Why not the alternatives
Why Pangu instead of Meteora's own Alpha Vault, Presale Vault, a plain launchpad, or a fixed price sale.
An issuer has other ways to run a first sale. Here is why Pangu is a different, and better, fit for a stock token's first sale on a live curve.
Why not Alpha Vault
Alpha Vault is Meteora's own fairness product, and it is a good one, but it only sits in front of DLMM and DAMM pools. It cannot attach to a bonding curve at all, so it has no way to run during price discovery, which is exactly the moment a stock token's first buyers need protecting. It also sells at one fixed price it decides in advance. Pangu's rules run inside a live curve the whole time, so the price is still being discovered, not fixed by anyone.
Why not Presale Vault
Presale Vault is Meteora's own beta product for a capped, allowlisted sale (program presSVxnf9UU8jMxhgSMqaRwNiT36qeBdNeTRKjTdbj), but it is a standalone sale that happens before any market exists: a fixed price, first come, or a pro-rata split. There is no curve and no price discovery. Pangu's rules run inside the DBC curve all the way through to graduation, and selling back to the pool is always allowed, a guarantee neither Meteora product makes, because neither one is built around an ongoing curve.
Why not a plain launchpad
A plain launchpad with no rules program lets the fastest bot or the biggest wallet take most of a sale in the first block, which is exactly the outcome a stock token's first buyers should be protected from. Pangu is that protection, built as the token's own transfer hook so it cannot be skipped by using a different app or a different wallet.
Why not a fixed price
A fixed price sale (name a number, sell at that number until it runs out) throws away the one thing a bonding curve is good at: finding out what buyers are actually willing to pay. It also gives no natural way to defend against a runaway price, because there is no live curve price to compare against anything. Pangu's optional price ceiling only works because there is a live curve price to check, every single buy, against the real stock's market price.
How it works
The four rules, what a sale must get right to open, when the rules switch off, where each rule shows up in the app, and why Pangu has to sit inside a transfer hook.
Getting started
The pages to open first, then running a sale from the terminal as an issuer, what preflight tells a buyer, and installing the SDK as a developer.