The mode chosen at launch decides who can signal; the reward split is configured independently. Both are administered through the FundController.

Holder-led mode

Any holder may escrow Coin and put weight on strategies. The signal reward share of each sale is chosen at launch, and the controller owner can change it anywhere from 0 to 2,000 basis points:

FundController.setBribeBps(newBribeBps);

Each fill snapshots the value before any token moves, so the split remains consistent within that execution. Completed fills and existing reward streams are unaffected; a pending transaction uses the setting in effect when it executes. Setting it to zero sends every sale entirely to the treasury; setting it to 2,000 sends a fifth of every sale to that strategy's signalers.

Manager-led mode

Managed launches approve the team as the first manager. There is no separate manager-address input at launch. The owner may approve multiple accounts; each signals with its own Coin and owns its own positions. The signal reward share is chosen at launch, as in holder-led mode, and the owner can change it anywhere from 0 to 2,000 basis points (0 to 20%). A nonzero split sends that portion of future auction payments to signal rewards instead of the treasury.

FundController.setSignalManager(manager, true);  // approve
FundController.setSignalManager(manager, false); // revoke future additions
FundController.setBribeBps(newBribeBps);          // 0–2000 in either mode
FundController.openToCommunity();               // irreversible

Removing a manager preserves its existing positions, exits and reward claims. An empty manager list remains restricted; it does not open the fund to everyone. Ownership transfers do not automatically change memberships. Opening to holders preserves the current reward split and lets all Coin holders signal permanently. There is no function to restore manager-led signaling.

While managed, the owner can separately clear a revoked manager's entire position in one strategy with FundController.forceRemoveSignal(account, strategy). The corresponding sCoin is burned and Coin returns directly to that account. Rewards already earned remain claimable under the existing rounding rules. Other positions are unchanged. This action has no amount or alternate-recipient input and is unavailable after community opening. In Manage → Settings → Signal settings → Managers, current managers are listed with a Remove button, and positions left by removed managers with a Clear position button.

Choosing

Manager-led mode is for a team who wants to run signaling at first, for example to build a specific asset mix before holders arrive, with a credible path to handing it over. Holder-led mode is for a fund that should be steered by its holders from day one. If you are unsure, note that the path only runs one way: you can open a managed launch later, but you can never manage an open one.