Issuance & Funding

The Pending phase starts as soon as the issuer registers an LTT issuance and the Binding Machine Program stores its parameters on chain. While Pending the issuer deposits the required collateral into the Collateral Vault, where it locks immediately and can move only under program control. At the scheduled opening timestamp a Keeper Bot submits a start instruction. The program checks that the opening time has arrived and confirms the vault still holds the full collateral. When both conditions pass, the state advances to Funding and the sale opens.

During Funding investors transfer USDC to the Funding Vault. For every USDC received the program mints one LTT and sends it to the contributor. All USDC stays in the vault for the entire window, so neither issuer nor investors can touch the funds until the window closes. When the closing timestamp arrives the Keeper Bot calls a close instruction. The program tallies the total raised. If contributions meet the target the state changes to Active. The program unlocks the USDC, seeds a liquidity pool with a predefined slice of USDC plus an equal value of reserved LTT, then allows the issuer to withdraw the remaining USDC. Collateral remains locked and interest on the issued LTT starts to accrue from this moment. If the raise falls short the state switches to Cancelled. Investors burn their LTT to reclaim their USDC, and the program simultaneously releases the collateral back to the issuer in one atomic transaction.