Rename Vault Strategy to Managed Fund, and Token Fundraiser to Fundraiser

.github/workflows/kani.yml

@@ -58,8 +58,8 @@ jobs:
           - order-book
           - lending
           - betting-market
-          - vault-strategy
-          - token-fundraiser
+          - managed-fund
+          - fundraiser
           - prop-amm
           - options
     steps:
@@ -103,8 +103,8 @@ jobs:
           - order-book
           - lending
           - betting-market
-          - vault-strategy
-          - token-fundraiser
+          - managed-fund
+          - fundraiser
           - prop-amm
           - options
     steps:

.github/workflows/typescript.yml

@@ -34,12 +34,12 @@ jobs:
   # the program's IDL would have gone unnoticed. `verify` runs the client's
   # instruction encoding, account decoding and PDA derivation against the
   # committed IDL, offline, with no validator.
-  vault-strategy-app:
-    name: Vault strategy app
+  managed-fund-app:
+    name: Managed fund app
     runs-on: ubuntu-latest
     defaults:
       run:
-        working-directory: finance/vault-strategy/anchor/app
+        working-directory: finance/managed-fund/anchor/app
     steps:
       - uses: actions/checkout@v5
       - uses: pnpm/action-setup@v4

CHANGELOG.md

@@ -4,6 +4,51 @@ All notable changes to this repository are documented here.
 
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.1.0/).
 
+## [2026-09-28] - Token Fundraiser is renamed Fundraiser
+
+Contributors to the fundraiser receive no token, only a refund if the target is
+missed, so "Token Fundraiser" described something the program does not do.
+
+### Changed
+
+- `finance/token-fundraiser` is now `finance/fundraiser`, in Anchor v2, Anchor
+  v1 and Quasar, with its Kani proofs. The Quasar crate is `quasar-fundraiser`
+  and the proofs crate `fundraiser-kani-proofs`; the Anchor programs were
+  already named `fundraiser`. Accounts, instruction handlers and behavior are
+  unchanged.
+- `README.md`, `llms.txt` and the example's READMEs say it was formerly Token
+  Fundraiser, and `finance/token-fundraiser/README.md` points old links to the
+  new location.
+
+## [2026-09-28] - Vault Strategy is renamed Managed Fund
+
+The example called Vault Strategy is a manager-run fund: investors deposit for
+shares priced at net asset value, and a manager allocates the pool across a
+basket of approved assets. Finance calls that a managed fund, the onchain
+equivalent of a mutual fund. It is not an index fund, whose weights follow an
+outside index with no manager choosing them. "Vault" also meant two things in
+the example: the whole product, and the single-asset token accounts it owns.
+Now it means only the token accounts.
+
+### Changed
+
+- `finance/vault-strategy` is now `finance/managed-fund`, in Anchor v2, Anchor
+  v1 and Quasar, with its Kani proofs and web app. The program crate is
+  `managed-fund` (library `managed_fund`; Quasar `quasar-managed-fund`), the
+  `Strategy` account is `Fund`, `initialize_strategy` is `initialize_fund`, the
+  `StrategyNotFullyAllocated` error is `FundNotFullyAllocated`, and the error
+  enum `VaultError` is `FundError`. The fund PDA's seed is `"fund"` instead of
+  `"strategy"`, so fund addresses change, and `initialize_fund` and `Fund`
+  have new Anchor discriminators. The program IDs and the programs' behavior
+  are unchanged, and every test passes under its new name.
+- The web app's IDL, client and environment variables follow the rename
+  (`VITE_STRATEGY_INDEX` is `VITE_FUND_INDEX`, `VITE_VAULT_PROGRAM_ID` is
+  `VITE_FUND_PROGRAM_ID`).
+- `README.md` and `llms.txt` list the example as Managed Fund and say it was
+  formerly Vault Strategy, and each of its READMEs says so too, so a search for
+  either name finds it. `finance/vault-strategy/README.md` stays behind as a
+  pointer to the new location for anyone following an old link.
+
 ## [2026-09-25] - Anchor v1 is the current stable Anchor
 
 The README described Anchor v2 as Anchor's current major version and Anchor v1

Cargo.toml

@@ -82,10 +82,10 @@ members = [
     "finance/order-book/anchor/programs/order-book",
     "finance/perpetual-futures/anchor/programs/perpetual-futures",
     "finance/prop-amm/anchor/programs/prop-amm",
-    "finance/token-fundraiser/anchor/programs/fundraiser",
+    "finance/fundraiser/anchor/programs/fundraiser",
     "finance/token-swap/anchor/programs/token-swap",
-    "finance/vault-strategy/anchor/programs/vault-strategy",
-    "finance/vault-strategy/anchor/programs/mock-swap-router",
+    "finance/managed-fund/anchor/programs/managed-fund",
+    "finance/managed-fund/anchor/programs/mock-swap-router",
 
     # tokens
     "tokens/token-extensions/mint-close-authority/native/program",

README.md

@@ -68,11 +68,13 @@ A **proprietary AMM**: a market-making firm funds a venue with its own capital a
 
 [⚓ Anchor v1](./finance/prop-amm/anchor-v1) [⚓ Anchor v2](./finance/prop-amm/anchor) [💫 Quasar](./finance/prop-amm/quasar)
 
-### Vault Strategy
+### Managed Fund
 
-A managed investment fund onchain, like an ETF or mutual fund. Investors deposit USDC for shares, a manager allocates the pool across a basket of assets (here, stocks like TSLAx and NVDAx), and each share's value tracks the fund's net asset value. The manager earns a management fee, and investors redeem a proportional slice of the underlying assets.
+*Formerly **Vault Strategy**. Some platforms call this product a vault or a vault strategy; the example was renamed to use the finance term.*
 
-[⚓ Anchor v1](./finance/vault-strategy/anchor-v1) [⚓ Anchor v2](./finance/vault-strategy/anchor) [💫 Quasar](./finance/vault-strategy/quasar)
+A managed investment fund onchain, the equivalent of a mutual fund. Investors deposit USDC for shares, a manager allocates the pool across a basket of assets (here, stocks like TSLAx and NVDAx), and each share's value tracks the fund's net asset value. The manager earns a management fee, and investors redeem a proportional slice of the underlying assets.
+
+[⚓ Anchor v1](./finance/managed-fund/anchor-v1) [⚓ Anchor v2](./finance/managed-fund/anchor) [💫 Quasar](./finance/managed-fund/quasar)
 
 ### Betting Market
 
@@ -95,11 +97,13 @@ A perpetual futures exchange: a venue for making leveraged bets on an asset's pr
 
 [⚓ Anchor v1](./finance/perpetual-futures/anchor-v1) [⚓ Anchor v2](./finance/perpetual-futures/anchor) [💫 Quasar](./finance/perpetual-futures/quasar)
 
-### Token Fundraiser
+### Fundraiser
+
+*Formerly **Token Fundraiser**. Contributors receive no token, only a refund if the target is missed, so the example was renamed.*
 
 Onchain crowdfunding, like Kickstarter or GoFundMe. A creator sets a target amount in a chosen token, and contributors deposit into the fundraiser's account until the goal is reached.
 
-[⚓ Anchor v1](./finance/token-fundraiser/anchor-v1) [⚓ Anchor v2](./finance/token-fundraiser/anchor) [💫 Quasar](./finance/token-fundraiser/quasar)
+[⚓ Anchor v1](./finance/fundraiser/anchor-v1) [⚓ Anchor v2](./finance/fundraiser/anchor) [💫 Quasar](./finance/fundraiser/quasar)
 
 ## Single concept examples
 

finance/token-fundraiser/anchor-v1/CHANGELOG.md → finance/fundraiser/anchor-v1/CHANGELOG.md

@@ -1,5 +1,9 @@
 # Changelog
 
+## 2026-09-28
+
+- **Renamed from Token Fundraiser to Fundraiser.** The example moved from `finance/token-fundraiser` to `finance/fundraiser`: contributors receive no token, only a refund if the target is missed, so "Token" described something the program does not do. The program, its accounts, its instruction handlers and its tests are unchanged.
+
 ## 2026-09-23
 
 ### Added

finance/token-fundraiser/anchor-v1/README.md → finance/fundraiser/anchor-v1/README.md

@@ -1,4 +1,4 @@
-# Solana Token Fundraiser (Anchor)
+# Solana Fundraiser (Anchor)
 
 > [!NOTE]
 > This is the **Anchor v1** copy of this example, on Anchor 1.2.0, the current
@@ -8,6 +8,8 @@
 
 Onchain crowdfunding on Solana: a program that collects tokens toward a target amount, like Kickstarter without a payment processor. A **maker** creates a fundraiser [account](https://solana.com/docs/terminology#account), specifies the [mint](https://solana.com/docs/terminology#token-mint) they want to receive, the target amount, and a duration in days. **Contributors** contribute while the window is open. If the target is reached, the maker claims the funds and each contributor closes their own record to take back its rent; if it is not reached by the deadline, contributors can refund, and once refunds are complete the maker can retire the fundraiser and open a new one.
 
+This example was called **Token Fundraiser** (`finance/token-fundraiser`) until it was renamed: contributors receive no token, only a refund if the target is missed.
+
 ## Architecture
 
 The fundraiser state account:

finance/token-fundraiser/anchor/CHANGELOG.md → finance/fundraiser/anchor/CHANGELOG.md

@@ -1,5 +1,9 @@
 # Changelog
 
+## 2026-09-28
+
+- **Renamed from Token Fundraiser to Fundraiser.** The example moved from `finance/token-fundraiser` to `finance/fundraiser`: contributors receive no token, only a refund if the target is missed, so "Token" described something the program does not do. The program, its accounts, its instruction handlers and its tests are unchanged.
+
 ## 2026-09-14
 
 ### Added

finance/token-fundraiser/anchor/README.md → finance/fundraiser/anchor/README.md

@@ -1,4 +1,4 @@
-# Solana Token Fundraiser (Anchor)
+# Solana Fundraiser (Anchor)
 
 > [!NOTE]
 > This is the **Anchor v2** copy of this example. Every `anchor` command on this page
@@ -8,6 +8,8 @@
 
 Onchain crowdfunding on Solana: a program that collects tokens toward a target amount, like Kickstarter without a payment processor. A **maker** creates a fundraiser [account](https://solana.com/docs/terminology#account), specifies the [mint](https://solana.com/docs/terminology#token-mint) they want to receive, the target amount, and a duration in days. **Contributors** contribute while the window is open. If the target is reached, the maker claims the funds and each contributor closes their own record to take back its rent; if it is not reached by the deadline, contributors can refund, and once refunds are complete the maker can retire the fundraiser and open a new one.
 
+This example was called **Token Fundraiser** (`finance/token-fundraiser`) until it was renamed: contributors receive no token, only a refund if the target is missed.
+
 ## Architecture
 
 The fundraiser state account:

finance/vault-strategy/kani-proofs/Cargo.toml → finance/fundraiser/kani-proofs/Cargo.toml

@@ -6,7 +6,7 @@
 [workspace]
 
 [package]
-name = "vault-strategy-kani-proofs"
+name = "fundraiser-kani-proofs"
 version = "0.1.0"
 edition = "2021"
 publish = false

finance/token-fundraiser/kani-proofs/README.md → finance/fundraiser/kani-proofs/README.md

@@ -1,6 +1,6 @@
-# Token-fundraiser: Kani proofs
+# Fundraiser: Kani proofs
 
-Formal-verification harnesses for the token-fundraiser program, in the spirit of
+Formal-verification harnesses for the fundraiser program, in the spirit of
 [`aeyakovenko/percolator`](https://github.com/aeyakovenko/percolator), which
 uses the [Kani](https://github.com/model-checking/kani) model checker to prove
 the mathematical correctness of a DeFi engine.

finance/token-fundraiser/kani-proofs/src/lib.rs → finance/fundraiser/kani-proofs/src/lib.rs

@@ -1,4 +1,4 @@
-//! Kani proof harnesses for the token-fundraiser program (`finance/token-fundraiser`).
+//! Kani proof harnesses for the fundraiser program (`finance/fundraiser`).
 //!
 //! Inspired by aeyakovenko/percolator, which uses the Kani model checker to
 //! prove the mathematical correctness of a DeFi engine's pure numeric core.

finance/token-fundraiser/quasar/CHANGELOG.md → finance/fundraiser/quasar/CHANGELOG.md

@@ -1,5 +1,13 @@
 # Changelog
 
+## [2026-09-28]
+
+### Changed
+
+- Renamed from Token Fundraiser to Fundraiser. The example moved from
+  `finance/token-fundraiser` to `finance/fundraiser`, and the crate is now
+  `quasar-fundraiser`. The program's behavior is unchanged.
+
 ## [2026-09-14]
 
 ### Added

finance/token-fundraiser/quasar/Cargo.toml → finance/fundraiser/quasar/Cargo.toml

@@ -1,5 +1,5 @@
 [package]
-name = "quasar-token-fundraiser"
+name = "quasar-fundraiser"
 version = "0.1.0"
 edition = "2021"
 

finance/vault-strategy/quasar/vault-strategy/Quasar.toml → finance/fundraiser/quasar/Quasar.toml

@@ -1,5 +1,5 @@
 [project]
-name = "quasar-vault-strategy"
+name = "quasar-fundraiser"
 
 [testing]
 command = { program = "cargo", args = ["test"] }

finance/token-fundraiser/quasar/README.md → finance/fundraiser/quasar/README.md

@@ -1,7 +1,9 @@
-# Solana Token Fundraiser (Quasar)
+# Solana Fundraiser (Quasar)
 
 Onchain crowdfunding on Solana toward a target amount in a chosen token, written with [Quasar](https://quasar-lang.com/docs). A **maker** opens a fundraiser with a target amount and a deadline; **contributors** deposit tokens into a program-controlled vault. If the target is met the maker withdraws everything; if the deadline passes without the target being met, each contributor reclaims exactly what they put in.
 
+This example was called **Token Fundraiser** (`finance/token-fundraiser`) until it was renamed: contributors receive no token, only a refund if the target is missed.
+
 See also: the [repository catalog](../../../README.md) and the [Anchor variant](../anchor/) of the same program.
 
 ## Major concepts
@@ -23,7 +25,7 @@ Errors are defined in `src/error.rs` as a `#[error_code]` enum starting at code
 
 ## Setup
 
-From `finance/token-fundraiser/quasar/`:
+From `finance/fundraiser/quasar/`:
 
 ```bash
 quasar build

finance/token-fundraiser/quasar/src/lib.rs → finance/fundraiser/quasar/src/lib.rs

@@ -15,7 +15,7 @@ declare_id!("Eoiuq1dXvHxh6dLx3wh9gj8kSAUpga11krTrbfF5XYsC");
 /// SPL token. Contributors deposit tokens into a vault. If the target is met,
 /// the maker withdraws everything. If not, contributors can reclaim their funds.
 #[program]
-mod quasar_token_fundraiser {
+mod quasar_fundraiser {
     use super::*;
 
     /// Create a new fundraiser with a target amount and duration.