From first buy to locked liquidity.
Umbra Pad keeps the market public and lets participants stay private. Here's what happens at each stage.
Step 1
A launch is created
A creator adds a logo, name and ticker, then picks a raise target. There's no presale or team allocation. 800M tokens go on the curve and 200M are reserved for liquidity.
- On the curve
- 800M
- Reserved for liquidity
- 200M
- Team allocation
- 0
Step 2
The sealed opening
For the first two minutes, every order joins one batch, including public ones. Everyone in it pays the same blended price, so being first gains a sniper nothing.
- Duration
- 2 minutes
- Speed advantage
- None
- Batches after that
- Every 60 seconds
Step 3
You choose a privacy level
Public buys use any amount and settle instantly. Private buys spend fixed-size notes from your private balance through a relayer. Shielded Amount does the same, and also marks your wallet publicly as a participant.
0x7a3f…c91ebought1.00 ETH
0x7a3f…c91ebought
bought
Step 4
Your device makes a proof
A zero-knowledge proof shows you own an unspent note, without saying which. It's generated in your browser, so your secrets never leave your device. The proof also fixes the recipient and fee, so the relayer can't change them.
- Note sizes
- 0.01, 0.1, 1 ETH
- Pool fee
- 1%
- Relayer fee
- From 0.0001 ETH
Step 5
Limits still apply
Each launch caps spending per wallet, and proofs enforce that for private buys too, without revealing the wallet. Strict launches also screen public buyers for signs of bundling.
- Limit, standard
- 2% of the raise
- Limit, strict
- 1% of the raise
- Burst limit
- 5% per 12 seconds
Step 6
The batch settles
Sealed orders settle together. The curve moves by the batch total, and tokens are delivered to a fresh private address for each note.
- Public
- Batch total, note sizes
- Hidden
- Who bought, per person totals
- Priced at
- Blended batch price
Step 7
The curve graduates
At the target, all the ETH and 200M tokens go into a Uniswap V2 pool, and the LP tokens are burned. Token transfers open at that moment. Before then, nobody can sell.
- Liquidity
- 100% of the raise
- Lock
- Forever
- Sells before graduation
- Not possible
Questions
No. The contracts and the privacy circuit haven't had an independent audit, and the contracts can't be changed once deployed. A bug could lose or expose funds permanently. The private pool has a total balance limit while it's new. Only use money you can afford to lose.