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Investors read it in three to five minutes, usually on a phone, usually between other meetings. They are looking for four things in this order: whether the problem is real, whether this team can plausibly solve it, whether the token is necessary rather than decorative, and whether the entry price makes sense against the eventual float. Everything else — the architecture diagram, the ecosystem map, the partnership logos — is either supporting material or noise.",{"type":30,"tag":31,"props":38,"children":39},{},[40],{"type":35,"value":41},"The mistake most token teams make is building a deck that explains their protocol. Investors do not need the protocol explained in the deck; they need a reason to book the call where you explain it. 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That adds three obligations no equity deck carries:",{"type":30,"tag":63,"props":64,"children":65},"ul",{},[66,78,88],{"type":30,"tag":67,"props":68,"children":69},"li",{},[70,76],{"type":30,"tag":71,"props":72,"children":73},"strong",{},[74],{"type":35,"value":75},"You must justify the token's existence.",{"type":35,"value":77}," The first silent question in any crypto investor's head is whether this needs a token at all. If your answer is governance plus fee discounts, you have not answered it.",{"type":30,"tag":67,"props":79,"children":80},{},[81,86],{"type":30,"tag":71,"props":82,"children":83},{},[84],{"type":35,"value":85},"You must show the supply schedule.",{"type":35,"value":87}," An equity investor cares about dilution over years. 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A low float against a high FDV is not automatically wrong, but pretending the gap is not there is. Our comparison of ",{"type":30,"tag":462,"props":463,"children":465},"a",{"href":464},"/blog/low-float-vs-high-float-token-launch",[466],{"type":35,"value":467},"low float versus high float token launches",{"type":35,"value":469}," covers the trade-off in detail, and the mechanics of supply design are in our ",{"type":30,"tag":462,"props":471,"children":473},{"href":472},"/blog/tokenomics-design-guide",[474],{"type":35,"value":475},"tokenomics design guide",{"type":35,"value":477},".",{"type":30,"tag":31,"props":479,"children":480},{},[481],{"type":35,"value":482},"State your FDV on the slide. 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Market making is not a post-launch service you bolt on the week before listing; the depth a token can sustain is a function of decisions made during fundraising, particularly float and unlock design. At Fibonacci Capital we are usually brought into these conversations at TGE, and the constraints we inherit were set months earlier in exactly these slides.",{"type":30,"tag":43,"props":730,"children":732},{"id":731},"before-you-send-it",[733],{"type":35,"value":734},"Before You Send It",{"type":30,"tag":31,"props":736,"children":737},{},[738],{"type":35,"value":739},"Run the deck past this check:",{"type":30,"tag":63,"props":741,"children":744},{"className":742},[743],"contains-task-list",[745,758,767,776,785,794,803,812,821,830,839],{"type":30,"tag":67,"props":746,"children":749},{"className":747},[748],"task-list-item",[750,756],{"type":30,"tag":751,"props":752,"children":755},"input",{"disabled":753,"type":754},true,"checkbox",[],{"type":35,"value":757}," Twelve to fifteen slides, appendix separate",{"type":30,"tag":67,"props":759,"children":761},{"className":760},[748],[762,765],{"type":30,"tag":751,"props":763,"children":764},{"disabled":753,"type":754},[],{"type":35,"value":766}," A stranger reading only slides 1–3 can explain what you do",{"type":30,"tag":67,"props":768,"children":770},{"className":769},[748],[771,774],{"type":30,"tag":751,"props":772,"children":773},{"disabled":753,"type":754},[],{"type":35,"value":775}," Every statistic has a source or is removed",{"type":30,"tag":67,"props":777,"children":779},{"className":778},[748],[780,783],{"type":30,"tag":751,"props":781,"children":782},{"disabled":753,"type":754},[],{"type":35,"value":784}," Traction includes at least one number you would rather not show",{"type":30,"tag":67,"props":786,"children":788},{"className":787},[748],[789,792],{"type":30,"tag":751,"props":790,"children":791},{"disabled":753,"type":754},[],{"type":35,"value":793}," Token utility answers \"why not a stablecoin\" explicitly",{"type":30,"tag":67,"props":795,"children":797},{"className":796},[748],[798,801],{"type":30,"tag":751,"props":799,"children":800},{"disabled":753,"type":754},[],{"type":35,"value":802}," Float at listing and FDV both stated",{"type":30,"tag":67,"props":804,"children":806},{"className":805},[748],[807,810],{"type":30,"tag":751,"props":808,"children":809},{"disabled":753,"type":754},[],{"type":35,"value":811}," Vesting and cliff terms disclosed in the deck",{"type":30,"tag":67,"props":813,"children":815},{"className":814},[748],[816,819],{"type":30,"tag":751,"props":817,"children":818},{"disabled":753,"type":754},[],{"type":35,"value":820}," Use of funds mapped to three or four named milestones",{"type":30,"tag":67,"props":822,"children":824},{"className":823},[748],[825,828],{"type":30,"tag":751,"props":826,"children":827},{"disabled":753,"type":754},[],{"type":35,"value":829}," Liquidity and listing path addressed in at least one slide",{"type":30,"tag":67,"props":831,"children":833},{"className":832},[748],[834,837],{"type":30,"tag":751,"props":835,"children":836},{"disabled":753,"type":754},[],{"type":35,"value":838}," Data room live and populated before the first send",{"type":30,"tag":67,"props":840,"children":842},{"className":841},[748],[843,846],{"type":30,"tag":751,"props":844,"children":845},{"disabled":753,"type":754},[],{"type":35,"value":847}," PDF under 10MB, named clearly, opens correctly on a phone",{"type":30,"tag":31,"props":849,"children":850},{},[851],{"type":35,"value":852},"A crypto pitch deck is not a description of your protocol. It is an argument that a specific problem is worth solving, that you are the group to solve it, that the token is load-bearing rather than ornamental, and that the instrument being sold will trade in a market designed rather than improvised. Decks that make that argument in twelve slides get second meetings. Decks that explain consensus mechanisms on slide four do not.",{"type":30,"tag":31,"props":854,"children":855},{},[856,858,864],{"type":35,"value":857},"If you are raising now and want to understand how your float, unlock schedule and listing plan will translate into actual market depth at TGE, ",{"type":30,"tag":462,"props":859,"children":861},{"href":860},"/pretge",[862],{"type":35,"value":863},"get in touch with Fibonacci Capital",{"type":35,"value":477},{"title":7,"searchDepth":866,"depth":866,"links":867},2,[868,869,870,876,877,878,879],{"id":45,"depth":866,"text":48},{"id":105,"depth":866,"text":108},{"id":370,"depth":866,"text":373,"children":871},[872,874,875],{"id":377,"depth":873,"text":380},3,{"id":398,"depth":873,"text":401},{"id":485,"depth":873,"text":488},{"id":536,"depth":866,"text":539},{"id":603,"depth":866,"text":606},{"id":682,"depth":866,"text":685},{"id":731,"depth":866,"text":734},"markdown","content:blog:crypto-vc-pitch-deck-guide.md","content","blog/crypto-vc-pitch-deck-guide.md","blog/crypto-vc-pitch-deck-guide","md",[887,1618,2218],{"_path":888,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":889,"description":890,"date":891,"author":11,"category":12,"tags":892,"keywords":895,"image":900,"readTime":25,"body":901,"_type":880,"_id":1615,"_source":882,"_file":1616,"_stem":1617,"_extension":885},"/blog/saft-vs-token-warrant","SAFT vs Token Warrant: Which Should Your Token Project Raise On?","SAFT vs token warrant compared for token founders: how each instrument works, what investors actually get, the terms that matter, and which fits your raise.","2026-09-27",[15,893,894,14],"saft","token warrant",[896,894,897,898,899],"saft vs token warrant","saft agreement","safe with token warrant","crypto fundraising instruments","/assets/images/blog/saft-vs-token-warrant.jpg",{"type":27,"children":902,"toc":1595},[903,908,913,919,924,929,972,977,983,1006,1012,1017,1021,1064,1069,1075,1098,1104,1273,1279,1284,1290,1295,1300,1306,1319,1325,1330,1336,1341,1347,1352,1358,1368,1378,1388,1398,1408,1414,1419,1480,1491,1497,1573,1579,1584],{"type":30,"tag":31,"props":904,"children":905},{},[906],{"type":35,"value":907},"The short answer to SAFT vs token warrant: a SAFT sells future tokens for cash today, so investors are buying the token itself. A token warrant rides alongside an equity instrument, usually a SAFE or a priced round, so investors buy the company and get an option on a token if one is ever issued. Pick the SAFT when the token is the product and the raise exists to fund a network that will launch one. Pick the SAFE plus token warrant when the company has value beyond the token, when a token is likely but not certain, or when the investors you want are more comfortable holding equity. Most early-stage raises in recent cycles have used the second structure. That is not proof it is right for you, but it is what most funds will expect to see first.",{"type":30,"tag":31,"props":909,"children":910},{},[911],{"type":35,"value":912},"This guide covers how each instrument works in practice, the terms that actually get negotiated, and the mistakes founders make choosing between them. It is not legal advice. How either instrument is treated under securities and tax law depends on your jurisdiction, your entity structure and how the token works, so counsel should sign off on the choice before any term sheet goes out.",{"type":30,"tag":43,"props":914,"children":916},{"id":915},"how-a-saft-works",[917],{"type":35,"value":918},"How a SAFT Works",{"type":30,"tag":31,"props":920,"children":921},{},[922],{"type":35,"value":923},"A SAFT (Simple Agreement for Future Tokens) is a contract where an investor pays now and the project commits to deliver tokens when a defined event happens, usually the token generation event or network launch.",{"type":30,"tag":31,"props":925,"children":926},{},[927],{"type":35,"value":928},"The key features:",{"type":30,"tag":63,"props":930,"children":931},{},[932,942,952,962],{"type":30,"tag":67,"props":933,"children":934},{},[935,940],{"type":30,"tag":71,"props":936,"children":937},{},[938],{"type":35,"value":939},"Cash for tokens, not shares.",{"type":35,"value":941}," The investor has no claim on the company's equity, profits or other assets. Their upside is entirely the token.",{"type":30,"tag":67,"props":943,"children":944},{},[945,950],{"type":30,"tag":71,"props":946,"children":947},{},[948],{"type":35,"value":949},"Price fixed up front.",{"type":35,"value":951}," The SAFT sets a token price, or a valuation that converts into one, at signing.",{"type":30,"tag":67,"props":953,"children":954},{},[955,960],{"type":30,"tag":71,"props":956,"children":957},{},[958],{"type":35,"value":959},"Delivery tied to a trigger.",{"type":35,"value":961}," Tokens arrive at the launch event and are usually subject to a lock-up and vesting schedule written into the agreement or a side letter.",{"type":30,"tag":67,"props":963,"children":964},{},[965,970],{"type":30,"tag":71,"props":966,"children":967},{},[968],{"type":35,"value":969},"Typically issued by the token entity.",{"type":35,"value":971}," SAFTs are often signed by a foundation or other non-equity entity that will issue the token, rather than by the operating company.",{"type":30,"tag":31,"props":973,"children":974},{},[975],{"type":35,"value":976},"The investor's risk is simple to state: if the token never launches, they may lose the money with no equity to fall back on. The SAFT will usually include provisions for dissolution or a failed launch, but how much is recoverable in practice depends on what cash is left.",{"type":30,"tag":375,"props":978,"children":980},{"id":979},"when-a-saft-fits",[981],{"type":35,"value":982},"When a SAFT fits",{"type":30,"tag":63,"props":984,"children":985},{},[986,991,996,1001],{"type":30,"tag":67,"props":987,"children":988},{},[989],{"type":35,"value":990},"The project is a protocol or network whose value accrues mainly to the token.",{"type":30,"tag":67,"props":992,"children":993},{},[994],{"type":35,"value":995},"There is no meaningful business or revenue outside the token economy.",{"type":30,"tag":67,"props":997,"children":998},{},[999],{"type":35,"value":1000},"You already have a token design and a credible launch timeline.",{"type":30,"tag":67,"props":1002,"children":1003},{},[1004],{"type":35,"value":1005},"Your investors are token-focused funds or strategic buyers who want direct token exposure.",{"type":30,"tag":43,"props":1007,"children":1009},{"id":1008},"how-a-token-warrant-works",[1010],{"type":35,"value":1011},"How a Token Warrant Works",{"type":30,"tag":31,"props":1013,"children":1014},{},[1015],{"type":35,"value":1016},"A token warrant is a right, not an obligation, for an investor to receive tokens if and when the company or an affiliate issues them. It is almost always attached to an equity instrument, most commonly a SAFE, and is signed at the same time.",{"type":30,"tag":31,"props":1018,"children":1019},{},[1020],{"type":35,"value":928},{"type":30,"tag":63,"props":1022,"children":1023},{},[1024,1034,1044,1054],{"type":30,"tag":67,"props":1025,"children":1026},{},[1027,1032],{"type":30,"tag":71,"props":1028,"children":1029},{},[1030],{"type":35,"value":1031},"Equity first.",{"type":35,"value":1033}," The investor's main position is equity in the company. The warrant is the side bet on a token.",{"type":30,"tag":67,"props":1035,"children":1036},{},[1037,1042],{"type":30,"tag":71,"props":1038,"children":1039},{},[1040],{"type":35,"value":1041},"Little or no additional payment.",{"type":35,"value":1043}," The warrant exercise price is usually nominal. The investor has effectively paid for it through the equity investment.",{"type":30,"tag":67,"props":1045,"children":1046},{},[1047,1052],{"type":30,"tag":71,"props":1048,"children":1049},{},[1050],{"type":35,"value":1051},"Allocation defined as a share of a pool.",{"type":35,"value":1053}," Rather than a fixed token price, the warrant usually entitles the investor to a portion of the token supply reserved for equity investors, often in proportion to their equity stake.",{"type":30,"tag":67,"props":1055,"children":1056},{},[1057,1062],{"type":30,"tag":71,"props":1058,"children":1059},{},[1060],{"type":35,"value":1061},"Issuance is not guaranteed.",{"type":35,"value":1063}," If the company never launches a token, the warrant simply never pays out and the investor still holds equity.",{"type":30,"tag":31,"props":1065,"children":1066},{},[1067],{"type":35,"value":1068},"That last point is the core appeal for both sides. The investor's downside is covered by equity. The founder can raise before committing to a token design, a launch date or even the decision to launch at all.",{"type":30,"tag":375,"props":1070,"children":1072},{"id":1071},"when-a-token-warrant-fits",[1073],{"type":35,"value":1074},"When a token warrant fits",{"type":30,"tag":63,"props":1076,"children":1077},{},[1078,1083,1088,1093],{"type":30,"tag":67,"props":1079,"children":1080},{},[1081],{"type":35,"value":1082},"The company has value that does not depend on a token: software, fees, IP, a team others would acquire.",{"type":30,"tag":67,"props":1084,"children":1085},{},[1086],{"type":35,"value":1087},"A token is likely but its design, timing or jurisdiction is still open.",{"type":30,"tag":67,"props":1089,"children":1090},{},[1091],{"type":35,"value":1092},"You want investors from outside crypto, or generalist funds, who are set up to hold equity.",{"type":30,"tag":67,"props":1094,"children":1095},{},[1096],{"type":35,"value":1097},"You expect to raise a later priced equity round and want a clean cap table story.",{"type":30,"tag":43,"props":1099,"children":1101},{"id":1100},"saft-vs-token-warrant-side-by-side",[1102],{"type":35,"value":1103},"SAFT vs Token Warrant: Side-by-Side",{"type":30,"tag":115,"props":1105,"children":1106},{},[1107,1126],{"type":30,"tag":119,"props":1108,"children":1109},{},[1110],{"type":30,"tag":123,"props":1111,"children":1112},{},[1113,1116,1121],{"type":30,"tag":127,"props":1114,"children":1115},{},[],{"type":30,"tag":127,"props":1117,"children":1118},{},[1119],{"type":35,"value":1120},"SAFT",{"type":30,"tag":127,"props":1122,"children":1123},{},[1124],{"type":35,"value":1125},"SAFE + Token Warrant",{"type":30,"tag":143,"props":1127,"children":1128},{},[1129,1147,1165,1183,1201,1219,1237,1255],{"type":30,"tag":123,"props":1130,"children":1131},{},[1132,1137,1142],{"type":30,"tag":150,"props":1133,"children":1134},{},[1135],{"type":35,"value":1136},"What the investor buys",{"type":30,"tag":150,"props":1138,"children":1139},{},[1140],{"type":35,"value":1141},"Future tokens",{"type":30,"tag":150,"props":1143,"children":1144},{},[1145],{"type":35,"value":1146},"Equity, plus a right to future tokens",{"type":30,"tag":123,"props":1148,"children":1149},{},[1150,1155,1160],{"type":30,"tag":150,"props":1151,"children":1152},{},[1153],{"type":35,"value":1154},"Issuing entity",{"type":30,"tag":150,"props":1156,"children":1157},{},[1158],{"type":35,"value":1159},"Usually the token issuer (often a foundation)",{"type":30,"tag":150,"props":1161,"children":1162},{},[1163],{"type":35,"value":1164},"Usually the operating company",{"type":30,"tag":123,"props":1166,"children":1167},{},[1168,1173,1178],{"type":30,"tag":150,"props":1169,"children":1170},{},[1171],{"type":35,"value":1172},"Price setting",{"type":30,"tag":150,"props":1174,"children":1175},{},[1176],{"type":35,"value":1177},"Token price or token valuation at signing",{"type":30,"tag":150,"props":1179,"children":1180},{},[1181],{"type":35,"value":1182},"Equity valuation cap; token share set as a percentage of a pool",{"type":30,"tag":123,"props":1184,"children":1185},{},[1186,1191,1196],{"type":30,"tag":150,"props":1187,"children":1188},{},[1189],{"type":35,"value":1190},"If no token launches",{"type":30,"tag":150,"props":1192,"children":1193},{},[1194],{"type":35,"value":1195},"Investor may lose most of the investment",{"type":30,"tag":150,"props":1197,"children":1198},{},[1199],{"type":35,"value":1200},"Investor still holds equity",{"type":30,"tag":123,"props":1202,"children":1203},{},[1204,1209,1214],{"type":30,"tag":150,"props":1205,"children":1206},{},[1207],{"type":35,"value":1208},"Founder flexibility on token",{"type":30,"tag":150,"props":1210,"children":1211},{},[1212],{"type":35,"value":1213},"Low — commitment is to deliver tokens",{"type":30,"tag":150,"props":1215,"children":1216},{},[1217],{"type":35,"value":1218},"High — token design and timing can stay open",{"type":30,"tag":123,"props":1220,"children":1221},{},[1222,1227,1232],{"type":30,"tag":150,"props":1223,"children":1224},{},[1225],{"type":35,"value":1226},"Investor fit",{"type":30,"tag":150,"props":1228,"children":1229},{},[1230],{"type":35,"value":1231},"Token-native funds, strategics",{"type":30,"tag":150,"props":1233,"children":1234},{},[1235],{"type":35,"value":1236},"Crypto VCs, generalist VCs, angels",{"type":30,"tag":123,"props":1238,"children":1239},{},[1240,1245,1250],{"type":30,"tag":150,"props":1241,"children":1242},{},[1243],{"type":35,"value":1244},"Complexity at TGE",{"type":30,"tag":150,"props":1246,"children":1247},{},[1248],{"type":35,"value":1249},"Deliver tokens per contract",{"type":30,"tag":150,"props":1251,"children":1252},{},[1253],{"type":35,"value":1254},"Map warrant holders to allocation, coordinate across entities",{"type":30,"tag":123,"props":1256,"children":1257},{},[1258,1263,1268],{"type":30,"tag":150,"props":1259,"children":1260},{},[1261],{"type":35,"value":1262},"Typical stage",{"type":30,"tag":150,"props":1264,"children":1265},{},[1266],{"type":35,"value":1267},"Seed to strategic, token design mature",{"type":30,"tag":150,"props":1269,"children":1270},{},[1271],{"type":35,"value":1272},"Pre-seed and seed, product-first teams",{"type":30,"tag":43,"props":1274,"children":1276},{"id":1275},"the-terms-that-actually-matter",[1277],{"type":35,"value":1278},"The Terms That Actually Matter",{"type":30,"tag":31,"props":1280,"children":1281},{},[1282],{"type":35,"value":1283},"Choosing the instrument is the first decision. The terms inside it decide whether the raise helps or hurts you at TGE.",{"type":30,"tag":375,"props":1285,"children":1287},{"id":1286},"token-allocation-for-investors",[1288],{"type":35,"value":1289},"Token allocation for investors",{"type":30,"tag":31,"props":1291,"children":1292},{},[1293],{"type":35,"value":1294},"With a warrant, the most important number is the percentage of total token supply reserved for equity investors, and how that pool is split between them. If this is left vague, every later round has to renegotiate it, and early holders will push for protection against dilution of the pool. Decide the pool size up front and state clearly whether future rounds share the same pool or get a new one.",{"type":30,"tag":31,"props":1296,"children":1297},{},[1298],{"type":35,"value":1299},"With a SAFT, the equivalent question is the implied fully diluted valuation. Investors will compare your SAFT price against the eventual listing price and the float. If the gap is too wide, those holders are in large profit the moment they unlock, which becomes sell pressure, and the problem gets worse the lower your initial float.",{"type":30,"tag":375,"props":1301,"children":1303},{"id":1302},"lock-ups-and-vesting",[1304],{"type":35,"value":1305},"Lock-ups and vesting",{"type":30,"tag":31,"props":1307,"children":1308},{},[1309,1311,1317],{"type":35,"value":1310},"Both instruments should set out, or at least bound, the lock-up and vesting investors accept. A common protection investors ask for is that their terms will be no worse than those applied to other investors in the same class. Founders should resist leaving vesting entirely to be decided at TGE, because the negotiation will happen at the worst moment, weeks before launch, with every holder pushing for shorter terms. Our piece on ",{"type":30,"tag":462,"props":1312,"children":1314},{"href":1313},"/blog/token-vesting-schedules-explained",[1315],{"type":35,"value":1316},"token vesting schedules",{"type":35,"value":1318}," explains how cliffs and linear release interact with circulating supply.",{"type":30,"tag":375,"props":1320,"children":1322},{"id":1321},"entity-structure",[1323],{"type":35,"value":1324},"Entity structure",{"type":30,"tag":31,"props":1326,"children":1327},{},[1328],{"type":35,"value":1329},"Tokens are often issued by a separate entity from the operating company, for regulatory or tax reasons. A warrant signed by the operating company then needs a clear mechanism to deliver tokens from the issuing entity, whether by an agreement between the two, an assignment or a commitment to procure delivery. If this is missing, investors may find themselves holding a right against a company that does not control the tokens. SAFTs avoid some of this by being signed by the issuer directly, but they bring their own questions about how that entity is funded and governed.",{"type":30,"tag":375,"props":1331,"children":1333},{"id":1332},"most-favoured-nation-and-side-letters",[1334],{"type":35,"value":1335},"Most-favoured-nation and side letters",{"type":30,"tag":31,"props":1337,"children":1338},{},[1339],{"type":35,"value":1340},"Early investors often ask for most-favoured-nation clauses that give them any better terms offered later. On token terms this can be expensive: a strategic investor who gets a shorter lock-up in a later round may trigger the same change across everyone who came before. Track every side letter in one place and model the knock-on effects before granting anything.",{"type":30,"tag":375,"props":1342,"children":1344},{"id":1343},"what-happens-without-a-token",[1345],{"type":35,"value":1346},"What happens without a token",{"type":30,"tag":31,"props":1348,"children":1349},{},[1350],{"type":35,"value":1351},"For warrants, the answer is easy: nothing, the investor keeps equity. For SAFTs, spell out what happens if launch is delayed past a long-stop date or abandoned entirely. Silence on this point is a common source of disputes.",{"type":30,"tag":43,"props":1353,"children":1355},{"id":1354},"five-mistakes-founders-make-choosing-between-them",[1356],{"type":35,"value":1357},"Five Mistakes Founders Make Choosing Between Them",{"type":30,"tag":31,"props":1359,"children":1360},{},[1361,1366],{"type":30,"tag":71,"props":1362,"children":1363},{},[1364],{"type":35,"value":1365},"1. Choosing on what the last project did.",{"type":35,"value":1367}," Instrument choice depends on jurisdiction, entity structure and whether the company has value beyond the token. Copying another project's documents without checking those three things creates problems that appear at TGE, when they are hardest to fix.",{"type":30,"tag":31,"props":1369,"children":1370},{},[1371,1376],{"type":30,"tag":71,"props":1372,"children":1373},{},[1374],{"type":35,"value":1375},"2. Selling SAFTs before the token design is settled.",{"type":35,"value":1377}," A SAFT commits you to deliver a specific thing. If supply, utility or chain change after signing, you may need consent from every holder to adjust.",{"type":30,"tag":31,"props":1379,"children":1380},{},[1381,1386],{"type":30,"tag":71,"props":1382,"children":1383},{},[1384],{"type":35,"value":1385},"3. Leaving the warrant pool undefined.",{"type":35,"value":1387}," \"Pro-rata share of tokens allocated to investors\" is meaningless until the allocation exists. Founders who leave this open often end up conceding a larger pool later than they would have agreed to at the start.",{"type":30,"tag":31,"props":1389,"children":1390},{},[1391,1396],{"type":30,"tag":71,"props":1392,"children":1393},{},[1394],{"type":35,"value":1395},"4. Mixing instruments without a map.",{"type":35,"value":1397}," Some projects end up with SAFEs, warrants, SAFTs and direct token purchase agreements from different rounds. Each converts differently. Without a single table showing who holds what, at what price, with which lock-up, you cannot plan circulating supply for launch day.",{"type":30,"tag":31,"props":1399,"children":1400},{},[1401,1406],{"type":30,"tag":71,"props":1402,"children":1403},{},[1404],{"type":35,"value":1405},"5. Ignoring how the raise shows up in the market.",{"type":35,"value":1407}," Every instrument ends as tokens in someone's wallet on a schedule. If investor unlocks cluster in the same months, or entry prices are far below listing, the order book will feel it. That is a fundraising decision with a market structure consequence.",{"type":30,"tag":43,"props":1409,"children":1411},{"id":1410},"which-should-you-pick",[1412],{"type":35,"value":1413},"Which Should You Pick?",{"type":30,"tag":31,"props":1415,"children":1416},{},[1417],{"type":35,"value":1418},"A simple decision framework:",{"type":30,"tag":63,"props":1420,"children":1421},{},[1422,1432,1442,1452,1462],{"type":30,"tag":67,"props":1423,"children":1424},{},[1425,1430],{"type":30,"tag":71,"props":1426,"children":1427},{},[1428],{"type":35,"value":1429},"The company would still be worth something without a token.",{"type":35,"value":1431}," Use a SAFE plus token warrant.",{"type":30,"tag":67,"props":1433,"children":1434},{},[1435,1440],{"type":30,"tag":71,"props":1436,"children":1437},{},[1438],{"type":35,"value":1439},"The token is the whole value proposition and its design is mature.",{"type":35,"value":1441}," A SAFT is reasonable, with counsel's sign-off on jurisdiction.",{"type":30,"tag":67,"props":1443,"children":1444},{},[1445,1450],{"type":30,"tag":71,"props":1446,"children":1447},{},[1448],{"type":35,"value":1449},"You are unsure whether or when a token will launch.",{"type":35,"value":1451}," Use a warrant. Do not sell a SAFT for something you may not deliver.",{"type":30,"tag":67,"props":1453,"children":1454},{},[1455,1460],{"type":30,"tag":71,"props":1456,"children":1457},{},[1458],{"type":35,"value":1459},"You are raising from a mix of equity and token investors.",{"type":35,"value":1461}," A SAFE plus warrant for the round, and possibly a SAFT or token purchase agreement for a later strategic tranche once the design is locked.",{"type":30,"tag":67,"props":1463,"children":1464},{},[1465,1470,1472,1478],{"type":30,"tag":71,"props":1466,"children":1467},{},[1468],{"type":35,"value":1469},"You are close to TGE and selling to strategics.",{"type":35,"value":1471}," Direct token purchase agreements or SAFTs are common here. See our ",{"type":30,"tag":462,"props":1473,"children":1475},{"href":1474},"/blog/private-token-sale-guide",[1476],{"type":35,"value":1477},"private token sale guide",{"type":35,"value":1479}," for how those rounds are priced and documented.",{"type":30,"tag":31,"props":1481,"children":1482},{},[1483,1485,1489],{"type":35,"value":1484},"For a wider view of rounds, instruments and investor types, our ",{"type":30,"tag":462,"props":1486,"children":1487},{"href":595},[1488],{"type":35,"value":598},{"type":35,"value":1490}," puts SAFTs and warrants alongside equity, launchpads and public sales.",{"type":30,"tag":43,"props":1492,"children":1494},{"id":1493},"pre-signing-checklist",[1495],{"type":35,"value":1496},"Pre-Signing Checklist",{"type":30,"tag":63,"props":1498,"children":1500},{"className":1499},[743],[1501,1510,1519,1528,1537,1546,1555,1564],{"type":30,"tag":67,"props":1502,"children":1504},{"className":1503},[748],[1505,1508],{"type":30,"tag":751,"props":1506,"children":1507},{"disabled":753,"type":754},[],{"type":35,"value":1509}," Counsel has confirmed the instrument suits your jurisdiction and entity structure",{"type":30,"tag":67,"props":1511,"children":1513},{"className":1512},[748],[1514,1517],{"type":30,"tag":751,"props":1515,"children":1516},{"disabled":753,"type":754},[],{"type":35,"value":1518}," Token-issuing entity is identified, and the warrant has a delivery mechanism from it",{"type":30,"tag":67,"props":1520,"children":1522},{"className":1521},[748],[1523,1526],{"type":30,"tag":751,"props":1524,"children":1525},{"disabled":753,"type":754},[],{"type":35,"value":1527}," Investor token pool is defined as a percentage of total supply",{"type":30,"tag":67,"props":1529,"children":1531},{"className":1530},[748],[1532,1535],{"type":30,"tag":751,"props":1533,"children":1534},{"disabled":753,"type":754},[],{"type":35,"value":1536}," Lock-up and vesting terms are set, or have agreed minimums and maximums",{"type":30,"tag":67,"props":1538,"children":1540},{"className":1539},[748],[1541,1544],{"type":30,"tag":751,"props":1542,"children":1543},{"disabled":753,"type":754},[],{"type":35,"value":1545}," Long-stop date and failed-launch terms are written into any SAFT",{"type":30,"tag":67,"props":1547,"children":1549},{"className":1548},[748],[1550,1553],{"type":30,"tag":751,"props":1551,"children":1552},{"disabled":753,"type":754},[],{"type":35,"value":1554}," MFN clauses and side letters are logged in one register",{"type":30,"tag":67,"props":1556,"children":1558},{"className":1557},[748],[1559,1562],{"type":30,"tag":751,"props":1560,"children":1561},{"disabled":753,"type":754},[],{"type":35,"value":1563}," A cap table covers equity, warrants, SAFTs and token purchase agreements together",{"type":30,"tag":67,"props":1565,"children":1567},{"className":1566},[748],[1568,1571],{"type":30,"tag":751,"props":1569,"children":1570},{"disabled":753,"type":754},[],{"type":35,"value":1572}," Unlock schedule is modelled against planned circulating supply at TGE",{"type":30,"tag":43,"props":1574,"children":1576},{"id":1575},"from-fundraising-terms-to-launch-day-liquidity",[1577],{"type":35,"value":1578},"From Fundraising Terms to Launch-Day Liquidity",{"type":30,"tag":31,"props":1580,"children":1581},{},[1582],{"type":35,"value":1583},"The instrument you raise on decides who holds tokens at launch, what they paid and when they can sell. Those three facts shape the first months of trading more than most marketing plans do. At Fibonacci Capital we see the results on the order book: projects that modelled investor unlocks against float and depth before signing tend to have far calmer listings than those that discovered their cap table at TGE.",{"type":30,"tag":31,"props":1585,"children":1586},{},[1587,1589,1594],{"type":35,"value":1588},"If you are structuring a raise and want to understand how those terms will translate into market depth and liquidity at launch, ",{"type":30,"tag":462,"props":1590,"children":1591},{"href":860},[1592],{"type":35,"value":1593},"talk to Fibonacci Capital about launch support",{"type":35,"value":477},{"title":7,"searchDepth":866,"depth":866,"links":1596},[1597,1600,1603,1604,1611,1612,1613,1614],{"id":915,"depth":866,"text":918,"children":1598},[1599],{"id":979,"depth":873,"text":982},{"id":1008,"depth":866,"text":1011,"children":1601},[1602],{"id":1071,"depth":873,"text":1074},{"id":1100,"depth":866,"text":1103},{"id":1275,"depth":866,"text":1278,"children":1605},[1606,1607,1608,1609,1610],{"id":1286,"depth":873,"text":1289},{"id":1302,"depth":873,"text":1305},{"id":1321,"depth":873,"text":1324},{"id":1332,"depth":873,"text":1335},{"id":1343,"depth":873,"text":1346},{"id":1354,"depth":866,"text":1357},{"id":1410,"depth":866,"text":1413},{"id":1493,"depth":866,"text":1496},{"id":1575,"depth":866,"text":1578},"content:blog:saft-vs-token-warrant.md","blog/saft-vs-token-warrant.md","blog/saft-vs-token-warrant",{"_path":1474,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1619,"description":1620,"date":1621,"author":11,"category":12,"tags":1622,"keywords":1625,"image":1631,"readTime":25,"body":1632,"_type":880,"_id":2215,"_source":882,"_file":2216,"_stem":2217,"_extension":885},"Private Token Sale: How Private Rounds, Discounts and Terms Work","How a private token sale works: round structure, discounts versus public price, vesting terms, the token purchase agreement, and how to price a private round.","2026-09-07",[15,17,1623,1624],"private sale","tokenomics",[1626,1627,1628,1629,1630],"private token sale","private token sale discounts","private sale vs pre-sale token","how does a private token pre-sale work","token purchase agreement private sale","/assets/images/blog/private-token-sale-guide.jpg",{"type":27,"children":1633,"toc":2206},[1634,1639,1644,1650,1655,1708,1713,1719,1724,1892,1903,1909,1914,1919,1962,1967,1973,1978,1995,2005,2015,2025,2035,2045,2063,2069,2074,2168,2180,2186,2191,2196],{"type":30,"tag":31,"props":1635,"children":1636},{},[1637],{"type":35,"value":1638},"A private token sale is a round in which a project sells tokens — or the right to receive tokens later — to a selected group of investors before any public sale or listing, at a price below the intended public price and in exchange for a lock-up. It is negotiated privately, documented in a token purchase agreement or a SAFT-style instrument, and priced against a valuation the buyer is willing to defend. Everything that makes it different from a public raise follows from those three features: selection, discount, and vesting.",{"type":30,"tag":31,"props":1640,"children":1641},{},[1642],{"type":35,"value":1643},"Most first-time teams get the mechanics roughly right and the terms badly wrong. They negotiate the headline valuation hard, concede on vesting because it feels secondary, and discover at listing that they sold a large share of supply to buyers whose tokens unlock faster than the market can absorb. This guide covers how private rounds are structured, how to think about the discount, which terms actually matter, and how to decide whether you need a private round at all.",{"type":30,"tag":43,"props":1645,"children":1647},{"id":1646},"how-a-private-token-sale-works",[1648],{"type":35,"value":1649},"How a Private Token Sale Works",{"type":30,"tag":31,"props":1651,"children":1652},{},[1653],{"type":35,"value":1654},"The sequence is consistent across most raises, whatever the labels used:",{"type":30,"tag":413,"props":1656,"children":1657},{},[1658,1668,1678,1688,1698],{"type":30,"tag":67,"props":1659,"children":1660},{},[1661,1666],{"type":30,"tag":71,"props":1662,"children":1663},{},[1664],{"type":35,"value":1665},"You set a valuation and an allocation.",{"type":35,"value":1667}," How much of total supply is being sold, at what implied fully diluted valuation, and how much capital that raises.",{"type":30,"tag":67,"props":1669,"children":1670},{},[1671,1676],{"type":30,"tag":71,"props":1672,"children":1673},{},[1674],{"type":35,"value":1675},"You approach a shortlist of investors.",{"type":35,"value":1677}," Funds, strategic partners, exchanges' investment arms, angels. Private means selected, not advertised — a broadly marketed \"private sale\" is a public offering with a different name, which matters for your legal position.",{"type":30,"tag":67,"props":1679,"children":1680},{},[1681,1686],{"type":30,"tag":71,"props":1682,"children":1683},{},[1684],{"type":35,"value":1685},"You agree terms per investor or per tranche.",{"type":35,"value":1687}," Price, allocation size, cliff, vesting schedule, and any rights attached — advisory commitments, information rights, transfer restrictions.",{"type":30,"tag":67,"props":1689,"children":1690},{},[1691,1696],{"type":30,"tag":71,"props":1692,"children":1693},{},[1694],{"type":35,"value":1695},"You sign a token purchase agreement.",{"type":35,"value":1697}," Funds are transferred; tokens are not, because there usually is no token yet. What the investor holds is a contractual right to receive tokens at or after the generation event.",{"type":30,"tag":67,"props":1699,"children":1700},{},[1701,1706],{"type":30,"tag":71,"props":1702,"children":1703},{},[1704],{"type":35,"value":1705},"Tokens are delivered at TGE and released on schedule.",{"type":35,"value":1707}," The delivery mechanism — vesting contract, exchange-held escrow, manual distribution — should be decided before signing, not after.",{"type":30,"tag":31,"props":1709,"children":1710},{},[1711],{"type":35,"value":1712},"Two structural points are worth being precise about. First, in most private rounds the investor is not buying a live asset; they are buying a claim. That is why the instrument matters more than the price. Second, the round is priced off a valuation that has no market to check it against. The public market will price your token later, and it will not feel bound by what your private investors paid.",{"type":30,"tag":375,"props":1714,"children":1716},{"id":1715},"private-sale-vs-pre-sale-vs-public-sale",[1717],{"type":35,"value":1718},"Private Sale vs Pre-Sale vs Public Sale",{"type":30,"tag":31,"props":1720,"children":1721},{},[1722],{"type":35,"value":1723},"The terms are used loosely and inconsistently across the industry. What distinguishes rounds in practice is who can participate, at what price, and with what lock-up.",{"type":30,"tag":115,"props":1725,"children":1726},{},[1727,1751],{"type":30,"tag":119,"props":1728,"children":1729},{},[1730],{"type":30,"tag":123,"props":1731,"children":1732},{},[1733,1736,1741,1746],{"type":30,"tag":127,"props":1734,"children":1735},{},[],{"type":30,"tag":127,"props":1737,"children":1738},{},[1739],{"type":35,"value":1740},"Private round",{"type":30,"tag":127,"props":1742,"children":1743},{},[1744],{"type":35,"value":1745},"Pre-sale / community round",{"type":30,"tag":127,"props":1747,"children":1748},{},[1749],{"type":35,"value":1750},"Public sale",{"type":30,"tag":143,"props":1752,"children":1753},{},[1754,1777,1800,1823,1846,1869],{"type":30,"tag":123,"props":1755,"children":1756},{},[1757,1762,1767,1772],{"type":30,"tag":150,"props":1758,"children":1759},{},[1760],{"type":35,"value":1761},"Who participates",{"type":30,"tag":150,"props":1763,"children":1764},{},[1765],{"type":35,"value":1766},"Selected investors, invited directly",{"type":30,"tag":150,"props":1768,"children":1769},{},[1770],{"type":35,"value":1771},"Whitelisted community, launchpad tiers, sometimes KYC-gated",{"type":30,"tag":150,"props":1773,"children":1774},{},[1775],{"type":35,"value":1776},"Open participation, usually via a launchpad or exchange",{"type":30,"tag":123,"props":1778,"children":1779},{},[1780,1785,1790,1795],{"type":30,"tag":150,"props":1781,"children":1782},{},[1783],{"type":35,"value":1784},"Typical ticket",{"type":30,"tag":150,"props":1786,"children":1787},{},[1788],{"type":35,"value":1789},"Large; negotiated individually",{"type":30,"tag":150,"props":1791,"children":1792},{},[1793],{"type":35,"value":1794},"Small to mid; capped per wallet",{"type":30,"tag":150,"props":1796,"children":1797},{},[1798],{"type":35,"value":1799},"Small; capped per participant",{"type":30,"tag":123,"props":1801,"children":1802},{},[1803,1808,1813,1818],{"type":30,"tag":150,"props":1804,"children":1805},{},[1806],{"type":35,"value":1807},"Price",{"type":30,"tag":150,"props":1809,"children":1810},{},[1811],{"type":35,"value":1812},"Lowest of the three",{"type":30,"tag":150,"props":1814,"children":1815},{},[1816],{"type":35,"value":1817},"Between private and public",{"type":30,"tag":150,"props":1819,"children":1820},{},[1821],{"type":35,"value":1822},"Reference price for listing",{"type":30,"tag":123,"props":1824,"children":1825},{},[1826,1831,1836,1841],{"type":30,"tag":150,"props":1827,"children":1828},{},[1829],{"type":35,"value":1830},"Vesting",{"type":30,"tag":150,"props":1832,"children":1833},{},[1834],{"type":35,"value":1835},"Longest cliff and vest",{"type":30,"tag":150,"props":1837,"children":1838},{},[1839],{"type":35,"value":1840},"Shorter, often partial unlock at TGE",{"type":30,"tag":150,"props":1842,"children":1843},{},[1844],{"type":35,"value":1845},"Often fully or largely unlocked at TGE",{"type":30,"tag":123,"props":1847,"children":1848},{},[1849,1854,1859,1864],{"type":30,"tag":150,"props":1850,"children":1851},{},[1852],{"type":35,"value":1853},"Documentation",{"type":30,"tag":150,"props":1855,"children":1856},{},[1857],{"type":35,"value":1858},"Negotiated purchase agreement per investor",{"type":30,"tag":150,"props":1860,"children":1861},{},[1862],{"type":35,"value":1863},"Standard terms, take it or leave it",{"type":30,"tag":150,"props":1865,"children":1866},{},[1867],{"type":35,"value":1868},"Platform terms",{"type":30,"tag":123,"props":1870,"children":1871},{},[1872,1877,1882,1887],{"type":30,"tag":150,"props":1873,"children":1874},{},[1875],{"type":35,"value":1876},"What you are really buying",{"type":30,"tag":150,"props":1878,"children":1879},{},[1880],{"type":35,"value":1881},"Capital plus, ideally, a relationship",{"type":30,"tag":150,"props":1883,"children":1884},{},[1885],{"type":35,"value":1886},"Distribution and early holders",{"type":30,"tag":150,"props":1888,"children":1889},{},[1890],{"type":35,"value":1891},"Price discovery and float",{"type":30,"tag":31,"props":1893,"children":1894},{},[1895,1897,1901],{"type":35,"value":1896},"The useful question is not \"which of these is a private sale\" but \"what am I giving up, and what am I getting\". Capital from a fund that will introduce you to exchanges and support the next round is worth a deeper discount than the same capital from a buyer who will sell into your first unlock. Our ",{"type":30,"tag":462,"props":1898,"children":1899},{"href":595},[1900],{"type":35,"value":598},{"type":35,"value":1902}," covers how the rounds fit together across a full raise.",{"type":30,"tag":43,"props":1904,"children":1906},{"id":1905},"private-token-sale-discounts-how-to-think-about-the-number",[1907],{"type":35,"value":1908},"Private Token Sale Discounts: How to Think About the Number",{"type":30,"tag":31,"props":1910,"children":1911},{},[1912],{"type":35,"value":1913},"Investors expect a discount to the public price because they take risk the public does not: they commit before the product, the listing, and the market exist, and they accept a lock-up that removes their ability to exit. The discount is compensation for time and illiquidity, not a courtesy.",{"type":30,"tag":31,"props":1915,"children":1916},{},[1917],{"type":35,"value":1918},"There is no standard percentage, and any figure quoted as an industry norm should be treated as marketing rather than data. What you can reason about is the structure of the trade-off:",{"type":30,"tag":63,"props":1920,"children":1921},{},[1922,1932,1942,1952],{"type":30,"tag":67,"props":1923,"children":1924},{},[1925,1930],{"type":30,"tag":71,"props":1926,"children":1927},{},[1928],{"type":35,"value":1929},"The discount and the lock-up are one negotiation, not two.",{"type":35,"value":1931}," A deeper discount with a longer cliff and slower vest can be better for the project than a shallower discount that unlocks quickly. Price is what you concede on paper; vesting is what determines whether the concession hurts.",{"type":30,"tag":67,"props":1933,"children":1934},{},[1935,1940],{"type":30,"tag":71,"props":1936,"children":1937},{},[1938],{"type":35,"value":1939},"Discounts compound across rounds.",{"type":35,"value":1941}," If your private round sits well below your pre-sale, which sits well below the public price, you have built a stack of holders each of whom is profitable at a price the next group paid. That is a chart with structural sell pressure written into it before trading begins.",{"type":30,"tag":67,"props":1943,"children":1944},{},[1945,1950],{"type":30,"tag":71,"props":1946,"children":1947},{},[1948],{"type":35,"value":1949},"A very deep discount is a signal.",{"type":35,"value":1951}," It tells later investors that early money did not believe the valuation, and it tells the market where the real floor is. Deep discounts are sometimes necessary; they are rarely free.",{"type":30,"tag":67,"props":1953,"children":1954},{},[1955,1960],{"type":30,"tag":71,"props":1956,"children":1957},{},[1958],{"type":35,"value":1959},"The public price is a decision, not a fact.",{"type":35,"value":1961}," Teams often anchor discounts to a listing price they have not justified. Work in the other direction: decide what valuation you can defend at listing given comparable projects and your actual traction, then price the private round below it.",{"type":30,"tag":31,"props":1963,"children":1964},{},[1965],{"type":35,"value":1966},"The practical test: model your token's fully diluted valuation at listing, then model what each investor group's position is worth at that price, and when they can act on it. If the answer is that a large share of supply is deeply in profit and unlockable in the first months, the discounts are too deep or the vesting is too short, whatever the headline valuation says.",{"type":30,"tag":43,"props":1968,"children":1970},{"id":1969},"terms-that-matter-more-than-price",[1971],{"type":35,"value":1972},"Terms That Matter More Than Price",{"type":30,"tag":31,"props":1974,"children":1975},{},[1976],{"type":35,"value":1977},"Once you have a valuation both sides can live with, the remaining terms decide how the round behaves after launch.",{"type":30,"tag":31,"props":1979,"children":1980},{},[1981,1986,1988,1993],{"type":30,"tag":71,"props":1982,"children":1983},{},[1984],{"type":35,"value":1985},"Cliff and vesting schedule.",{"type":35,"value":1987}," The single most consequential term. A cliff delays any release; the vest determines the rate afterwards. Linear vesting spreads sell pressure predictably; large periodic tranches concentrate it on known dates. ",{"type":30,"tag":462,"props":1989,"children":1990},{"href":1313},[1991],{"type":35,"value":1992},"Token vesting schedules explained",{"type":35,"value":1994}," covers the trade-offs in detail, and the schedule you agree here will appear directly in your unlock calendar.",{"type":30,"tag":31,"props":1996,"children":1997},{},[1998,2003],{"type":30,"tag":71,"props":1999,"children":2000},{},[2001],{"type":35,"value":2002},"TGE unlock percentage.",{"type":35,"value":2004}," How much of the allocation is liquid on day one. Small numbers here are worth conceding elsewhere to obtain. Every percentage point of early supply is a claim on your opening order book.",{"type":30,"tag":31,"props":2006,"children":2007},{},[2008,2013],{"type":30,"tag":71,"props":2009,"children":2010},{},[2011],{"type":35,"value":2012},"Transfer restrictions.",{"type":35,"value":2014}," Whether the investor can sell or assign their claim before delivery. Without restrictions, your carefully selected cap table can change hands entirely before your token exists, and you may not know who holds it.",{"type":30,"tag":31,"props":2016,"children":2017},{},[2018,2023],{"type":30,"tag":71,"props":2019,"children":2020},{},[2021],{"type":35,"value":2022},"Most favoured nation clauses.",{"type":35,"value":2024}," If a later investor gets better terms, earlier investors get them too. Reasonable in isolation, dangerous in aggregate — an MFN granted early can retroactively reprice a whole round when you concede on one term in a difficult later negotiation.",{"type":30,"tag":31,"props":2026,"children":2027},{},[2028,2033],{"type":30,"tag":71,"props":2029,"children":2030},{},[2031],{"type":35,"value":2032},"Delivery mechanics.",{"type":35,"value":2034}," Which contract releases the tokens, who controls it, and what happens if the TGE is delayed or the launch structure changes. Ambiguity here becomes a dispute at the worst possible moment.",{"type":30,"tag":31,"props":2036,"children":2037},{},[2038,2043],{"type":30,"tag":71,"props":2039,"children":2040},{},[2041],{"type":35,"value":2042},"Information and reporting rights.",{"type":35,"value":2044}," What you commit to reporting, how often, and to whom. Cheap to grant, and worth granting to investors who will actually read it.",{"type":30,"tag":31,"props":2046,"children":2047},{},[2048,2053,2055,2061],{"type":30,"tag":71,"props":2049,"children":2050},{},[2051],{"type":35,"value":2052},"Jurisdiction and securities analysis.",{"type":35,"value":2054}," Whether the instrument is a security in the relevant jurisdictions, who may participate, and what disclosure is required. This is legal work, not a template exercise, and it should be done before you circulate terms rather than after. Our overview of ",{"type":30,"tag":462,"props":2056,"children":2058},{"href":2057},"/blog/token-launch-legal-considerations",[2059],{"type":35,"value":2060},"token launch legal considerations",{"type":35,"value":2062}," sets out the questions to bring to counsel.",{"type":30,"tag":43,"props":2064,"children":2066},{"id":2065},"a-private-round-checklist",[2067],{"type":35,"value":2068},"A Private Round Checklist",{"type":30,"tag":31,"props":2070,"children":2071},{},[2072],{"type":35,"value":2073},"Before you open a private token sale:",{"type":30,"tag":63,"props":2075,"children":2077},{"className":2076},[743],[2078,2087,2096,2105,2114,2123,2132,2141,2150,2159],{"type":30,"tag":67,"props":2079,"children":2081},{"className":2080},[748],[2082,2085],{"type":30,"tag":751,"props":2083,"children":2084},{"disabled":753,"type":754},[],{"type":35,"value":2086}," Total supply, allocation per round, and fully diluted valuation modelled and internally agreed",{"type":30,"tag":67,"props":2088,"children":2090},{"className":2089},[748],[2091,2094],{"type":30,"tag":751,"props":2092,"children":2093},{"disabled":753,"type":754},[],{"type":35,"value":2095}," Defensible listing valuation established first, with private pricing derived from it",{"type":30,"tag":67,"props":2097,"children":2099},{"className":2098},[748],[2100,2103],{"type":30,"tag":751,"props":2101,"children":2102},{"disabled":753,"type":754},[],{"type":35,"value":2104}," Cliff, vesting schedule and TGE unlock decided as project policy before negotiations start",{"type":30,"tag":67,"props":2106,"children":2108},{"className":2107},[748],[2109,2112],{"type":30,"tag":751,"props":2110,"children":2111},{"disabled":753,"type":754},[],{"type":35,"value":2113}," Cumulative unlock calendar modelled across all rounds, month by month",{"type":30,"tag":67,"props":2115,"children":2117},{"className":2116},[748],[2118,2121],{"type":30,"tag":751,"props":2119,"children":2120},{"disabled":753,"type":754},[],{"type":35,"value":2122}," Counsel engaged on the instrument and on participation restrictions by jurisdiction",{"type":30,"tag":67,"props":2124,"children":2126},{"className":2125},[748],[2127,2130],{"type":30,"tag":751,"props":2128,"children":2129},{"disabled":753,"type":754},[],{"type":35,"value":2131}," Investor diligence done in both directions — what does this buyer do after unlock",{"type":30,"tag":67,"props":2133,"children":2135},{"className":2134},[748],[2136,2139],{"type":30,"tag":751,"props":2137,"children":2138},{"disabled":753,"type":754},[],{"type":35,"value":2140}," Transfer restrictions and MFN terms reviewed for aggregate effect, not case by case",{"type":30,"tag":67,"props":2142,"children":2144},{"className":2143},[748],[2145,2148],{"type":30,"tag":751,"props":2146,"children":2147},{"disabled":753,"type":754},[],{"type":35,"value":2149}," Delivery and vesting mechanism chosen, with contracts audited before TGE",{"type":30,"tag":67,"props":2151,"children":2153},{"className":2152},[748],[2154,2157],{"type":30,"tag":751,"props":2155,"children":2156},{"disabled":753,"type":754},[],{"type":35,"value":2158}," Cap table and unlock schedule prepared for disclosure to exchanges and later investors",{"type":30,"tag":67,"props":2160,"children":2162},{"className":2161},[748],[2163,2166],{"type":30,"tag":751,"props":2164,"children":2165},{"disabled":753,"type":754},[],{"type":35,"value":2167}," Liquidity plan sized against the supply that becomes tradable in the first months",{"type":30,"tag":31,"props":2169,"children":2170},{},[2171,2173,2179],{"type":35,"value":2172},"That last line is where private round terms meet market reality. Investors who bought at a discount become sellers at some point; the question is whether the book on the other side can absorb them. If a round's first unlock releases supply worth several times your resting depth, the price will reflect that regardless of how the round was priced. Sizing this properly is covered in ",{"type":30,"tag":462,"props":2174,"children":2176},{"href":2175},"/blog/how-much-liquidity-does-a-token-need-at-launch",[2177],{"type":35,"value":2178},"how much liquidity a token needs at launch",{"type":35,"value":477},{"type":30,"tag":43,"props":2181,"children":2183},{"id":2182},"do-you-actually-need-a-private-round",[2184],{"type":35,"value":2185},"Do You Actually Need a Private Round?",{"type":30,"tag":31,"props":2187,"children":2188},{},[2189],{"type":35,"value":2190},"Not every project does. A private round makes sense when you need capital before you can generate revenue, when a specific investor brings something beyond money, or when you need a credible cap table to reach exchanges and launchpads. It makes less sense when you are raising simply because raising is what projects do — in that case you are selling supply cheaply, adding future sell pressure, and taking on reporting obligations for capital you may not need.",{"type":30,"tag":31,"props":2192,"children":2193},{},[2194],{"type":35,"value":2195},"If you do raise privately, the discipline that matters is treating the round's terms as launch-day inputs rather than fundraising details. Every allocation, cliff and unlock you sign becomes supply arriving into a market you will have to support. At Fibonacci Capital we work with token teams on that end of the problem — modelling what agreed vesting schedules mean for the order book, and providing the market making that keeps a token tradable as private allocations unlock.",{"type":30,"tag":31,"props":2197,"children":2198},{},[2199,2201,2205],{"type":35,"value":2200},"If you are structuring a private round and want the unlock and liquidity implications modelled before you sign, ",{"type":30,"tag":462,"props":2202,"children":2203},{"href":860},[2204],{"type":35,"value":863},{"type":35,"value":477},{"title":7,"searchDepth":866,"depth":866,"links":2207},[2208,2211,2212,2213,2214],{"id":1646,"depth":866,"text":1649,"children":2209},[2210],{"id":1715,"depth":873,"text":1718},{"id":1905,"depth":866,"text":1908},{"id":1969,"depth":866,"text":1972},{"id":2065,"depth":866,"text":2068},{"id":2182,"depth":866,"text":2185},"content:blog:private-token-sale-guide.md","blog/private-token-sale-guide.md","blog/private-token-sale-guide",{"_path":2219,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":2220,"description":2221,"date":2222,"author":11,"category":12,"tags":2223,"keywords":2228,"image":2233,"readTime":25,"body":2234,"_type":880,"_id":2911,"_source":882,"_file":2912,"_stem":2913,"_extension":885},"/blog/tge-launch-day-runbook","TGE Launch Day: An Hour-by-Hour Token Generation Event Runbook","A practical token generation event runbook for launch day: what to confirm at T-24h, who owns each decision, how to monitor the book, and what to do when it goes wrong.","2026-09-05",[2224,2225,17,2226,2227],"TGE","token generation event","launch day","market making",[2225,2229,2230,2231,2232],"TGE launch day","how to do a token generation event","token launch day checklist","TGE runbook","/assets/images/blog/tge-launch-day-runbook.jpg",{"type":27,"children":2235,"toc":2901},[2236,2241,2246,2252,2257,2408,2413,2418,2424,2429,2437,2465,2470,2478,2501,2509,2532,2543,2549,2554,2559,2564,2569,2574,2579,2585,2590,2595,2600,2605,2611,2616,2669,2674,2680,2685,2695,2705,2715,2720,2726,2731,2736,2741,2746,2767,2773,2885,2890],{"type":30,"tag":31,"props":2237,"children":2238},{},[2239],{"type":35,"value":2240},"A token generation event is the moment your token contract mints supply and that supply becomes tradeable. Everything before it is preparation; everything after it is consequence. This runbook covers the twenty-four hours either side of that moment — what to confirm before you are committed, who owns each decision while the clock is running, what to watch once the book is live, and what to do when something breaks. It assumes the strategic work is already done and the remaining risk is execution.",{"type":30,"tag":31,"props":2242,"children":2243},{},[2244],{"type":35,"value":2245},"Most launch-day failures are not strategic failures. The tokenomics were fine, the listing was confirmed, the audit passed. What went wrong was operational: a contract parameter nobody re-checked, a wallet whose signers were in three time zones, a liquidity pool funded at the wrong ratio, a market maker who was not told the listing time changed. Those are all preventable with a runbook and a rehearsal.",{"type":30,"tag":43,"props":2247,"children":2249},{"id":2248},"assign-ownership-before-you-assign-times",[2250],{"type":35,"value":2251},"Assign Ownership Before You Assign Times",{"type":30,"tag":31,"props":2253,"children":2254},{},[2255],{"type":35,"value":2256},"A runbook without named owners is a wish list. Before you build a schedule, write down who holds each of these, by name, with a backup for each:",{"type":30,"tag":115,"props":2258,"children":2259},{},[2260,2281],{"type":30,"tag":119,"props":2261,"children":2262},{},[2263],{"type":30,"tag":123,"props":2264,"children":2265},{},[2266,2271,2276],{"type":30,"tag":127,"props":2267,"children":2268},{},[2269],{"type":35,"value":2270},"Role",{"type":30,"tag":127,"props":2272,"children":2273},{},[2274],{"type":35,"value":2275},"Owns",{"type":30,"tag":127,"props":2277,"children":2278},{},[2279],{"type":35,"value":2280},"Must be reachable",{"type":30,"tag":143,"props":2282,"children":2283},{},[2284,2302,2320,2338,2356,2373,2390],{"type":30,"tag":123,"props":2285,"children":2286},{},[2287,2292,2297],{"type":30,"tag":150,"props":2288,"children":2289},{},[2290],{"type":35,"value":2291},"Launch commander",{"type":30,"tag":150,"props":2293,"children":2294},{},[2295],{"type":35,"value":2296},"The go/no-go call and any decision to delay",{"type":30,"tag":150,"props":2298,"children":2299},{},[2300],{"type":35,"value":2301},"Entire window",{"type":30,"tag":123,"props":2303,"children":2304},{},[2305,2310,2315],{"type":30,"tag":150,"props":2306,"children":2307},{},[2308],{"type":35,"value":2309},"Contract owner",{"type":30,"tag":150,"props":2311,"children":2312},{},[2313],{"type":35,"value":2314},"Deployment, minting, ownership transfer, any on-chain parameter",{"type":30,"tag":150,"props":2316,"children":2317},{},[2318],{"type":35,"value":2319},"T-24h to T+4h",{"type":30,"tag":123,"props":2321,"children":2322},{},[2323,2328,2333],{"type":30,"tag":150,"props":2324,"children":2325},{},[2326],{"type":35,"value":2327},"Treasury signer(s)",{"type":30,"tag":150,"props":2329,"children":2330},{},[2331],{"type":35,"value":2332},"Every multisig transaction moving tokens or quote assets",{"type":30,"tag":150,"props":2334,"children":2335},{},[2336],{"type":35,"value":2337},"T-24h to T+24h",{"type":30,"tag":123,"props":2339,"children":2340},{},[2341,2346,2351],{"type":30,"tag":150,"props":2342,"children":2343},{},[2344],{"type":35,"value":2345},"Exchange liaison",{"type":30,"tag":150,"props":2347,"children":2348},{},[2349],{"type":35,"value":2350},"The relationship with each listing venue",{"type":30,"tag":150,"props":2352,"children":2353},{},[2354],{"type":35,"value":2355},"T-12h to T+12h",{"type":30,"tag":123,"props":2357,"children":2358},{},[2359,2364,2369],{"type":30,"tag":150,"props":2360,"children":2361},{},[2362],{"type":35,"value":2363},"Liquidity lead",{"type":30,"tag":150,"props":2365,"children":2366},{},[2367],{"type":35,"value":2368},"The relationship with your market maker and pool funding",{"type":30,"tag":150,"props":2370,"children":2371},{},[2372],{"type":35,"value":2301},{"type":30,"tag":123,"props":2374,"children":2375},{},[2376,2381,2386],{"type":30,"tag":150,"props":2377,"children":2378},{},[2379],{"type":35,"value":2380},"Comms lead",{"type":30,"tag":150,"props":2382,"children":2383},{},[2384],{"type":35,"value":2385},"Announcements, community channels, incident messaging",{"type":30,"tag":150,"props":2387,"children":2388},{},[2389],{"type":35,"value":2301},{"type":30,"tag":123,"props":2391,"children":2392},{},[2393,2398,2403],{"type":30,"tag":150,"props":2394,"children":2395},{},[2396],{"type":35,"value":2397},"Security lead",{"type":30,"tag":150,"props":2399,"children":2400},{},[2401],{"type":35,"value":2402},"Phishing monitoring, fake token reports, wallet drainer takedowns",{"type":30,"tag":150,"props":2404,"children":2405},{},[2406],{"type":35,"value":2407},"T-2h to T+48h",{"type":30,"tag":31,"props":2409,"children":2410},{},[2411],{"type":35,"value":2412},"Two rules make this work. First, one person makes the call — committees do not function under time pressure, and a launch with two people who each think they have authority to delay will produce a contradictory public statement at the worst moment. Second, everyone has a backup who has actually been briefed, because the person who has been awake for thirty hours preparing the launch is not the person you want signing an irreversible transaction.",{"type":30,"tag":31,"props":2414,"children":2415},{},[2416],{"type":35,"value":2417},"Confirm signer availability in writing, with time zones, before you set a launch time. A multisig requiring three of five signatures is only as available as its third-fastest signer.",{"type":30,"tag":43,"props":2419,"children":2421},{"id":2420},"t-24-hours-freeze-and-verify",[2422],{"type":35,"value":2423},"T-24 Hours: Freeze and Verify",{"type":30,"tag":31,"props":2425,"children":2426},{},[2427],{"type":35,"value":2428},"By this point nothing should be changing. This block is verification, not construction. If you find yourself writing code, deploying a fix or renegotiating a term at T-24h, the correct decision is almost always to delay.",{"type":30,"tag":31,"props":2430,"children":2431},{},[2432],{"type":30,"tag":71,"props":2433,"children":2434},{},[2435],{"type":35,"value":2436},"Contract and supply",{"type":30,"tag":63,"props":2438,"children":2439},{},[2440,2445,2450,2455,2460],{"type":30,"tag":67,"props":2441,"children":2442},{},[2443],{"type":35,"value":2444},"Deployed contract address recorded, verified on the block explorer, and matched against the audited source",{"type":30,"tag":67,"props":2446,"children":2447},{},[2448],{"type":35,"value":2449},"Total supply, decimals and token symbol confirmed against the tokenomics document",{"type":30,"tag":67,"props":2451,"children":2452},{},[2453],{"type":35,"value":2454},"Mint authority, pause and blacklist functions in their intended final state — and documented publicly if retained",{"type":30,"tag":67,"props":2456,"children":2457},{},[2458],{"type":35,"value":2459},"Ownership transferred to the intended multisig, not an individual key or the deployer wallet",{"type":30,"tag":67,"props":2461,"children":2462},{},[2463],{"type":35,"value":2464},"Vesting and lock contracts deployed, funded, and their unlock dates verified on-chain rather than in a spreadsheet",{"type":30,"tag":31,"props":2466,"children":2467},{},[2468],{"type":35,"value":2469},"Read the deployed state directly from chain. Do not verify parameters from the deployment script, the documentation or a screenshot — read them from the contract as deployed. This is the single highest-value hour of the entire launch.",{"type":30,"tag":31,"props":2471,"children":2472},{},[2473],{"type":30,"tag":71,"props":2474,"children":2475},{},[2476],{"type":35,"value":2477},"Distribution",{"type":30,"tag":63,"props":2479,"children":2480},{},[2481,2486,2491,2496],{"type":30,"tag":67,"props":2482,"children":2483},{},[2484],{"type":35,"value":2485},"Circulating supply at TGE calculated, agreed and matched against what you have told the market",{"type":30,"tag":67,"props":2487,"children":2488},{},[2489],{"type":35,"value":2490},"Every wallet due to receive tokens confirmed, with amounts, and the total reconciled to supply",{"type":30,"tag":67,"props":2492,"children":2493},{},[2494],{"type":35,"value":2495},"Airdrop or claim mechanism tested end to end on mainnet with a small allocation",{"type":30,"tag":67,"props":2497,"children":2498},{},[2499],{"type":35,"value":2500},"Treasury, foundation and team wallets labelled and, where you have committed to transparency, published",{"type":30,"tag":31,"props":2502,"children":2503},{},[2504],{"type":30,"tag":71,"props":2505,"children":2506},{},[2507],{"type":35,"value":2508},"Liquidity and venues",{"type":30,"tag":63,"props":2510,"children":2511},{},[2512,2517,2522,2527],{"type":30,"tag":67,"props":2513,"children":2514},{},[2515],{"type":35,"value":2516},"Listing time confirmed in writing with each venue, in UTC, including any pre-open or call-auction period",{"type":30,"tag":67,"props":2518,"children":2519},{},[2520],{"type":35,"value":2521},"Deposit addresses tested with a small transfer that has actually settled and credited",{"type":30,"tag":67,"props":2523,"children":2524},{},[2525],{"type":35,"value":2526},"Market making agreement signed, and the specific spread, depth and uptime obligations restated in the runbook",{"type":30,"tag":67,"props":2528,"children":2529},{},[2530],{"type":35,"value":2531},"On-chain pool ratio, initial price and locking arrangement agreed and pre-funded where the venue permits",{"type":30,"tag":31,"props":2533,"children":2534},{},[2535,2537,2541],{"type":35,"value":2536},"If you have not sized the book against an explicit slippage target, do that before launch day rather than on it — ",{"type":30,"tag":462,"props":2538,"children":2539},{"href":2175},[2540],{"type":35,"value":2178},{"type":35,"value":2542}," sets out the method.",{"type":30,"tag":43,"props":2544,"children":2546},{"id":2545},"t-12-to-t-1-hours-rehearse-and-position",[2547],{"type":35,"value":2548},"T-12 to T-1 Hours: Rehearse and Position",{"type":30,"tag":31,"props":2550,"children":2551},{},[2552],{"type":35,"value":2553},"This window is for movement and dry runs, not decisions.",{"type":30,"tag":31,"props":2555,"children":2556},{},[2557],{"type":35,"value":2558},"Run a signing rehearsal. Have every signer execute a low-value multisig transaction on the same devices and network they will use at launch. Hardware wallet firmware, browser extension versions and a signer's expiring session are all things you want to discover twelve hours early rather than four minutes late.",{"type":30,"tag":31,"props":2560,"children":2561},{},[2562],{"type":35,"value":2563},"Position inventory. Tokens and quote assets need to be in the right place before the window narrows: on the exchange for centralised venues, in the pool or the market maker's wallet for on-chain. Deposits that require confirmations, manual review or a compliance check can take far longer than the transaction itself. Move early, verify credited balances, and never assume a deposit is available because the transaction confirmed.",{"type":30,"tag":31,"props":2565,"children":2566},{},[2567],{"type":35,"value":2568},"Confirm the market maker is live and ready on each venue, with the agreed parameters loaded and a direct communication channel open — a shared channel with a named human, not a support inbox. Your liquidity lead should be able to reach them within a minute at any point in the launch window.",{"type":30,"tag":31,"props":2570,"children":2571},{},[2572],{"type":35,"value":2573},"Pre-write your communications. Draft, review and stage the announcement, the contract address post, the claim instructions, and — critically — the delay notice and the incident notice. Writing an incident statement while an incident is happening produces bad statements. Contract addresses should be published from your official channels and pinned; assume scam accounts will post a lookalike address within minutes of launch.",{"type":30,"tag":31,"props":2575,"children":2576},{},[2577],{"type":35,"value":2578},"Finally, hold a formal go/no-go at roughly T-1h. Every owner reports ready or not ready. Anything not ready is either resolved or triggers a delay. Silence is not consent — poll each owner explicitly.",{"type":30,"tag":43,"props":2580,"children":2582},{"id":2581},"t-0-the-launch-sequence",[2583],{"type":35,"value":2584},"T-0: The Launch Sequence",{"type":30,"tag":31,"props":2586,"children":2587},{},[2588],{"type":35,"value":2589},"The sequence itself should be short, ordered and boring. The typical order is: enable trading or unpause the contract, then seed liquidity, then confirm both venues and pools are quoting, then announce.",{"type":30,"tag":31,"props":2591,"children":2592},{},[2593],{"type":35,"value":2594},"Announcing before liquidity is confirmed live is a common and expensive mistake. It concentrates the first wave of buyers into a book that may not be there yet, producing exactly the violent first candle you spent months preparing to avoid.",{"type":30,"tag":31,"props":2596,"children":2597},{},[2598],{"type":35,"value":2599},"For a listing on a centralised exchange, the venue controls the open. Your job is to confirm that your market maker is quoting the moment the pair opens, that deposits and withdrawals are enabled as expected, and that the pair is discoverable under the correct symbol. Symbol collisions with an existing token are worth checking directly, not assuming.",{"type":30,"tag":31,"props":2601,"children":2602},{},[2603],{"type":35,"value":2604},"For an on-chain launch, the seeding transaction sets the opening price. Verify the token and quote amounts, the resulting implied price and the recipient of the LP tokens before signing. If you intend to lock or burn the LP position, do it in the same session and publish the transaction hash.",{"type":30,"tag":43,"props":2606,"children":2608},{"id":2607},"t0-to-t4-hours-monitor-the-things-that-actually-matter",[2609],{"type":35,"value":2610},"T+0 to T+4 Hours: Monitor the Things That Actually Matter",{"type":30,"tag":31,"props":2612,"children":2613},{},[2614],{"type":35,"value":2615},"Price is the least useful metric in the first hours. It is noisy, it is what everyone is already staring at, and it tells you nothing you can act on. Monitor the mechanics instead:",{"type":30,"tag":63,"props":2617,"children":2618},{},[2619,2629,2639,2649,2659],{"type":30,"tag":67,"props":2620,"children":2621},{},[2622,2627],{"type":30,"tag":71,"props":2623,"children":2624},{},[2625],{"type":35,"value":2626},"Spread and depth against your agreed targets.",{"type":35,"value":2628}," Are the quotes actually there, on both sides, at the committed size? This is the single most informative signal about whether your launch is functioning.",{"type":30,"tag":67,"props":2630,"children":2631},{},[2632,2637],{"type":30,"tag":71,"props":2633,"children":2634},{},[2635],{"type":35,"value":2636},"Book resilience.",{"type":35,"value":2638}," After a large trade clears part of the book, does it refill? A book that empties and stays empty is worse than a thinner book that replenishes.",{"type":30,"tag":67,"props":2640,"children":2641},{},[2642,2647],{"type":30,"tag":71,"props":2643,"children":2644},{},[2645],{"type":35,"value":2646},"Cross-venue price consistency.",{"type":35,"value":2648}," Persistent gaps between venues mean liquidity is not being maintained somewhere, or that arbitrageurs cannot move inventory between them.",{"type":30,"tag":67,"props":2650,"children":2651},{},[2652,2657],{"type":30,"tag":71,"props":2653,"children":2654},{},[2655],{"type":35,"value":2656},"Claim and distribution success rates.",{"type":35,"value":2658}," Failed claims are a support and reputation problem that compounds quickly if it is not caught in the first hour.",{"type":30,"tag":67,"props":2660,"children":2661},{},[2662,2667],{"type":30,"tag":71,"props":2663,"children":2664},{},[2665],{"type":35,"value":2666},"Scam surface.",{"type":35,"value":2668}," Fake contract addresses, impersonation accounts, phishing claim sites. Have your security lead searching actively and reporting them, not waiting for community reports.",{"type":30,"tag":31,"props":2670,"children":2671},{},[2672],{"type":35,"value":2673},"Set thresholds in advance for what triggers a call to your market maker or exchange contact, so that escalation is a rule rather than a judgement made by a tired person. \"Spread wider than the agreed target for more than fifteen minutes\" is an actionable trigger. \"The chart looks bad\" is not.",{"type":30,"tag":43,"props":2675,"children":2677},{"id":2676},"when-something-goes-wrong",[2678],{"type":35,"value":2679},"When Something Goes Wrong",{"type":30,"tag":31,"props":2681,"children":2682},{},[2683],{"type":35,"value":2684},"Assume something will. The three most common launch-day incidents and the response to each:",{"type":30,"tag":31,"props":2686,"children":2687},{},[2688,2693],{"type":30,"tag":71,"props":2689,"children":2690},{},[2691],{"type":35,"value":2692},"Liquidity is thinner than agreed.",{"type":35,"value":2694}," Contact the market maker immediately through the direct channel and ask specifically why: an inventory problem, an exchange connectivity problem, or a risk decision on their side. Each has a different fix, and the distinction determines whether this is a technical issue or a commercial one. Document what you observe with timestamps — you will want it for the post-launch review and, if the shortfall was discretionary, for the contract discussion.",{"type":30,"tag":31,"props":2696,"children":2697},{},[2698,2703],{"type":30,"tag":71,"props":2699,"children":2700},{},[2701],{"type":35,"value":2702},"A contract or distribution error.",{"type":35,"value":2704}," Stop distribution before communicating, then communicate quickly and precisely. State what happened, what is affected, and what you are doing — even if the answer is that you are still investigating. Silence is read as concealment. Never rush an unaudited fix onto mainnet under time pressure; a contained problem is far cheaper than a second, larger one introduced while fixing the first.",{"type":30,"tag":31,"props":2706,"children":2707},{},[2708,2713],{"type":30,"tag":71,"props":2709,"children":2710},{},[2711],{"type":35,"value":2712},"A scam contract gaining traction.",{"type":35,"value":2714}," Publish the correct address again from every official channel, report the fake to explorers, aggregators and the relevant social platforms, and make sure your community moderators are amplifying the correct address rather than debating the fake one.",{"type":30,"tag":31,"props":2716,"children":2717},{},[2718],{"type":35,"value":2719},"For any incident, one person writes the public statement and one person approves it. Multiple people posting partial information to different channels turns a manageable problem into a credibility problem.",{"type":30,"tag":43,"props":2721,"children":2723},{"id":2722},"t24-to-t48-hours-close-out",[2724],{"type":35,"value":2725},"T+24 to T+48 Hours: Close Out",{"type":30,"tag":31,"props":2727,"children":2728},{},[2729],{"type":35,"value":2730},"Before the team disperses, do three things while the detail is still fresh.",{"type":30,"tag":31,"props":2732,"children":2733},{},[2734],{"type":35,"value":2735},"Reconcile: on-chain circulating supply against your published figure, distributed amounts against the allocation table, and treasury balances against expectation. Discrepancies found now are administrative; found in three months, they are an accusation.",{"type":30,"tag":31,"props":2737,"children":2738},{},[2739],{"type":35,"value":2740},"Review liquidity performance against the agreement — actual spread, depth and uptime versus committed. This is the baseline for every conversation you will have with your market maker for the next year, and it is much harder to reconstruct later.",{"type":30,"tag":31,"props":2742,"children":2743},{},[2744],{"type":35,"value":2745},"Write the post-mortem while people remember. What slipped, what was missing from the runbook, what nearly happened. If you have further listings ahead, this document is worth more than any other artefact the launch produces.",{"type":30,"tag":31,"props":2747,"children":2748},{},[2749,2751,2757,2759,2765],{"type":35,"value":2750},"Then shift focus. The launch is an event; the market you have created is a continuing obligation. ",{"type":30,"tag":462,"props":2752,"children":2754},{"href":2753},"/blog/post-tge-strategy-guide",[2755],{"type":35,"value":2756},"Post-TGE strategy",{"type":35,"value":2758}," covers the first ninety days, and ",{"type":30,"tag":462,"props":2760,"children":2762},{"href":2761},"/blog/preparing-for-tge-timeline",[2763],{"type":35,"value":2764},"the 90-day pre-launch timeline",{"type":35,"value":2766}," is the upstream companion to this runbook if you are still in preparation.",{"type":30,"tag":43,"props":2768,"children":2770},{"id":2769},"the-condensed-checklist",[2771],{"type":35,"value":2772},"The Condensed Checklist",{"type":30,"tag":63,"props":2774,"children":2776},{"className":2775},[743],[2777,2786,2795,2804,2813,2822,2831,2840,2849,2858,2867,2876],{"type":30,"tag":67,"props":2778,"children":2780},{"className":2779},[748],[2781,2784],{"type":30,"tag":751,"props":2782,"children":2783},{"disabled":753,"type":754},[],{"type":35,"value":2785}," Named owner and briefed backup for every role, with signer availability confirmed in writing",{"type":30,"tag":67,"props":2787,"children":2789},{"className":2788},[748],[2790,2793],{"type":30,"tag":751,"props":2791,"children":2792},{"disabled":753,"type":754},[],{"type":35,"value":2794}," Deployed contract parameters verified by reading chain state, not documentation",{"type":30,"tag":67,"props":2796,"children":2798},{"className":2797},[748],[2799,2802],{"type":30,"tag":751,"props":2800,"children":2801},{"disabled":753,"type":754},[],{"type":35,"value":2803}," Circulating supply at TGE reconciled to what the market has been told",{"type":30,"tag":67,"props":2805,"children":2807},{"className":2806},[748],[2808,2811],{"type":30,"tag":751,"props":2809,"children":2810},{"disabled":753,"type":754},[],{"type":35,"value":2812}," Listing times confirmed in UTC with every venue, in writing",{"type":30,"tag":67,"props":2814,"children":2816},{"className":2815},[748],[2817,2820],{"type":30,"tag":751,"props":2818,"children":2819},{"disabled":753,"type":754},[],{"type":35,"value":2821}," Deposits tested and credited, inventory positioned well before T-0",{"type":30,"tag":67,"props":2823,"children":2825},{"className":2824},[748],[2826,2829],{"type":30,"tag":751,"props":2827,"children":2828},{"disabled":753,"type":754},[],{"type":35,"value":2830}," Multisig signing rehearsed on production devices",{"type":30,"tag":67,"props":2832,"children":2834},{"className":2833},[748],[2835,2838],{"type":30,"tag":751,"props":2836,"children":2837},{"disabled":753,"type":754},[],{"type":35,"value":2839}," Market maker live, parameters loaded, direct human channel open",{"type":30,"tag":67,"props":2841,"children":2843},{"className":2842},[748],[2844,2847],{"type":30,"tag":751,"props":2845,"children":2846},{"disabled":753,"type":754},[],{"type":35,"value":2848}," Announcement, delay notice and incident notice pre-written and approved",{"type":30,"tag":67,"props":2850,"children":2852},{"className":2851},[748],[2853,2856],{"type":30,"tag":751,"props":2854,"children":2855},{"disabled":753,"type":754},[],{"type":35,"value":2857}," Formal go/no-go held with every owner polled explicitly",{"type":30,"tag":67,"props":2859,"children":2861},{"className":2860},[748],[2862,2865],{"type":30,"tag":751,"props":2863,"children":2864},{"disabled":753,"type":754},[],{"type":35,"value":2866}," Liquidity confirmed live before the announcement goes out",{"type":30,"tag":67,"props":2868,"children":2870},{"className":2869},[748],[2871,2874],{"type":30,"tag":751,"props":2872,"children":2873},{"disabled":753,"type":754},[],{"type":35,"value":2875}," Monitoring thresholds and escalation triggers defined in advance",{"type":30,"tag":67,"props":2877,"children":2879},{"className":2878},[748],[2880,2883],{"type":30,"tag":751,"props":2881,"children":2882},{"disabled":753,"type":754},[],{"type":35,"value":2884}," Reconciliation, liquidity review and post-mortem completed within 48 hours",{"type":30,"tag":31,"props":2886,"children":2887},{},[2888],{"type":35,"value":2889},"At Fibonacci Capital we sit on the liquidity side of this runbook, quoting the book from the moment a pair opens and through the volatility that follows. The teams whose launches go smoothly are consistently the ones who treated launch day as an operation with owners and thresholds rather than a date on a calendar — and who agreed what the book would look like long before anyone was watching it.",{"type":30,"tag":31,"props":2891,"children":2892},{},[2893,2895,2900],{"type":35,"value":2894},"If you are planning a token generation event and want the liquidity side handled properly, ",{"type":30,"tag":462,"props":2896,"children":2897},{"href":860},[2898],{"type":35,"value":2899},"get in touch with our team",{"type":35,"value":477},{"title":7,"searchDepth":866,"depth":866,"links":2902},[2903,2904,2905,2906,2907,2908,2909,2910],{"id":2248,"depth":866,"text":2251},{"id":2420,"depth":866,"text":2423},{"id":2545,"depth":866,"text":2548},{"id":2581,"depth":866,"text":2584},{"id":2607,"depth":866,"text":2610},{"id":2676,"depth":866,"text":2679},{"id":2722,"depth":866,"text":2725},{"id":2769,"depth":866,"text":2772},"content:blog:tge-launch-day-runbook.md","blog/tge-launch-day-runbook.md","blog/tge-launch-day-runbook",1790817375233]