[{"data":1,"prerenderedAt":2629},["ShallowReactive",2],{"blog-crypto-data-room-checklist-token-fundraising":3,"related-crypto-data-room-checklist-token-fundraising":743},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"author":11,"category":12,"tags":13,"keywords":18,"image":24,"readTime":25,"body":26,"_type":737,"_id":738,"_source":739,"_file":740,"_stem":741,"_extension":742},"/blog/crypto-data-room-checklist-token-fundraising","blog",false,"","Crypto Data Room Checklist: What Token Projects Need Before Fundraising","A crypto data room checklist for token projects: what investors, launchpads and exchanges ask to see, how to structure folders, and which gaps kill deals.","2026-10-21","Fibonacci Capital","Token Launches",[14,15,16,17],"data room","fundraising","due diligence","token launch",[19,20,21,22,23],"crypto data room checklist","data room for token fundraising","crypto due diligence documents","web3 data room","token project investor documents","/assets/images/blog/crypto-data-room-checklist-token-fundraising.jpg","8 min read",{"type":27,"children":28,"toc":721},"root",[29,37,42,49,54,59,95,117,123,128,135,181,186,192,225,246,252,285,298,304,337,350,356,384,389,395,400,523,528,581,587,592,666,671,677,698,703,709],{"type":30,"tag":31,"props":32,"children":33},"element","p",{},[34],{"type":35,"value":36},"text","A crypto data room is a single, access-controlled folder of documents that lets an investor, launchpad or exchange verify your project without asking you for files one at a time. The checklist below covers what to put in it: corporate and legal papers, the token and its economics, technical and security evidence, team and traction, and financials. If those five areas are complete and consistent before your first serious call, due diligence takes days instead of weeks, and you spend the conversation on the business instead of chasing documents.",{"type":30,"tag":31,"props":38,"children":39},{},[40],{"type":35,"value":41},"Most token teams prepare a data room only after an investor asks for one. That is the wrong order. The same folder is reused by VCs, launchpads, listing teams and market makers, so building it once, early, pays back several times.",{"type":30,"tag":43,"props":44,"children":46},"h2",{"id":45},"why-a-data-room-matters-more-in-crypto",[47],{"type":35,"value":48},"Why a Data Room Matters More in Crypto",{"type":30,"tag":31,"props":50,"children":51},{},[52],{"type":35,"value":53},"Traditional startups share a pitch deck and financials. Token projects have more to prove: who legally owns the token, where the supply sits, whether the code has been reviewed, and whether the people behind it exist and can be held accountable. 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Slow diligence lets a competing deal overtake yours.",{"type":30,"tag":31,"props":96,"children":97},{},[98,100,107,109,115],{"type":35,"value":99},"If you are still working out who to approach, start with ",{"type":30,"tag":101,"props":102,"children":104},"a",{"href":103},"/blog/how-to-choose-a-crypto-vc-fund",[105],{"type":35,"value":106},"how to choose a crypto VC fund",{"type":35,"value":108}," and shape the story with the ",{"type":30,"tag":101,"props":110,"children":112},{"href":111},"/blog/crypto-vc-pitch-deck-guide",[113],{"type":35,"value":114},"crypto VC pitch deck guide",{"type":35,"value":116},". The data room is what backs those up.",{"type":30,"tag":43,"props":118,"children":120},{"id":119},"the-crypto-data-room-checklist",[121],{"type":35,"value":122},"The Crypto Data Room Checklist",{"type":30,"tag":31,"props":124,"children":125},{},[126],{"type":35,"value":127},"Use numbered folders so reviewers can navigate without a guide. 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If one investor was promised better vesting or a most-favoured-nation clause, the next investor will find out. Disclose it.",{"type":30,"tag":129,"props":187,"children":189},{"id":188},"_2-token-and-tokenomics",[190],{"type":35,"value":191},"2. 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The right choice depends on where your team and investors are, how you plan to distribute the token, which banks and exchanges you need to work with, and how much ongoing compliance you can run. In broad terms: the Cayman Islands is common for VC-backed protocols that want a familiar, flexible foundation structure; the British Virgin Islands is commonly used for lighter-weight issuing entities; Switzerland suits teams that value regulatory clarity and a recognised foundation form; and Singapore suits teams with an Asian operating base and appetite for a licensed, regulated environment. This guide compares those four on the points founders actually decide on.",{"type":30,"tag":31,"props":770,"children":771},{},[772],{"type":35,"value":773},"This is general information for planning conversations, not legal advice. Rules, licensing regimes and tax treatment change, and they depend on your facts. 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The honest answer is that the cost depends on your structure, your target venues and how much liquidity you need to keep the market orderly, and teams that ask for one number usually end up under-budgeted. What you can do is break the launch into budget lines, understand which lines are fixed and which scale with ambition, and reserve money for the things that go wrong. This framework walks through each line so you can build a budget that matches your project rather than copying someone else's.",{"type":30,"tag":31,"props":1473,"children":1474},{},[1475],{"type":35,"value":1476},"The most common budgeting error is treating the smart contract as the launch. Deploying a token contract is cheap. Everything around it is where the money goes: legal work, audits, liquidity, listings, marketing and the months of operations after the token starts trading.",{"type":30,"tag":43,"props":1478,"children":1480},{"id":1479},"the-eight-budget-lines-of-a-token-launch",[1481],{"type":35,"value":1482},"The Eight Budget Lines of a Token Launch",{"type":30,"tag":31,"props":1484,"children":1485},{},[1486],{"type":35,"value":1487},"Think of the launch as eight lines. Not every project needs all of them at full size, but a line you leave out should be a deliberate choice, not an oversight.",{"type":30,"tag":401,"props":1489,"children":1490},{},[1491,1512],{"type":30,"tag":405,"props":1492,"children":1493},{},[1494],{"type":30,"tag":409,"props":1495,"children":1496},{},[1497,1502,1507],{"type":30,"tag":413,"props":1498,"children":1499},{},[1500],{"type":35,"value":1501},"Line",{"type":30,"tag":413,"props":1503,"children":1504},{},[1505],{"type":35,"value":1506},"What it covers",{"type":30,"tag":413,"props":1508,"children":1509},{},[1510],{"type":35,"value":1511},"Fixed or scaling",{"type":30,"tag":429,"props":1513,"children":1514},{},[1515,1533,1551,1569,1587,1605,1623,1641],{"type":30,"tag":409,"props":1516,"children":1517},{},[1518,1523,1528],{"type":30,"tag":436,"props":1519,"children":1520},{},[1521],{"type":35,"value":1522},"Legal and structuring",{"type":30,"tag":436,"props":1524,"children":1525},{},[1526],{"type":35,"value":1527},"Entity setup, token classification, sale documents, jurisdiction advice",{"type":30,"tag":436,"props":1529,"children":1530},{},[1531],{"type":35,"value":1532},"Mostly fixed, rises with complexity",{"type":30,"tag":409,"props":1534,"children":1535},{},[1536,1541,1546],{"type":30,"tag":436,"props":1537,"children":1538},{},[1539],{"type":35,"value":1540},"Security",{"type":30,"tag":436,"props":1542,"children":1543},{},[1544],{"type":35,"value":1545},"Smart contract audit, re-audit after changes, bug bounty",{"type":30,"tag":436,"props":1547,"children":1548},{},[1549],{"type":35,"value":1550},"Fixed per contract, rises with code size",{"type":30,"tag":409,"props":1552,"children":1553},{},[1554,1559,1564],{"type":30,"tag":436,"props":1555,"children":1556},{},[1557],{"type":35,"value":1558},"Tokenomics and modelling",{"type":30,"tag":436,"props":1560,"children":1561},{},[1562],{"type":35,"value":1563},"Supply design, vesting, unlock modelling",{"type":30,"tag":436,"props":1565,"children":1566},{},[1567],{"type":35,"value":1568},"Fixed",{"type":30,"tag":409,"props":1570,"children":1571},{},[1572,1577,1582],{"type":30,"tag":436,"props":1573,"children":1574},{},[1575],{"type":35,"value":1576},"Liquidity",{"type":30,"tag":436,"props":1578,"children":1579},{},[1580],{"type":35,"value":1581},"Inventory for market making, DEX pool seeding",{"type":30,"tag":436,"props":1583,"children":1584},{},[1585],{"type":35,"value":1586},"Scales with target depth",{"type":30,"tag":409,"props":1588,"children":1589},{},[1590,1595,1600],{"type":30,"tag":436,"props":1591,"children":1592},{},[1593],{"type":35,"value":1594},"Listings",{"type":30,"tag":436,"props":1596,"children":1597},{},[1598],{"type":35,"value":1599},"Exchange fees, listing support, market maker arrangements",{"type":30,"tag":436,"props":1601,"children":1602},{},[1603],{"type":35,"value":1604},"Varies widely by venue",{"type":30,"tag":409,"props":1606,"children":1607},{},[1608,1613,1618],{"type":30,"tag":436,"props":1609,"children":1610},{},[1611],{"type":35,"value":1612},"Marketing and community",{"type":30,"tag":436,"props":1614,"children":1615},{},[1616],{"type":35,"value":1617},"KOLs, content, campaigns, community management",{"type":30,"tag":436,"props":1619,"children":1620},{},[1621],{"type":35,"value":1622},"Scales with ambition",{"type":30,"tag":409,"props":1624,"children":1625},{},[1626,1631,1636],{"type":30,"tag":436,"props":1627,"children":1628},{},[1629],{"type":35,"value":1630},"Operations",{"type":30,"tag":436,"props":1632,"children":1633},{},[1634],{"type":35,"value":1635},"Custody, multisig, reporting, analytics tooling",{"type":30,"tag":436,"props":1637,"children":1638},{},[1639],{"type":35,"value":1640},"Mostly fixed",{"type":30,"tag":409,"props":1642,"children":1643},{},[1644,1649,1654],{"type":30,"tag":436,"props":1645,"children":1646},{},[1647],{"type":35,"value":1648},"Contingency",{"type":30,"tag":436,"props":1650,"children":1651},{},[1652],{"type":35,"value":1653},"Reserve for delays, re-audits, extra liquidity",{"type":30,"tag":436,"props":1655,"children":1656},{},[1657],{"type":35,"value":1658},"Percentage of the rest",{"type":30,"tag":31,"props":1660,"children":1661},{},[1662],{"type":35,"value":1663},"We deliberately do not put dollar figures in this table. Quotes for legal and audit work differ enormously by provider, jurisdiction and scope, and any number printed in a general article will be wrong for a good share of readers. Get written quotes and use the framework to compare them.",{"type":30,"tag":43,"props":1665,"children":1667},{"id":1666},"legal-and-structuring",[1668],{"type":35,"value":1669},"Legal and Structuring",{"type":30,"tag":31,"props":1671,"children":1672},{},[1673,1675,1679],{"type":35,"value":1674},"Legal work is the line founders most want to skip and most regret skipping. It covers how the token is classified in the places you will sell or list it, which entity issues it, what the sale documents say, and what you can say publicly. See ",{"type":30,"tag":101,"props":1676,"children":1677},{"href":837},[1678],{"type":35,"value":840},{"type":35,"value":1680}," for the issues to raise with counsel.",{"type":30,"tag":31,"props":1682,"children":1683},{},[1684],{"type":35,"value":1685},"Budget for this early. Structure decisions made in the first month affect everything downstream, and fixing them after a sale is far more expensive than getting them right before.",{"type":30,"tag":43,"props":1687,"children":1689},{"id":1688},"security-and-audits",[1690],{"type":35,"value":1691},"Security and Audits",{"type":30,"tag":31,"props":1693,"children":1694},{},[1695,1697,1702],{"type":35,"value":1696},"A smart contract audit is a cost you pay once per version of the code, not once per project. If you change the contract after the audit, the changed code needs review. Budget for at least one re-review and for the fixes the auditors will ask for. ",{"type":30,"tag":101,"props":1698,"children":1699},{"href":292},[1700],{"type":35,"value":1701},"Smart contract audits before launch",{"type":35,"value":1703}," covers how to choose a firm and what a report does and does not prove.",{"type":30,"tag":31,"props":1705,"children":1706},{},[1707],{"type":35,"value":1708},"Two practical notes. First, audit queues can be long, so the time cost can matter more than the fee. Second, a bug bounty is optional but often cheap insurance relative to the damage of a public exploit in the first week.",{"type":30,"tag":43,"props":1710,"children":1712},{"id":1711},"liquidity-the-line-that-scales",[1713],{"type":35,"value":1714},"Liquidity: The Line That Scales",{"type":30,"tag":31,"props":1716,"children":1717},{},[1718],{"type":35,"value":1719},"Liquidity is usually the biggest and least understood line, because it is not really a cost in the same way as the others. Much of it is inventory you provide to a market maker or a pool, and some of it comes back. But it still has to be funded, and it ties up capital.",{"type":30,"tag":31,"props":1721,"children":1722},{},[1723],{"type":35,"value":1724},"There are two ways teams provide it:",{"type":30,"tag":60,"props":1726,"children":1727},{},[1728,1738],{"type":30,"tag":64,"props":1729,"children":1730},{},[1731,1736],{"type":30,"tag":68,"props":1732,"children":1733},{},[1734],{"type":35,"value":1735},"Token inventory plus a retainer.",{"type":35,"value":1737}," The market maker receives tokens, sometimes with an option over part of them, plus or instead of a fee. This preserves cash but costs supply and creates a counterparty relationship you must manage.",{"type":30,"tag":64,"props":1739,"children":1740},{},[1741,1746],{"type":30,"tag":68,"props":1742,"children":1743},{},[1744],{"type":35,"value":1745},"Loan and call-option structures.",{"type":35,"value":1747}," The market maker borrows tokens and holds options on them. Terms differ widely and the structure deserves careful reading.",{"type":30,"tag":31,"props":1749,"children":1750},{},[1751,1757,1759,1765,1767,1773],{"type":30,"tag":101,"props":1752,"children":1754},{"href":1753},"/blog/crypto-market-making-fees-models",[1755],{"type":35,"value":1756},"Crypto market making fees and models",{"type":35,"value":1758}," explains these structures, and the ",{"type":30,"tag":101,"props":1760,"children":1762},{"href":1761},"/blog/market-maker-agreement-checklist",[1763],{"type":35,"value":1764},"market maker agreement checklist",{"type":35,"value":1766}," shows which clauses to check before signing. For sizing, ",{"type":30,"tag":101,"props":1768,"children":1770},{"href":1769},"/blog/how-much-liquidity-does-a-token-need-at-launch",[1771],{"type":35,"value":1772},"how much liquidity does a token need at launch",{"type":35,"value":1774}," gives a way to reason about depth targets from your expected trading profile instead of guessing.",{"type":30,"tag":31,"props":1776,"children":1777},{},[1778],{"type":35,"value":1779},"Two warnings. Do not set the liquidity budget by copying a peer's headline number; their float, price and venues differ from yours. And do not starve this line to fund marketing: a loud launch into a thin order book produces a volatile chart that damages the very reputation the marketing was meant to build.",{"type":30,"tag":43,"props":1781,"children":1783},{"id":1782},"listings",[1784],{"type":35,"value":1594},{"type":30,"tag":31,"props":1786,"children":1787},{},[1788,1790,1796],{"type":35,"value":1789},"Listing cost is the most uneven line. Some venues charge nothing directly but expect other commitments, such as market maker arrangements, liquidity or a campaign. Others have fees, deposits or token allocations. Some require none of these. ",{"type":30,"tag":101,"props":1791,"children":1793},{"href":1792},"/blog/crypto-exchange-listing-fees",[1794],{"type":35,"value":1795},"Crypto exchange listing fees",{"type":35,"value":1797}," breaks down the typical categories without pretending there is a price list.",{"type":30,"tag":31,"props":1799,"children":1800},{},[1801,1803,1809],{"type":35,"value":1802},"The key budgeting advice is to separate the visible fee from the total cost of being listed. Support staff time, market maker coverage for each venue, and the liquidity needed to keep the book healthy on every exchange all add up. Fewer venues with good depth usually beat many venues with thin books. See ",{"type":30,"tag":101,"props":1804,"children":1806},{"href":1805},"/blog/which-crypto-exchanges-to-list-on",[1807],{"type":35,"value":1808},"which crypto exchanges to list on",{"type":35,"value":1810}," for how to choose.",{"type":30,"tag":31,"props":1812,"children":1813},{},[1814,1816,1822],{"type":35,"value":1815},"Timing also has a cost. If a listing slips, so do the campaign dates tied to it. For realistic timelines, read ",{"type":30,"tag":101,"props":1817,"children":1819},{"href":1818},"/blog/how-long-does-it-take-to-list-token-on-exchange",[1820],{"type":35,"value":1821},"how long it takes to list a token on an exchange",{"type":35,"value":245},{"type":30,"tag":43,"props":1824,"children":1826},{"id":1825},"marketing-and-community",[1827],{"type":35,"value":1828},"Marketing and Community",{"type":30,"tag":31,"props":1830,"children":1831},{},[1832,1834,1839],{"type":35,"value":1833},"Marketing scales with ambition, so it is the easiest line to inflate and the easiest to waste. The useful discipline is to tie each spend to a measurable output: community members who are real, content that is read, campaigns whose participants are verified. ",{"type":30,"tag":101,"props":1835,"children":1836},{"href":344},[1837],{"type":35,"value":1838},"How to spot fake engagement in crypto marketing",{"type":35,"value":1840}," helps you avoid paying for numbers that mean nothing.",{"type":30,"tag":31,"props":1842,"children":1843},{},[1844],{"type":35,"value":1845},"A sensible split is to fund the basics first (documentation, a working community channel, honest announcements) and add paid amplification only once the basics are in place and the liquidity is ready to absorb new attention.",{"type":30,"tag":43,"props":1847,"children":1849},{"id":1848},"operations-and-custody",[1850],{"type":35,"value":1851},"Operations and Custody",{"type":30,"tag":31,"props":1853,"children":1854},{},[1855,1857,1863],{"type":35,"value":1856},"Operational costs are small per item but easy to forget: multisig setup, custody for treasury and team allocations, analytics, reporting, and the staff time to run a launch day. ",{"type":30,"tag":101,"props":1858,"children":1860},{"href":1859},"/blog/crypto-custody-solutions-for-token-teams",[1861],{"type":35,"value":1862},"Crypto custody solutions for token teams",{"type":35,"value":1864}," covers the options. Include the cost of the people on your own team, too; a launch consumes weeks of attention from your best operators.",{"type":30,"tag":43,"props":1866,"children":1868},{"id":1867},"the-contingency-reserve",[1869],{"type":35,"value":1870},"The Contingency Reserve",{"type":30,"tag":31,"props":1872,"children":1873},{},[1874],{"type":35,"value":1875},"Every launch has surprises: an audit finding that forces a contract change, a listing that moves, a market move that demands more liquidity than planned, a legal question that needs an extra opinion. Hold a reserve and treat it as spent in your head. A reserve you do not need is a good outcome, and a launch without one tends to make bad decisions under pressure, such as cutting the audit or accepting poor market making terms.",{"type":30,"tag":43,"props":1877,"children":1879},{"id":1878},"how-to-build-your-own-budget",[1880],{"type":35,"value":1881},"How to Build Your Own Budget",{"type":30,"tag":593,"props":1883,"children":1884},{},[1885,1890,1895,1900,1905,1910,1915],{"type":30,"tag":64,"props":1886,"children":1887},{},[1888],{"type":35,"value":1889},"List the venues and markets you will launch on, and the date range.",{"type":30,"tag":64,"props":1891,"children":1892},{},[1893],{"type":35,"value":1894},"Get written quotes for legal, audit and tokenomics work.",{"type":30,"tag":64,"props":1896,"children":1897},{},[1898],{"type":35,"value":1899},"Decide your liquidity model and the depth you want to hold at launch and at thirty days.",{"type":30,"tag":64,"props":1901,"children":1902},{},[1903],{"type":35,"value":1904},"Count listings one by one, with the total cost of each, not just the fee.",{"type":30,"tag":64,"props":1906,"children":1907},{},[1908],{"type":35,"value":1909},"Set a marketing budget tied to measurable outputs.",{"type":30,"tag":64,"props":1911,"children":1912},{},[1913],{"type":35,"value":1914},"Add operations and your own team time.",{"type":30,"tag":64,"props":1916,"children":1917},{},[1918],{"type":35,"value":1919},"Add the contingency reserve, then recheck that the launch still works if the reserve is spent.",{"type":30,"tag":31,"props":1921,"children":1922},{},[1923],{"type":35,"value":1924},"If the number you end up with is more than you have, cut scope rather than quality: fewer venues, a smaller campaign, a later date. Do not cut the audit, the legal structure or the liquidity.",{"type":30,"tag":43,"props":1926,"children":1928},{"id":1927},"where-fibonacci-capital-fits",[1929],{"type":35,"value":1930},"Where Fibonacci Capital Fits",{"type":30,"tag":31,"props":1932,"children":1933},{},[1934,1936,1941],{"type":35,"value":1935},"Fibonacci Capital is a market making firm, so the liquidity and listing lines are where we work most closely with teams. A budget conversation that begins with your target venues and your depth goals is usually more productive than one that begins with a headline price. If you want to pressure-test a launch budget, get in touch through our ",{"type":30,"tag":101,"props":1937,"children":1938},{"href":716},[1939],{"type":35,"value":1940},"pre-TGE program",{"type":35,"value":245},{"title":7,"searchDepth":722,"depth":722,"links":1943},[1944,1945,1946,1947,1948,1949,1950,1951,1952,1953],{"id":1479,"depth":722,"text":1482},{"id":1666,"depth":722,"text":1669},{"id":1688,"depth":722,"text":1691},{"id":1711,"depth":722,"text":1714},{"id":1782,"depth":722,"text":1594},{"id":1825,"depth":722,"text":1828},{"id":1848,"depth":722,"text":1851},{"id":1867,"depth":722,"text":1870},{"id":1878,"depth":722,"text":1881},{"id":1927,"depth":722,"text":1930},"content:blog:how-much-does-it-cost-to-launch-a-token.md","blog/how-much-does-it-cost-to-launch-a-token.md","blog/how-much-does-it-cost-to-launch-a-token",{"_path":1958,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1959,"description":1960,"date":1961,"author":11,"category":12,"tags":1962,"keywords":1968,"image":1973,"readTime":761,"body":1974,"_type":737,"_id":2626,"_source":739,"_file":2627,"_stem":2628,"_extension":742},"/blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale","LBP vs Fixed-Price Sale vs Dutch Auction: Which Token Sale Mechanism Should You Pick?","LBP vs fixed-price sale vs Dutch auction: how each token sale mechanism handles price discovery, bots and fairness, and which fits your project.","2026-10-17",[1963,1964,1965,1966,1967],"liquidity bootstrapping pool","dutch auction","fixed price sale","token sale","price discovery",[1969,1963,1970,1971,1972],"lbp vs fixed price sale","dutch auction token sale","token sale mechanisms","how to choose a token sale format","/assets/images/blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale.jpg",{"type":27,"children":1975,"toc":2615},[1976,1981,1987,2000,2006,2011,2019,2037,2045,2063,2073,2079,2084,2091,2109,2116,2134,2143,2149,2154,2161,2186,2193,2216,2232,2238,2422,2428,2433,2496,2501,2507,2512,2559,2565,2593,2599,2604],{"type":30,"tag":31,"props":1977,"children":1978},{},[1979],{"type":35,"value":1980},"If you want the short answer: use a fixed-price sale when you already know your valuation and want predictability, a Dutch auction when you want the market to set one clearing price for everyone, and a liquidity bootstrapping pool (LBP) when you are unsure of the right price and want to discourage bots and whales from buying the whole supply at the open. None of the three is best in general. Each solves a different problem, and the wrong choice shows up as a broken first week of trading. This guide compares the three on price discovery, bot resistance, fairness and operational complexity, then gives a decision framework.",{"type":30,"tag":43,"props":1982,"children":1984},{"id":1983},"what-a-token-sale-mechanism-actually-decides",[1985],{"type":35,"value":1986},"What a Token Sale Mechanism Actually Decides",{"type":30,"tag":31,"props":1988,"children":1989},{},[1990,1992,1998],{"type":35,"value":1991},"A sale mechanism decides three things: how the price is set, who gets allocation, and how much the process can be gamed. It sits upstream of everything that follows, including ",{"type":30,"tag":101,"props":1993,"children":1995},{"href":1994},"/blog/how-to-set-token-listing-price",[1996],{"type":35,"value":1997},"your listing price",{"type":35,"value":1999},", your opening liquidity and your holder base. A sale that lets a few wallets hoover up supply at a low price creates sellers on day one. A sale priced too high leaves you with a thin, stagnant market.",{"type":30,"tag":43,"props":2001,"children":2003},{"id":2002},"fixed-price-sale",[2004],{"type":35,"value":2005},"Fixed-Price Sale",{"type":30,"tag":31,"props":2007,"children":2008},{},[2009],{"type":35,"value":2010},"Buyers purchase at a price set in advance, usually with a cap per wallet and a total raise target.",{"type":30,"tag":31,"props":2012,"children":2013},{},[2014],{"type":30,"tag":68,"props":2015,"children":2016},{},[2017],{"type":35,"value":2018},"Strengths",{"type":30,"tag":60,"props":2020,"children":2021},{},[2022,2027,2032],{"type":30,"tag":64,"props":2023,"children":2024},{},[2025],{"type":35,"value":2026},"Simple to explain and to run.",{"type":30,"tag":64,"props":2028,"children":2029},{},[2030],{"type":35,"value":2031},"Predictable raise and valuation, which suits teams with investor expectations to meet.",{"type":30,"tag":64,"props":2033,"children":2034},{},[2035],{"type":35,"value":2036},"Easy to combine with allowlists and KYC.",{"type":30,"tag":31,"props":2038,"children":2039},{},[2040],{"type":30,"tag":68,"props":2041,"children":2042},{},[2043],{"type":35,"value":2044},"Weaknesses",{"type":30,"tag":60,"props":2046,"children":2047},{},[2048,2053,2058],{"type":30,"tag":64,"props":2049,"children":2050},{},[2051],{"type":35,"value":2052},"Price is a guess. If it is too low, the sale sells out instantly and early buyers hold a large unrealised gain they may want to realise. If too high, it stalls.",{"type":30,"tag":64,"props":2054,"children":2055},{},[2056],{"type":35,"value":2057},"Fast bots and well-funded wallets win the race, so \"fair\" distribution depends heavily on gating.",{"type":30,"tag":64,"props":2059,"children":2060},{},[2061],{"type":35,"value":2062},"Demand is invisible until it is over.",{"type":30,"tag":31,"props":2064,"children":2065},{},[2066,2071],{"type":30,"tag":68,"props":2067,"children":2068},{},[2069],{"type":35,"value":2070},"Best for:",{"type":35,"value":2072}," teams with a firm valuation from earlier rounds, communities with strong allowlist processes, and sales where price certainty matters more than price discovery.",{"type":30,"tag":43,"props":2074,"children":2076},{"id":2075},"dutch-auction",[2077],{"type":35,"value":2078},"Dutch Auction",{"type":30,"tag":31,"props":2080,"children":2081},{},[2082],{"type":35,"value":2083},"The price starts high and falls over time (or bids are collected and a single clearing price is set). 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