> ## Documentation Index
> Fetch the complete documentation index at: https://docs.windrose.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Protocol architecture

> The contracts that power wrapped currencies and token markets.

Windrose is a set of non-upgradeable contracts for issuing wrapped currencies and launching markets in them.

## Contract map

| Contract                        | Role                                                                 |
| ------------------------------- | -------------------------------------------------------------------- |
| `CurrencyRegistry`              | Registers currencies, their quote assets, vaults, and active oracle. |
| `FxVault` + `SynthToken`        | Mints and redeems a wrapped currency against the chain's dollar.     |
| `FxOracle`                      | Supplies currency-per-dollar rates.                                  |
| `LaunchFactory` + `LaunchToken` | Creates a fixed-supply token and its bonding curve.                  |
| `BondingCurve`                  | Prices the token until graduation.                                   |
| `Router`                        | Composes dollar-to-currency conversion with buys and sells.          |
| `LiquidityLocker`               | Holds graduated Uniswap v4 liquidity permanently.                    |

## A launch from start to finish

1. The factory reads the chosen currency and its oracle rate.
2. It creates a fixed-supply token and a curve with a starting price.
3. Traders buy and sell in the launch currency. The router can mint that currency from dollars in the same transaction.
4. Once the curve reaches its target, it closes and seeds a full-range Uniswap v4 position.
5. The locker owns the position and can collect fees but cannot remove liquidity.

## Safety properties

* Launch tokens and curves have no admin after creation.
* Contracts are non-upgradeable.
* Fees are claimed separately, so fee transfers cannot interrupt a trade.
* Minimum-output checks protect trades from unexpected price movement.
* Vault redemptions are pro rata when collateral is below 100%.

## Parameters

The default launch has a 1,000,000,000 token supply: 75% sells on the curve and 25% seeds liquidity. Curve trades charge 1%; graduation charges 2%. Wrapped currency vaults charge 0.3% when rates are fresh and 1% when stale. Backers receive 80% of mint and redeem fees.

See the [contract reference](/protocol/contracts/currency-registry), [launch lifecycle](/protocol/integrate/launch-lifecycle), and [security model](/protocol/integrate/security-model) for implementation details.