> For the complete documentation index, see [llms.txt](https://ovro.gitbook.io/ovro-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ovro.gitbook.io/ovro-docs/overview/launch-phases.md).

# Launch phases: Genesis → $OVRO

OVRO launched the product before the token. You can check that the raffle works, on mainnet, before $OVRO exists.

## Phase 1 — Genesis (live since 14 September 2026)

* Raffle rounds run on **Robinhood Chain mainnet** with real ETH.
* Rounds are **open to every wallet**. No token is required.
* Each round follows the normal economics: **90% prize, 5% treasury, 5% buyback**.
* The 5% buyback share **stays in the raffle contract** as the *buyback reserve*. You can see its value live on the site under **● ONCHAIN**, and it is the `buybackAccrued` value on the contract. It is not a withdrawable balance: it can only leave the contract through `fundBuyback`, to the configured buyback executor. That executor is set at token activation; after that, changing it requires the 48-hour timelock.

## Phase 2 — $OVRO launch on Pons V2 (done, 21 September 2026)

$OVRO is created on [Pons V2](https://docs.ponsfamily.com/v2), the Robinhood Chain launchpad:

* Fixed supply, minted entirely into the Pons bonding curve. There is no presale and no private allocation.
* ETH pair. After the curve sells out, liquidity graduates to a Uniswap v4 pool and is locked permanently by Pons.

## Phase 3 — Token activation (done)

Right after the launch the protocol multisig performs a **one-time activation** on the raffle contract (`activateToken`):

1. A buyback executor for $OVRO is deployed and verified.
2. A new round configuration is registered in which **holding $OVRO is required** to enter. It applies from the **next round**; the round in progress keeps its rules.
3. The Genesis buyback reserve becomes spendable. The automation forwards it to the executor, which **buys $OVRO on Pons and burns it**.

The activation can be executed **only once**, only during Genesis, and only with the same validation as any config: the protocol fee cap still applies. After that, every parameter change goes through the 48-hour timelock.

## Phase 4 — Holder rounds (live now)

* Entering requires the minimum $OVRO balance.
* Larger balances can unlock higher per-wallet ticket limits.
* Every round keeps funding the buyback & burn.

See the [Roadmap](/ovro-docs/resources/roadmap.md) for what comes next.


---

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