 creator coins. The deposit is wrapped into ShareOFT and split for launch. 25% is bridged to Solana.	No
Strategies set	Strategy 1 is the v4 pool at 80%. Strategy 2 lends 10% on Morpho. 10% stays idle.	No
Auction	A fair-launch auction sells ShareOFT for ETH. Bids open on the next Thursday 00:00 UTC.	Only by bidding
Trading live	The auction has settled and the ShareOFT/ETH pool is open on Base.	Yes, on any Base DEX

Activated is not trading live

This is the most common point of confusion. Activating a vault does not start trading. Activation deposits the creator coin and creates the shares, but it does not schedule the auction. The auction is scheduled in a later step, and trading starts only after the auction settles.

The end of the auction isn't the start of trading either. A few settlement steps run first (listed below). Fees and the lottery start with the first qualifying buy after that.

What happens after the auction

When the auction ends, it either graduates (it raised at least its minimum) or fails.

If it graduates, these steps run in order:

1. Collect the raise. sweepCurrency() moves the auction's ETH out.
2. Open the pool. migrate() initializes the ShareOFT/ETH pool and its price oracle. It does not add liquidity yet.
3. Add liquidity. The mesh LP manager is deployed and seeded (deployShareMeshLpManager → seedLpManager() → seedRebalance()).
4. Route fees. The pool hook and tradeFeeCollector are pointed at the vault's gauge.

Once all four are done, the vault is trading live. The only Base market is ShareOFT/ETH.

If the auction fails, finalizeFailedAuction() and sweepUnsoldTokens() return the unsold ShareOFT and clear the auction so it can be relaunched. See CCA launch arm.

Phases, for reference

The app and the contracts number the same stages as phases:

Phase	Stage	Onchain entry point
1	Deployed	Deploy batch
2	Activated	finalizePhase2
3	Strategies set	deployPhase3Strategies + deployToStrategies
4	Auction scheduled	launchDeferredAuction
—	Trading live	Settlement steps above

Creators follow these steps in the launch guide.