Protocol

Anyone can rebuild every number on Sprig from public data.

Keys

• Keeper key. Pays Solana fees and signs every Memo record.
• Builder keys. One per app, derived from the listing ID, used only to claim fees.
• Escrow addresses. One per raise, derived from the raise ID.

Records

Every step writes a Solana Memo with a short JSON body:

{"v":1,"t":"tranche","app":"fundingcat","n":2,"usdc":"2400.00"}

Record types: open, back, close, refund, tranche, split, claim, burn.

Fills

Routed volume is read from Hyperliquid’s daily fills files per builder address. The tranche math is in the public API so the result can be checked line by line.