[{"data":1,"prerenderedAt":2455},["ShallowReactive",2],{"blog-how-much-does-it-cost-to-launch-a-token":3,"related-how-much-does-it-cost-to-launch-a-token":543},{"_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":23,"readTime":24,"body":25,"_type":537,"_id":538,"_source":539,"_file":540,"_stem":541,"_extension":542},"/blog/how-much-does-it-cost-to-launch-a-token","blog",false,"","How Much Does It Cost to Launch a Token? A Budget Framework for Founders","How much does it cost to launch a token? A line-by-line budget framework covering legal, audits, liquidity, listings, marketing and a contingency reserve.","2026-10-19","Fibonacci Capital","Token Launches",[14,15,16,17],"token launch cost","launch budget","token launch","TGE",[19,14,20,21,22],"how much does it cost to launch a token","token launch budget","cost of a TGE","crypto token launch expenses","/assets/images/blog/how-much-does-it-cost-to-launch-a-token.jpg","8 min read",{"type":26,"children":27,"toc":524},"root",[28,36,41,48,53,230,235,241,255,260,266,279,284,290,295,300,326,353,358,363,376,389,402,408,421,426,432,445,451,456,462,501,506,512],{"type":29,"tag":30,"props":31,"children":32},"element","p",{},[33],{"type":34,"value":35},"text","There is no single price for launching a token. 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":29,"tag":30,"props":37,"children":38},{},[39],{"type":34,"value":40},"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":29,"tag":42,"props":43,"children":45},"h2",{"id":44},"the-eight-budget-lines-of-a-token-launch",[46],{"type":34,"value":47},"The Eight Budget Lines of a Token Launch",{"type":29,"tag":30,"props":49,"children":50},{},[51],{"type":34,"value":52},"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":29,"tag":54,"props":55,"children":56},"table",{},[57,81],{"type":29,"tag":58,"props":59,"children":60},"thead",{},[61],{"type":29,"tag":62,"props":63,"children":64},"tr",{},[65,71,76],{"type":29,"tag":66,"props":67,"children":68},"th",{},[69],{"type":34,"value":70},"Line",{"type":29,"tag":66,"props":72,"children":73},{},[74],{"type":34,"value":75},"What it covers",{"type":29,"tag":66,"props":77,"children":78},{},[79],{"type":34,"value":80},"Fixed or scaling",{"type":29,"tag":82,"props":83,"children":84},"tbody",{},[85,104,122,140,158,176,194,212],{"type":29,"tag":62,"props":86,"children":87},{},[88,94,99],{"type":29,"tag":89,"props":90,"children":91},"td",{},[92],{"type":34,"value":93},"Legal and structuring",{"type":29,"tag":89,"props":95,"children":96},{},[97],{"type":34,"value":98},"Entity setup, token classification, sale documents, jurisdiction advice",{"type":29,"tag":89,"props":100,"children":101},{},[102],{"type":34,"value":103},"Mostly fixed, rises with complexity",{"type":29,"tag":62,"props":105,"children":106},{},[107,112,117],{"type":29,"tag":89,"props":108,"children":109},{},[110],{"type":34,"value":111},"Security",{"type":29,"tag":89,"props":113,"children":114},{},[115],{"type":34,"value":116},"Smart contract audit, re-audit after changes, bug bounty",{"type":29,"tag":89,"props":118,"children":119},{},[120],{"type":34,"value":121},"Fixed per contract, rises with code size",{"type":29,"tag":62,"props":123,"children":124},{},[125,130,135],{"type":29,"tag":89,"props":126,"children":127},{},[128],{"type":34,"value":129},"Tokenomics and modelling",{"type":29,"tag":89,"props":131,"children":132},{},[133],{"type":34,"value":134},"Supply design, vesting, unlock modelling",{"type":29,"tag":89,"props":136,"children":137},{},[138],{"type":34,"value":139},"Fixed",{"type":29,"tag":62,"props":141,"children":142},{},[143,148,153],{"type":29,"tag":89,"props":144,"children":145},{},[146],{"type":34,"value":147},"Liquidity",{"type":29,"tag":89,"props":149,"children":150},{},[151],{"type":34,"value":152},"Inventory for market making, DEX pool seeding",{"type":29,"tag":89,"props":154,"children":155},{},[156],{"type":34,"value":157},"Scales with target depth",{"type":29,"tag":62,"props":159,"children":160},{},[161,166,171],{"type":29,"tag":89,"props":162,"children":163},{},[164],{"type":34,"value":165},"Listings",{"type":29,"tag":89,"props":167,"children":168},{},[169],{"type":34,"value":170},"Exchange fees, listing support, market maker arrangements",{"type":29,"tag":89,"props":172,"children":173},{},[174],{"type":34,"value":175},"Varies widely by venue",{"type":29,"tag":62,"props":177,"children":178},{},[179,184,189],{"type":29,"tag":89,"props":180,"children":181},{},[182],{"type":34,"value":183},"Marketing and community",{"type":29,"tag":89,"props":185,"children":186},{},[187],{"type":34,"value":188},"KOLs, content, campaigns, community management",{"type":29,"tag":89,"props":190,"children":191},{},[192],{"type":34,"value":193},"Scales with ambition",{"type":29,"tag":62,"props":195,"children":196},{},[197,202,207],{"type":29,"tag":89,"props":198,"children":199},{},[200],{"type":34,"value":201},"Operations",{"type":29,"tag":89,"props":203,"children":204},{},[205],{"type":34,"value":206},"Custody, multisig, reporting, analytics tooling",{"type":29,"tag":89,"props":208,"children":209},{},[210],{"type":34,"value":211},"Mostly fixed",{"type":29,"tag":62,"props":213,"children":214},{},[215,220,225],{"type":29,"tag":89,"props":216,"children":217},{},[218],{"type":34,"value":219},"Contingency",{"type":29,"tag":89,"props":221,"children":222},{},[223],{"type":34,"value":224},"Reserve for delays, re-audits, extra liquidity",{"type":29,"tag":89,"props":226,"children":227},{},[228],{"type":34,"value":229},"Percentage of the rest",{"type":29,"tag":30,"props":231,"children":232},{},[233],{"type":34,"value":234},"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":29,"tag":42,"props":236,"children":238},{"id":237},"legal-and-structuring",[239],{"type":34,"value":240},"Legal and Structuring",{"type":29,"tag":30,"props":242,"children":243},{},[244,246,253],{"type":34,"value":245},"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":29,"tag":247,"props":248,"children":250},"a",{"href":249},"/blog/token-launch-legal-considerations",[251],{"type":34,"value":252},"token launch legal considerations",{"type":34,"value":254}," for the issues to raise with counsel.",{"type":29,"tag":30,"props":256,"children":257},{},[258],{"type":34,"value":259},"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":29,"tag":42,"props":261,"children":263},{"id":262},"security-and-audits",[264],{"type":34,"value":265},"Security and Audits",{"type":29,"tag":30,"props":267,"children":268},{},[269,271,277],{"type":34,"value":270},"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":29,"tag":247,"props":272,"children":274},{"href":273},"/blog/smart-contract-audits-before-launch",[275],{"type":34,"value":276},"Smart contract audits before launch",{"type":34,"value":278}," covers how to choose a firm and what a report does and does not prove.",{"type":29,"tag":30,"props":280,"children":281},{},[282],{"type":34,"value":283},"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":29,"tag":42,"props":285,"children":287},{"id":286},"liquidity-the-line-that-scales",[288],{"type":34,"value":289},"Liquidity: The Line That Scales",{"type":29,"tag":30,"props":291,"children":292},{},[293],{"type":34,"value":294},"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":29,"tag":30,"props":296,"children":297},{},[298],{"type":34,"value":299},"There are two ways teams provide it:",{"type":29,"tag":301,"props":302,"children":303},"ul",{},[304,316],{"type":29,"tag":305,"props":306,"children":307},"li",{},[308,314],{"type":29,"tag":309,"props":310,"children":311},"strong",{},[312],{"type":34,"value":313},"Token inventory plus a retainer.",{"type":34,"value":315}," 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":29,"tag":305,"props":317,"children":318},{},[319,324],{"type":29,"tag":309,"props":320,"children":321},{},[322],{"type":34,"value":323},"Loan and call-option structures.",{"type":34,"value":325}," The market maker borrows tokens and holds options on them. Terms differ widely and the structure deserves careful reading.",{"type":29,"tag":30,"props":327,"children":328},{},[329,335,337,343,345,351],{"type":29,"tag":247,"props":330,"children":332},{"href":331},"/blog/crypto-market-making-fees-models",[333],{"type":34,"value":334},"Crypto market making fees and models",{"type":34,"value":336}," explains these structures, and the ",{"type":29,"tag":247,"props":338,"children":340},{"href":339},"/blog/market-maker-agreement-checklist",[341],{"type":34,"value":342},"market maker agreement checklist",{"type":34,"value":344}," shows which clauses to check before signing. For sizing, ",{"type":29,"tag":247,"props":346,"children":348},{"href":347},"/blog/how-much-liquidity-does-a-token-need-at-launch",[349],{"type":34,"value":350},"how much liquidity does a token need at launch",{"type":34,"value":352}," gives a way to reason about depth targets from your expected trading profile instead of guessing.",{"type":29,"tag":30,"props":354,"children":355},{},[356],{"type":34,"value":357},"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":29,"tag":42,"props":359,"children":361},{"id":360},"listings",[362],{"type":34,"value":165},{"type":29,"tag":30,"props":364,"children":365},{},[366,368,374],{"type":34,"value":367},"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":29,"tag":247,"props":369,"children":371},{"href":370},"/blog/crypto-exchange-listing-fees",[372],{"type":34,"value":373},"Crypto exchange listing fees",{"type":34,"value":375}," breaks down the typical categories without pretending there is a price list.",{"type":29,"tag":30,"props":377,"children":378},{},[379,381,387],{"type":34,"value":380},"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":29,"tag":247,"props":382,"children":384},{"href":383},"/blog/which-crypto-exchanges-to-list-on",[385],{"type":34,"value":386},"which crypto exchanges to list on",{"type":34,"value":388}," for how to choose.",{"type":29,"tag":30,"props":390,"children":391},{},[392,394,400],{"type":34,"value":393},"Timing also has a cost. If a listing slips, so do the campaign dates tied to it. For realistic timelines, read ",{"type":29,"tag":247,"props":395,"children":397},{"href":396},"/blog/how-long-does-it-take-to-list-token-on-exchange",[398],{"type":34,"value":399},"how long it takes to list a token on an exchange",{"type":34,"value":401},".",{"type":29,"tag":42,"props":403,"children":405},{"id":404},"marketing-and-community",[406],{"type":34,"value":407},"Marketing and Community",{"type":29,"tag":30,"props":409,"children":410},{},[411,413,419],{"type":34,"value":412},"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":29,"tag":247,"props":414,"children":416},{"href":415},"/blog/how-to-spot-fake-engagement-crypto-marketing",[417],{"type":34,"value":418},"How to spot fake engagement in crypto marketing",{"type":34,"value":420}," helps you avoid paying for numbers that mean nothing.",{"type":29,"tag":30,"props":422,"children":423},{},[424],{"type":34,"value":425},"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":29,"tag":42,"props":427,"children":429},{"id":428},"operations-and-custody",[430],{"type":34,"value":431},"Operations and Custody",{"type":29,"tag":30,"props":433,"children":434},{},[435,437,443],{"type":34,"value":436},"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":29,"tag":247,"props":438,"children":440},{"href":439},"/blog/crypto-custody-solutions-for-token-teams",[441],{"type":34,"value":442},"Crypto custody solutions for token teams",{"type":34,"value":444}," 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":29,"tag":42,"props":446,"children":448},{"id":447},"the-contingency-reserve",[449],{"type":34,"value":450},"The Contingency Reserve",{"type":29,"tag":30,"props":452,"children":453},{},[454],{"type":34,"value":455},"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":29,"tag":42,"props":457,"children":459},{"id":458},"how-to-build-your-own-budget",[460],{"type":34,"value":461},"How to Build Your Own Budget",{"type":29,"tag":463,"props":464,"children":465},"ol",{},[466,471,476,481,486,491,496],{"type":29,"tag":305,"props":467,"children":468},{},[469],{"type":34,"value":470},"List the venues and markets you will launch on, and the date range.",{"type":29,"tag":305,"props":472,"children":473},{},[474],{"type":34,"value":475},"Get written quotes for legal, audit and tokenomics work.",{"type":29,"tag":305,"props":477,"children":478},{},[479],{"type":34,"value":480},"Decide your liquidity model and the depth you want to hold at launch and at thirty days.",{"type":29,"tag":305,"props":482,"children":483},{},[484],{"type":34,"value":485},"Count listings one by one, with the total cost of each, not just the fee.",{"type":29,"tag":305,"props":487,"children":488},{},[489],{"type":34,"value":490},"Set a marketing budget tied to measurable outputs.",{"type":29,"tag":305,"props":492,"children":493},{},[494],{"type":34,"value":495},"Add operations and your own team time.",{"type":29,"tag":305,"props":497,"children":498},{},[499],{"type":34,"value":500},"Add the contingency reserve, then recheck that the launch still works if the reserve is spent.",{"type":29,"tag":30,"props":502,"children":503},{},[504],{"type":34,"value":505},"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":29,"tag":42,"props":507,"children":509},{"id":508},"where-fibonacci-capital-fits",[510],{"type":34,"value":511},"Where Fibonacci Capital Fits",{"type":29,"tag":30,"props":513,"children":514},{},[515,517,523],{"type":34,"value":516},"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":29,"tag":247,"props":518,"children":520},{"href":519},"/pretge",[521],{"type":34,"value":522},"pre-TGE program",{"type":34,"value":401},{"title":7,"searchDepth":525,"depth":525,"links":526},2,[527,528,529,530,531,532,533,534,535,536],{"id":44,"depth":525,"text":47},{"id":237,"depth":525,"text":240},{"id":262,"depth":525,"text":265},{"id":286,"depth":525,"text":289},{"id":360,"depth":525,"text":165},{"id":404,"depth":525,"text":407},{"id":428,"depth":525,"text":431},{"id":447,"depth":525,"text":450},{"id":458,"depth":525,"text":461},{"id":508,"depth":525,"text":511},"markdown","content:blog:how-much-does-it-cost-to-launch-a-token.md","content","blog/how-much-does-it-cost-to-launch-a-token.md","blog/how-much-does-it-cost-to-launch-a-token","md",[544,1222,1840],{"_path":545,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":546,"description":547,"date":548,"author":11,"category":12,"tags":549,"keywords":555,"image":560,"readTime":561,"body":562,"_type":537,"_id":1219,"_source":539,"_file":1220,"_stem":1221,"_extension":542},"/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",[550,551,552,553,554],"liquidity bootstrapping pool","dutch auction","fixed price sale","token sale","price discovery",[556,550,557,558,559],"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","9 min read",{"type":26,"children":563,"toc":1208},[564,569,575,588,594,599,607,625,633,651,661,667,672,679,697,704,722,731,737,742,749,774,781,804,820,826,1014,1020,1025,1088,1093,1099,1104,1152,1158,1186,1192,1197],{"type":29,"tag":30,"props":565,"children":566},{},[567],{"type":34,"value":568},"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":29,"tag":42,"props":570,"children":572},{"id":571},"what-a-token-sale-mechanism-actually-decides",[573],{"type":34,"value":574},"What a Token Sale Mechanism Actually Decides",{"type":29,"tag":30,"props":576,"children":577},{},[578,580,586],{"type":34,"value":579},"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":29,"tag":247,"props":581,"children":583},{"href":582},"/blog/how-to-set-token-listing-price",[584],{"type":34,"value":585},"your listing price",{"type":34,"value":587},", 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":29,"tag":42,"props":589,"children":591},{"id":590},"fixed-price-sale",[592],{"type":34,"value":593},"Fixed-Price Sale",{"type":29,"tag":30,"props":595,"children":596},{},[597],{"type":34,"value":598},"Buyers purchase at a price set in advance, usually with a cap per wallet and a total raise target.",{"type":29,"tag":30,"props":600,"children":601},{},[602],{"type":29,"tag":309,"props":603,"children":604},{},[605],{"type":34,"value":606},"Strengths",{"type":29,"tag":301,"props":608,"children":609},{},[610,615,620],{"type":29,"tag":305,"props":611,"children":612},{},[613],{"type":34,"value":614},"Simple to explain and to run.",{"type":29,"tag":305,"props":616,"children":617},{},[618],{"type":34,"value":619},"Predictable raise and valuation, which suits teams with investor expectations to meet.",{"type":29,"tag":305,"props":621,"children":622},{},[623],{"type":34,"value":624},"Easy to combine with allowlists and KYC.",{"type":29,"tag":30,"props":626,"children":627},{},[628],{"type":29,"tag":309,"props":629,"children":630},{},[631],{"type":34,"value":632},"Weaknesses",{"type":29,"tag":301,"props":634,"children":635},{},[636,641,646],{"type":29,"tag":305,"props":637,"children":638},{},[639],{"type":34,"value":640},"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":29,"tag":305,"props":642,"children":643},{},[644],{"type":34,"value":645},"Fast bots and well-funded wallets win the race, so \"fair\" distribution depends heavily on gating.",{"type":29,"tag":305,"props":647,"children":648},{},[649],{"type":34,"value":650},"Demand is invisible until it is over.",{"type":29,"tag":30,"props":652,"children":653},{},[654,659],{"type":29,"tag":309,"props":655,"children":656},{},[657],{"type":34,"value":658},"Best for:",{"type":34,"value":660}," teams with a firm valuation from earlier rounds, communities with strong allowlist processes, and sales where price certainty matters more than price discovery.",{"type":29,"tag":42,"props":662,"children":664},{"id":663},"dutch-auction",[665],{"type":34,"value":666},"Dutch Auction",{"type":29,"tag":30,"props":668,"children":669},{},[670],{"type":34,"value":671},"The price starts high and falls over time (or bids are collected and a single clearing price is set). Everyone who participates pays the same final price, or the same price per the auction rules.",{"type":29,"tag":30,"props":673,"children":674},{},[675],{"type":29,"tag":309,"props":676,"children":677},{},[678],{"type":34,"value":606},{"type":29,"tag":301,"props":680,"children":681},{},[682,687,692],{"type":29,"tag":305,"props":683,"children":684},{},[685],{"type":34,"value":686},"Finds a market-clearing price, so the team does not have to guess.",{"type":29,"tag":305,"props":688,"children":689},{},[690],{"type":34,"value":691},"Removes the speed advantage of bots in many designs, because everyone pays the same price.",{"type":29,"tag":305,"props":693,"children":694},{},[695],{"type":34,"value":696},"Reveals real demand.",{"type":29,"tag":30,"props":698,"children":699},{},[700],{"type":29,"tag":309,"props":701,"children":702},{},[703],{"type":34,"value":632},{"type":29,"tag":301,"props":705,"children":706},{},[707,712,717],{"type":29,"tag":305,"props":708,"children":709},{},[710],{"type":34,"value":711},"More complex for participants to understand, and participants can wait too long and miss out.",{"type":29,"tag":305,"props":713,"children":714},{},[715],{"type":34,"value":716},"Clearing price can come out lower than the team hoped.",{"type":29,"tag":305,"props":718,"children":719},{},[720],{"type":34,"value":721},"Design details such as bid caps and settlement matter a great deal.",{"type":29,"tag":30,"props":723,"children":724},{},[725,729],{"type":29,"tag":309,"props":726,"children":727},{},[728],{"type":34,"value":658},{"type":34,"value":730}," projects that want transparent, uniform pricing and are comfortable letting the market decide the valuation.",{"type":29,"tag":42,"props":732,"children":734},{"id":733},"liquidity-bootstrapping-pool-lbp",[735],{"type":34,"value":736},"Liquidity Bootstrapping Pool (LBP)",{"type":29,"tag":30,"props":738,"children":739},{},[740],{"type":34,"value":741},"An LBP is an on-chain pool whose token weights shift over time, which pushes the price down gradually unless buyers push it up. The sale starts at a high price and decays if demand is weak, so large early buying is expensive.",{"type":29,"tag":30,"props":743,"children":744},{},[745],{"type":29,"tag":309,"props":746,"children":747},{},[748],{"type":34,"value":606},{"type":29,"tag":301,"props":750,"children":751},{},[752,764,769],{"type":29,"tag":305,"props":753,"children":754},{},[755,757,763],{"type":34,"value":756},"Discourages sniping and front-running, since buying early is costly. This connects directly to ",{"type":29,"tag":247,"props":758,"children":760},{"href":759},"/blog/how-to-protect-token-launch-from-sniper-bots",[761],{"type":34,"value":762},"protecting a launch from sniper bots",{"type":34,"value":401},{"type":29,"tag":305,"props":765,"children":766},{},[767],{"type":34,"value":768},"Genuine price discovery in the open, with the pool doubling as initial liquidity.",{"type":29,"tag":305,"props":770,"children":771},{},[772],{"type":34,"value":773},"No allowlist needed, which suits a permissionless community launch.",{"type":29,"tag":30,"props":775,"children":776},{},[777],{"type":29,"tag":309,"props":778,"children":779},{},[780],{"type":34,"value":632},{"type":29,"tag":301,"props":782,"children":783},{},[784,789,794,799],{"type":29,"tag":305,"props":785,"children":786},{},[787],{"type":34,"value":788},"Requires a good understanding of pool weights, duration and starting parameters; misconfiguration can produce an ugly price path.",{"type":29,"tag":305,"props":790,"children":791},{},[792],{"type":34,"value":793},"Participants who buy and watch the price decay may feel misled if it is not explained.",{"type":29,"tag":305,"props":795,"children":796},{},[797],{"type":34,"value":798},"Weaker fit if you need a guaranteed raise amount or must hit investor-agreed valuation.",{"type":29,"tag":305,"props":800,"children":801},{},[802],{"type":34,"value":803},"Smart contract and operational risk is higher than a plain sale, so audits matter.",{"type":29,"tag":30,"props":805,"children":806},{},[807,811,813,819],{"type":29,"tag":309,"props":808,"children":809},{},[810],{"type":34,"value":658},{"type":34,"value":812}," projects with uncertain valuation, a wish for permissionless fairness, and a team that can manage on-chain parameters carefully. Related ideas are covered in our explainer on ",{"type":29,"tag":247,"props":814,"children":816},{"href":815},"/blog/fair-launch-token-explained",[817],{"type":34,"value":818},"fair launch tokens",{"type":34,"value":401},{"type":29,"tag":42,"props":821,"children":823},{"id":822},"side-by-side-comparison",[824],{"type":34,"value":825},"Side-by-Side Comparison",{"type":29,"tag":54,"props":827,"children":828},{},[829,855],{"type":29,"tag":58,"props":830,"children":831},{},[832],{"type":29,"tag":62,"props":833,"children":834},{},[835,840,845,850],{"type":29,"tag":66,"props":836,"children":837},{},[838],{"type":34,"value":839},"Factor",{"type":29,"tag":66,"props":841,"children":842},{},[843],{"type":34,"value":844},"Fixed-price",{"type":29,"tag":66,"props":846,"children":847},{},[848],{"type":34,"value":849},"Dutch 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Teams run a fixed-price round for strategic buyers and a Dutch auction or LBP for the public.",{"type":29,"tag":42,"props":1094,"children":1096},{"id":1095},"what-happens-after-the-sale",[1097],{"type":34,"value":1098},"What Happens After the Sale",{"type":29,"tag":30,"props":1100,"children":1101},{},[1102],{"type":34,"value":1103},"The sale mechanism is only the first step. What follows determines whether the price holds:",{"type":29,"tag":301,"props":1105,"children":1106},{},[1107,1125,1142],{"type":29,"tag":305,"props":1108,"children":1109},{},[1110,1115,1117,1123],{"type":29,"tag":309,"props":1111,"children":1112},{},[1113],{"type":34,"value":1114},"Float and vesting.",{"type":34,"value":1116}," If most supply is unlocked at once, any mechanism will be followed by sell pressure. Plan ",{"type":29,"tag":247,"props":1118,"children":1120},{"href":1119},"/blog/token-unlocks-managing-sell-pressure",[1121],{"type":34,"value":1122},"unlocks and sell pressure",{"type":34,"value":1124}," in advance.",{"type":29,"tag":305,"props":1126,"children":1127},{},[1128,1133,1135,1141],{"type":29,"tag":309,"props":1129,"children":1130},{},[1131],{"type":34,"value":1132},"Exchange listing.",{"type":34,"value":1134}," Venue choice affects how orderly your opening is, so vet exchanges carefully using our ",{"type":29,"tag":247,"props":1136,"children":1138},{"href":1137},"/blog/crypto-exchange-due-diligence-checklist",[1139],{"type":34,"value":1140},"crypto exchange due diligence checklist",{"type":34,"value":401},{"type":29,"tag":305,"props":1143,"children":1144},{},[1145,1150],{"type":29,"tag":309,"props":1146,"children":1147},{},[1148],{"type":34,"value":1149},"Market making.",{"type":34,"value":1151}," Post-sale, someone must keep the book liquid and spreads reasonable. Decide inventory and terms before the sale ends rather than after.",{"type":29,"tag":42,"props":1153,"children":1155},{"id":1154},"common-mistakes",[1156],{"type":34,"value":1157},"Common Mistakes",{"type":29,"tag":301,"props":1159,"children":1160},{},[1161,1166,1171,1176,1181],{"type":29,"tag":305,"props":1162,"children":1163},{},[1164],{"type":34,"value":1165},"Choosing a mechanism because a well-known project used it, without matching it to your own situation.",{"type":29,"tag":305,"props":1167,"children":1168},{},[1169],{"type":34,"value":1170},"Setting LBP start price and duration without modelling several demand scenarios.",{"type":29,"tag":305,"props":1172,"children":1173},{},[1174],{"type":34,"value":1175},"Ignoring how buyers will feel as the price path unfolds, and failing to explain it.",{"type":29,"tag":305,"props":1177,"children":1178},{},[1179],{"type":34,"value":1180},"Letting sale proceeds and early allocations be sold straight into an unprepared order book.",{"type":29,"tag":305,"props":1182,"children":1183},{},[1184],{"type":34,"value":1185},"Skipping legal review of who may participate and in which jurisdictions.",{"type":29,"tag":42,"props":1187,"children":1189},{"id":1188},"plan-the-sale-and-the-market-together",[1190],{"type":34,"value":1191},"Plan the Sale and the Market Together",{"type":29,"tag":30,"props":1193,"children":1194},{},[1195],{"type":34,"value":1196},"The best sale mechanism is the one that leads into a stable market. That means aligning price discovery, listing venue and liquidity from the start rather than treating them as three separate projects. Fibonacci Capital supports token teams on this handoff, from the pre-launch structure through to ongoing market making.",{"type":29,"tag":30,"props":1198,"children":1199},{},[1200,1202,1207],{"type":34,"value":1201},"If you are weighing sale formats for your launch, ",{"type":29,"tag":247,"props":1203,"children":1204},{"href":519},[1205],{"type":34,"value":1206},"talk to Fibonacci Capital about your launch plan",{"type":34,"value":401},{"title":7,"searchDepth":525,"depth":525,"links":1209},[1210,1211,1212,1213,1214,1215,1216,1217,1218],{"id":571,"depth":525,"text":574},{"id":590,"depth":525,"text":593},{"id":663,"depth":525,"text":666},{"id":733,"depth":525,"text":736},{"id":822,"depth":525,"text":825},{"id":1016,"depth":525,"text":1019},{"id":1095,"depth":525,"text":1098},{"id":1154,"depth":525,"text":1157},{"id":1188,"depth":525,"text":1191},"content:blog:lbp-vs-fixed-price-vs-dutch-auction-token-sale.md","blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale.md","blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale",{"_path":759,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1223,"description":1224,"date":1225,"author":11,"category":12,"tags":1226,"keywords":1229,"image":1235,"readTime":561,"body":1236,"_type":537,"_id":1837,"_source":539,"_file":1838,"_stem":1839,"_extension":542},"How to Protect Your Token Launch from Sniper Bots: 7 Mistakes and Fixes","How to protect a token launch from sniper bots: the seven mistakes that hand your first blocks to bots, and the launch design fixes that actually work.","2026-10-08",[16,1227,1228,17],"sniper bots","DEX liquidity",[1230,1231,1232,1233,1234],"protect token launch from sniper bots","anti sniper bot token launch","sniper bots crypto","uniswap launch sniper protection","how to stop sniper bots on token launch","/assets/images/blog/how-to-protect-token-launch-from-sniper-bots.jpg",{"type":26,"children":1237,"toc":1825},[1238,1243,1249,1254,1259,1265,1275,1283,1306,1311,1317,1326,1342,1348,1357,1372,1378,1387,1396,1495,1500,1505,1511,1520,1527,1557,1562,1568,1577,1586,1619,1625,1634,1643,1666,1679,1685,1690,1798,1804,1809,1814],{"type":29,"tag":30,"props":1239,"children":1240},{},[1241],{"type":34,"value":1242},"To protect a token launch from sniper bots, you have to remove the conditions that make sniping profitable: a predictable launch moment, thin initial liquidity, a price set well below where demand will clear, and no limits on how much one wallet can take in the first blocks. Sniper bots are not magic. They watch the mempool and newly deployed contracts, detect the transaction that opens trading or adds liquidity, and buy in the same or the next block, then sell into the first wave of real buyers. Every defence below either takes away their information advantage, caps what they can take, or makes the trade unprofitable. The seven mistakes that follow are the ones that most often hand a launch to bots, each with the fix.",{"type":29,"tag":42,"props":1244,"children":1246},{"id":1245},"why-sniper-bots-matter-more-than-founders-expect",[1247],{"type":34,"value":1248},"Why Sniper Bots Matter More Than Founders Expect",{"type":29,"tag":30,"props":1250,"children":1251},{},[1252],{"type":34,"value":1253},"A sniper buying early is not a problem in itself. The damage comes from what happens next. Bots accumulate a large share of the circulating supply at the lowest prices, then sell as soon as organic buyers arrive. The chart your community sees on day one is a sharp spike followed by a steady bleed, and it looks exactly like a team dump even when no team wallet has moved.",{"type":29,"tag":30,"props":1255,"children":1256},{},[1257],{"type":34,"value":1258},"That first chart shapes everything after it: community sentiment, how centralised exchanges assess your token if you are applying for listings, and how expensive it becomes to stabilise the order book later. A launch that loses its first hour to bots often spends weeks recovering, if it recovers at all. That is why sniper protection belongs in launch planning alongside tokenomics and liquidity sizing, not as a last-minute contract tweak.",{"type":29,"tag":42,"props":1260,"children":1262},{"id":1261},"mistake-1-making-the-launch-moment-predictable-and-public",[1263],{"type":34,"value":1264},"Mistake 1: Making the Launch Moment Predictable and Public",{"type":29,"tag":30,"props":1266,"children":1267},{},[1268,1273],{"type":29,"tag":309,"props":1269,"children":1270},{},[1271],{"type":34,"value":1272},"The problem.",{"type":34,"value":1274}," Announcing an exact block, timestamp or \"liquidity goes live at 14:00 UTC\" gives bots everything they need. They can pre-sign transactions, watch your deployer wallet, and compete purely on speed and gas. The same applies when the token contract is deployed and verified hours before liquidity is added: bots monitor new deployments and can be waiting before you are.",{"type":29,"tag":30,"props":1276,"children":1277},{},[1278],{"type":29,"tag":309,"props":1279,"children":1280},{},[1281],{"type":34,"value":1282},"The fix.",{"type":29,"tag":301,"props":1284,"children":1285},{},[1286,1291,1296,1301],{"type":29,"tag":305,"props":1287,"children":1288},{},[1289],{"type":34,"value":1290},"Deploy, verify and add liquidity in a tight sequence rather than spread across hours.",{"type":29,"tag":305,"props":1292,"children":1293},{},[1294],{"type":34,"value":1295},"Use a fresh wallet for the liquidity transaction that bots have not been tracking.",{"type":29,"tag":305,"props":1297,"children":1298},{},[1299],{"type":34,"value":1300},"Announce a launch window, not an exact moment, and publish the official contract address only once trading is open.",{"type":29,"tag":305,"props":1302,"children":1303},{},[1304],{"type":34,"value":1305},"Where your chain and tooling allow it, submit the liquidity transaction through a private transaction route rather than the public mempool, so it cannot be seen before it lands.",{"type":29,"tag":30,"props":1307,"children":1308},{},[1309],{"type":34,"value":1310},"None of this makes a launch invisible, but it removes the cheapest information advantage bots have.",{"type":29,"tag":42,"props":1312,"children":1314},{"id":1313},"mistake-2-opening-trading-with-thin-liquidity",[1315],{"type":34,"value":1316},"Mistake 2: Opening Trading with Thin Liquidity",{"type":29,"tag":30,"props":1318,"children":1319},{},[1320,1324],{"type":29,"tag":309,"props":1321,"children":1322},{},[1323],{"type":34,"value":1272},{"type":34,"value":1325}," With a small pool, a single bot buy moves price dramatically. The bot gets a large share of supply for little capital, and the price impact it creates becomes the exit liquidity it sells into. Thin liquidity is the single biggest multiplier on sniper profits.",{"type":29,"tag":30,"props":1327,"children":1328},{},[1329,1333,1335,1340],{"type":29,"tag":309,"props":1330,"children":1331},{},[1332],{"type":34,"value":1282},{"type":34,"value":1334}," Size the initial pool so that a realistic first-block buy cannot move price by an outsized amount. There is no universal number; it depends on your expected demand, your fully diluted valuation and how much of the supply is circulating. Our guide on ",{"type":29,"tag":247,"props":1336,"children":1337},{"href":347},[1338],{"type":34,"value":1339},"how much liquidity a token needs at launch",{"type":34,"value":1341}," walks through how to estimate it. If you are launching on a concentrated liquidity AMM, think carefully about range placement too: liquidity concentrated tightly around the launch price is deep at that price but can run out quickly once price moves.",{"type":29,"tag":42,"props":1343,"children":1345},{"id":1344},"mistake-3-pricing-the-launch-too-low",[1346],{"type":34,"value":1347},"Mistake 3: Pricing the Launch Too Low",{"type":29,"tag":30,"props":1349,"children":1350},{},[1351,1355],{"type":29,"tag":309,"props":1352,"children":1353},{},[1354],{"type":34,"value":1272},{"type":34,"value":1356}," If the opening price sits well below where real demand will clear, the gap between launch price and fair price is free money. Bots exist to capture that gap, and no amount of contract-level protection fully stops capital from chasing an obvious mispricing.",{"type":29,"tag":30,"props":1358,"children":1359},{},[1360,1364,1366,1371],{"type":29,"tag":309,"props":1361,"children":1362},{},[1363],{"type":34,"value":1282},{"type":34,"value":1365}," Set the launch price with reference to your last private round, comparable tokens and expected demand, rather than picking a low number to \"leave room to run\". A launch that opens close to fair value gives snipers little to capture and gives genuine buyers a calmer first hour. We cover the method in ",{"type":29,"tag":247,"props":1367,"children":1368},{"href":582},[1369],{"type":34,"value":1370},"how to set a token listing price",{"type":34,"value":401},{"type":29,"tag":42,"props":1373,"children":1375},{"id":1374},"mistake-4-no-per-wallet-limits-in-the-opening-blocks",[1376],{"type":34,"value":1377},"Mistake 4: No Per-Wallet Limits in the Opening Blocks",{"type":29,"tag":30,"props":1379,"children":1380},{},[1381,1385],{"type":29,"tag":309,"props":1382,"children":1383},{},[1384],{"type":34,"value":1272},{"type":34,"value":1386}," Without limits, one bot, or a cluster of bot wallets, can take a meaningful share of circulating supply in the first few blocks.",{"type":29,"tag":30,"props":1388,"children":1389},{},[1390,1394],{"type":29,"tag":309,"props":1391,"children":1392},{},[1393],{"type":34,"value":1282},{"type":34,"value":1395}," Common contract-level controls include:",{"type":29,"tag":54,"props":1397,"children":1398},{},[1399,1420],{"type":29,"tag":58,"props":1400,"children":1401},{},[1402],{"type":29,"tag":62,"props":1403,"children":1404},{},[1405,1410,1415],{"type":29,"tag":66,"props":1406,"children":1407},{},[1408],{"type":34,"value":1409},"Control",{"type":29,"tag":66,"props":1411,"children":1412},{},[1413],{"type":34,"value":1414},"What it does",{"type":29,"tag":66,"props":1416,"children":1417},{},[1418],{"type":34,"value":1419},"Trade-off",{"type":29,"tag":82,"props":1421,"children":1422},{},[1423,1441,1459,1477],{"type":29,"tag":62,"props":1424,"children":1425},{},[1426,1431,1436],{"type":29,"tag":89,"props":1427,"children":1428},{},[1429],{"type":34,"value":1430},"Max transaction size",{"type":29,"tag":89,"props":1432,"children":1433},{},[1434],{"type":34,"value":1435},"Caps the size of any single buy for a set period",{"type":29,"tag":89,"props":1437,"children":1438},{},[1439],{"type":34,"value":1440},"Bots can split across wallets; set it with that in mind",{"type":29,"tag":62,"props":1442,"children":1443},{},[1444,1449,1454],{"type":29,"tag":89,"props":1445,"children":1446},{},[1447],{"type":34,"value":1448},"Max wallet balance",{"type":29,"tag":89,"props":1450,"children":1451},{},[1452],{"type":34,"value":1453},"Caps how much one address can hold early on",{"type":29,"tag":89,"props":1455,"children":1456},{},[1457],{"type":34,"value":1458},"Must exclude the pool, treasury and exchange wallets correctly",{"type":29,"tag":62,"props":1460,"children":1461},{},[1462,1467,1472],{"type":29,"tag":89,"props":1463,"children":1464},{},[1465],{"type":34,"value":1466},"Cooldown between trades",{"type":29,"tag":89,"props":1468,"children":1469},{},[1470],{"type":34,"value":1471},"Forces a delay between swaps from one address",{"type":29,"tag":89,"props":1473,"children":1474},{},[1475],{"type":34,"value":1476},"Can frustrate legitimate active traders",{"type":29,"tag":62,"props":1478,"children":1479},{},[1480,1485,1490],{"type":29,"tag":89,"props":1481,"children":1482},{},[1483],{"type":34,"value":1484},"Time- or block-limited window",{"type":29,"tag":89,"props":1486,"children":1487},{},[1488],{"type":34,"value":1489},"Applies the above only for the first minutes or blocks",{"type":29,"tag":89,"props":1491,"children":1492},{},[1493],{"type":34,"value":1494},"Needs a clear, verifiable end point",{"type":29,"tag":30,"props":1496,"children":1497},{},[1498],{"type":34,"value":1499},"These controls do not stop sophisticated actors who spread across many wallets, but they raise the cost and lower the payoff. On Uniswap v4, pool hooks make it possible to apply launch-period rules at the pool level rather than inside the token contract, which keeps the token itself simpler.",{"type":29,"tag":30,"props":1501,"children":1502},{},[1503],{"type":34,"value":1504},"The key is that every limit should switch off automatically, on a schedule written into the contract. Limits that the team can change at will create a different problem, covered next.",{"type":29,"tag":42,"props":1506,"children":1508},{"id":1507},"mistake-5-using-protections-that-look-like-a-honeypot",[1509],{"type":34,"value":1510},"Mistake 5: Using Protections That Look Like a Honeypot",{"type":29,"tag":30,"props":1512,"children":1513},{},[1514,1518],{"type":29,"tag":309,"props":1515,"children":1516},{},[1517],{"type":34,"value":1272},{"type":34,"value":1519}," Some anti-bot designs block selling for a period, blacklist addresses, or apply very high sell taxes that the owner can adjust. To a bot, these are a deterrent. To a buyer running a token scanner, they look identical to a honeypot or a rug-pull setup. Token security scanners and many traders flag owner-controlled blacklists, adjustable taxes and transfer restrictions, and exchanges review the same features during listing due diligence.",{"type":29,"tag":30,"props":1521,"children":1522},{},[1523],{"type":29,"tag":309,"props":1524,"children":1525},{},[1526],{"type":34,"value":1282},{"type":29,"tag":301,"props":1528,"children":1529},{},[1530,1535,1540,1545],{"type":29,"tag":305,"props":1531,"children":1532},{},[1533],{"type":34,"value":1534},"Prefer limits that cap buying over mechanics that block selling.",{"type":29,"tag":305,"props":1536,"children":1537},{},[1538],{"type":34,"value":1539},"If you use a launch tax or restriction, hard-code its decay and end time, and make it impossible for the owner to raise it later.",{"type":29,"tag":305,"props":1541,"children":1542},{},[1543],{"type":34,"value":1544},"Avoid unrestricted owner blacklist functions. If you need any admin control, put it behind a multisig and a timelock, and plan to renounce or remove it after launch.",{"type":29,"tag":305,"props":1546,"children":1547},{},[1548,1550,1555],{"type":34,"value":1549},"Disclose every launch-period mechanic publicly before trading opens, and get it covered in your audit. Our guide to ",{"type":29,"tag":247,"props":1551,"children":1552},{"href":273},[1553],{"type":34,"value":1554},"smart contract audits before launch",{"type":34,"value":1556}," explains what auditors look for.",{"type":29,"tag":30,"props":1558,"children":1559},{},[1560],{"type":34,"value":1561},"A launch that bots avoid but buyers also avoid has not been protected.",{"type":29,"tag":42,"props":1563,"children":1565},{"id":1564},"mistake-6-relying-only-on-the-dex-pool",[1566],{"type":34,"value":1567},"Mistake 6: Relying Only on the DEX Pool",{"type":29,"tag":30,"props":1569,"children":1570},{},[1571,1575],{"type":29,"tag":309,"props":1572,"children":1573},{},[1574],{"type":34,"value":1272},{"type":34,"value":1576}," Many teams treat sniper protection as purely a DEX contract problem. But a large part of sniper damage comes from what happens after the first blocks: bots dumping into a market with no one absorbing the flow, and price swings feeding on themselves across venues.",{"type":29,"tag":30,"props":1578,"children":1579},{},[1580,1584],{"type":29,"tag":309,"props":1581,"children":1582},{},[1583],{"type":34,"value":1282},{"type":34,"value":1585}," Plan the launch as a market structure problem, not just a contract problem:",{"type":29,"tag":301,"props":1587,"children":1588},{},[1589,1599,1609],{"type":29,"tag":305,"props":1590,"children":1591},{},[1592,1597],{"type":29,"tag":309,"props":1593,"children":1594},{},[1595],{"type":34,"value":1596},"Distribution before trading.",{"type":34,"value":1598}," A fair, well-designed sale or airdrop puts tokens in the hands of real holders before the pool opens, so bots are not the only early supply holders.",{"type":29,"tag":305,"props":1600,"children":1601},{},[1602,1607],{"type":29,"tag":309,"props":1603,"children":1604},{},[1605],{"type":34,"value":1606},"Coordinated venues.",{"type":34,"value":1608}," If you list on a DEX and a CEX close together, align opening prices and liquidity so bots cannot arbitrage a gap between them.",{"type":29,"tag":305,"props":1610,"children":1611},{},[1612,1617],{"type":29,"tag":309,"props":1613,"children":1614},{},[1615],{"type":34,"value":1616},"Professional liquidity from minute one.",{"type":34,"value":1618}," A market maker quoting both sides absorbs bot selling into a tighter spread and reduces the cascade that turns a sniper exit into a crash. It cannot stop bots from buying, but it limits how much their selling moves price.",{"type":29,"tag":42,"props":1620,"children":1622},{"id":1621},"mistake-7-no-monitoring-or-response-plan",[1623],{"type":34,"value":1624},"Mistake 7: No Monitoring or Response Plan",{"type":29,"tag":30,"props":1626,"children":1627},{},[1628,1632],{"type":29,"tag":309,"props":1629,"children":1630},{},[1631],{"type":34,"value":1272},{"type":34,"value":1633}," Teams often launch and then watch the chart. By the time anyone notices that a cluster of fresh wallets bought most of the opening supply, the dump is already underway, and the community is asking questions no one has prepared answers for.",{"type":29,"tag":30,"props":1635,"children":1636},{},[1637,1641],{"type":29,"tag":309,"props":1638,"children":1639},{},[1640],{"type":34,"value":1282},{"type":34,"value":1642}," Write the response plan before launch day. At minimum:",{"type":29,"tag":301,"props":1644,"children":1645},{},[1646,1651,1656,1661],{"type":29,"tag":305,"props":1647,"children":1648},{},[1649],{"type":34,"value":1650},"Someone watching first-block buyers and labelling clusters of fresh, similarly funded wallets.",{"type":29,"tag":305,"props":1652,"children":1653},{},[1654],{"type":34,"value":1655},"Pre-agreed thresholds for when limits stay on or come off, all within what the contract already allows.",{"type":29,"tag":305,"props":1657,"children":1658},{},[1659],{"type":34,"value":1660},"A prepared community message explaining what bots are and what protections are in place, so early volatility is not read as a team dump.",{"type":29,"tag":305,"props":1662,"children":1663},{},[1664],{"type":34,"value":1665},"A clear owner for each decision during the first hours.",{"type":29,"tag":30,"props":1667,"children":1668},{},[1669,1671,1677],{"type":34,"value":1670},"Our ",{"type":29,"tag":247,"props":1672,"children":1674},{"href":1673},"/blog/tge-launch-day-runbook",[1675],{"type":34,"value":1676},"TGE launch day runbook",{"type":34,"value":1678}," covers how to structure the room and the hour-by-hour plan.",{"type":29,"tag":42,"props":1680,"children":1682},{"id":1681},"anti-sniper-launch-checklist",[1683],{"type":34,"value":1684},"Anti-Sniper Launch Checklist",{"type":29,"tag":30,"props":1686,"children":1687},{},[1688],{"type":34,"value":1689},"Before you open trading, confirm:",{"type":29,"tag":301,"props":1691,"children":1694},{"className":1692},[1693],"contains-task-list",[1695,1708,1717,1726,1735,1744,1753,1762,1771,1780,1789],{"type":29,"tag":305,"props":1696,"children":1699},{"className":1697},[1698],"task-list-item",[1700,1706],{"type":29,"tag":1701,"props":1702,"children":1705},"input",{"disabled":1703,"type":1704},true,"checkbox",[],{"type":34,"value":1707}," Launch price set against comparables and the last private round, not deliberately low",{"type":29,"tag":305,"props":1709,"children":1711},{"className":1710},[1698],[1712,1715],{"type":29,"tag":1701,"props":1713,"children":1714},{"disabled":1703,"type":1704},[],{"type":34,"value":1716}," Initial liquidity sized for realistic first-block demand",{"type":29,"tag":305,"props":1718,"children":1720},{"className":1719},[1698],[1721,1724],{"type":29,"tag":1701,"props":1722,"children":1723},{"disabled":1703,"type":1704},[],{"type":34,"value":1725}," Deploy, verify and liquidity add planned as a tight sequence",{"type":29,"tag":305,"props":1727,"children":1729},{"className":1728},[1698],[1730,1733],{"type":29,"tag":1701,"props":1731,"children":1732},{"disabled":1703,"type":1704},[],{"type":34,"value":1734}," Liquidity transaction routed privately where the chain supports it",{"type":29,"tag":305,"props":1736,"children":1738},{"className":1737},[1698],[1739,1742],{"type":29,"tag":1701,"props":1740,"children":1741},{"disabled":1703,"type":1704},[],{"type":34,"value":1743}," Exact contract address published only once trading is live",{"type":29,"tag":305,"props":1745,"children":1747},{"className":1746},[1698],[1748,1751],{"type":29,"tag":1701,"props":1749,"children":1750},{"disabled":1703,"type":1704},[],{"type":34,"value":1752}," Max transaction and max wallet limits with automatic, hard-coded end points",{"type":29,"tag":305,"props":1754,"children":1756},{"className":1755},[1698],[1757,1760],{"type":29,"tag":1701,"props":1758,"children":1759},{"disabled":1703,"type":1704},[],{"type":34,"value":1761}," No owner-adjustable taxes, no unrestricted blacklist, admin controls behind multisig and timelock",{"type":29,"tag":305,"props":1763,"children":1765},{"className":1764},[1698],[1766,1769],{"type":29,"tag":1701,"props":1767,"children":1768},{"disabled":1703,"type":1704},[],{"type":34,"value":1770}," All launch mechanics audited and disclosed in advance",{"type":29,"tag":305,"props":1772,"children":1774},{"className":1773},[1698],[1775,1778],{"type":29,"tag":1701,"props":1776,"children":1777},{"disabled":1703,"type":1704},[],{"type":34,"value":1779}," DEX and CEX opening prices and liquidity coordinated",{"type":29,"tag":305,"props":1781,"children":1783},{"className":1782},[1698],[1784,1787],{"type":29,"tag":1701,"props":1785,"children":1786},{"disabled":1703,"type":1704},[],{"type":34,"value":1788}," Market maker quoting from the first minute",{"type":29,"tag":305,"props":1790,"children":1792},{"className":1791},[1698],[1793,1796],{"type":29,"tag":1701,"props":1794,"children":1795},{"disabled":1703,"type":1704},[],{"type":34,"value":1797}," Monitoring and community response plan assigned to named people",{"type":29,"tag":42,"props":1799,"children":1801},{"id":1800},"what-good-protection-looks-like-in-practice",[1802],{"type":34,"value":1803},"What Good Protection Looks Like in Practice",{"type":29,"tag":30,"props":1805,"children":1806},{},[1807],{"type":34,"value":1808},"No launch is fully bot-proof, and claims otherwise should be treated with suspicion. The realistic goal is a launch where bots cannot buy a large share of supply cheaply, where their selling is absorbed rather than amplified, and where the chart in the first day reflects real demand. That comes from combining a fair price, adequate liquidity, transparent and time-limited contract controls, and active market making, not from any single trick.",{"type":29,"tag":30,"props":1810,"children":1811},{},[1812],{"type":34,"value":1813},"At Fibonacci Capital, we help token teams plan exactly this part of launch: pricing, initial liquidity, cross-venue coordination and market making from the first block. If you are preparing for a TGE, our pre-TGE programme covers launch structure end to end.",{"type":29,"tag":30,"props":1815,"children":1816},{},[1817,1819,1824],{"type":34,"value":1818},"If you want a second pair of eyes on your launch plan before bots get the first look, ",{"type":29,"tag":247,"props":1820,"children":1821},{"href":519},[1822],{"type":34,"value":1823},"get in touch with our team",{"type":34,"value":401},{"title":7,"searchDepth":525,"depth":525,"links":1826},[1827,1828,1829,1830,1831,1832,1833,1834,1835,1836],{"id":1245,"depth":525,"text":1248},{"id":1261,"depth":525,"text":1264},{"id":1313,"depth":525,"text":1316},{"id":1344,"depth":525,"text":1347},{"id":1374,"depth":525,"text":1377},{"id":1507,"depth":525,"text":1510},{"id":1564,"depth":525,"text":1567},{"id":1621,"depth":525,"text":1624},{"id":1681,"depth":525,"text":1684},{"id":1800,"depth":525,"text":1803},"content:blog:how-to-protect-token-launch-from-sniper-bots.md","blog/how-to-protect-token-launch-from-sniper-bots.md","blog/how-to-protect-token-launch-from-sniper-bots",{"_path":582,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1841,"description":1842,"date":1843,"author":11,"category":12,"tags":1844,"keywords":1848,"image":1854,"readTime":561,"body":1855,"_type":537,"_id":2452,"_source":539,"_file":2453,"_stem":2454,"_extension":542},"How to Set Your Token Listing Price at TGE: A Founder's Guide","How to set your token listing price at TGE: anchor to your rounds, test against comparable FDVs, plan the opening with exchanges and your market maker.","2026-10-03",[16,1845,1846,1847,554],"tge","listing price","fdv",[1849,1850,1851,1852,1853],"token listing price","how to set token launch price","tge listing price","initial fdv token launch","token price discovery at listing","/assets/images/blog/how-to-set-token-listing-price.jpg",{"type":26,"children":1856,"toc":2436},[1857,1862,1867,1873,1885,1890,1895,1901,2018,2023,2029,2036,2041,2064,2069,2075,2080,2085,2091,2096,2106,2112,2117,2129,2135,2218,2224,2229,2240,2244,2254,2264,2274,2284,2294,2304,2310,2413,2419,2424],{"type":29,"tag":30,"props":1858,"children":1859},{},[1860],{"type":34,"value":1861},"To set a token listing price, work backwards from three numbers: the price your latest investors paid, the fully diluted valuation (FDV) that comparable tokens actually trade at today, and the market cap your launch-day liquidity can realistically defend. The listing price should sit where all three overlap. In practice that means a reference price that gives your last round a modest, believable markup, lands at an FDV the market has recently accepted for projects like yours, and produces an initial market cap small enough that your float and your market maker's inventory can support it. If those three numbers do not overlap, the honest fix is to change the float or the launch timing, not to pick a price and hope.",{"type":29,"tag":30,"props":1863,"children":1864},{},[1865],{"type":34,"value":1866},"This guide walks through how the listing price is actually set, who has a say, the inputs that matter, and the mistakes that turn a good launch into a chart nobody wants to hold.",{"type":29,"tag":42,"props":1868,"children":1870},{"id":1869},"what-listing-price-really-means",[1871],{"type":34,"value":1872},"What \"Listing Price\" Really Means",{"type":29,"tag":30,"props":1874,"children":1875},{},[1876,1878,1883],{"type":34,"value":1877},"Founders often talk about the listing price as if they set it and the market obeys. That is not how it works. On a centralised exchange you agree a ",{"type":29,"tag":309,"props":1879,"children":1880},{},[1881],{"type":34,"value":1882},"reference price",{"type":34,"value":1884}," with the listing team. It is used to configure tick size, price precision and the opening mechanism, and it tells your market maker where to quote. Once trading opens, the market sets the price.",{"type":29,"tag":30,"props":1886,"children":1887},{},[1888],{"type":34,"value":1889},"So the real question is not \"what will our token trade at\" but \"what reference price gives the opening the best chance of orderly discovery near a level we can defend\". A reference price set too high invites an immediate sell-off. One set too low hands the first buyers a gift, pulls in fast-flipping capital, and can still end in a crash once the momentum fades.",{"type":29,"tag":30,"props":1891,"children":1892},{},[1893],{"type":34,"value":1894},"On a DEX the picture is different. The price you seed the pool at is the opening price, and whoever is fastest trades against it. Getting the DEX seed wrong is less forgiving because there is no auction to absorb the error.",{"type":29,"tag":42,"props":1896,"children":1898},{"id":1897},"who-has-a-say-in-the-price",[1899],{"type":34,"value":1900},"Who Has a Say in the Price",{"type":29,"tag":54,"props":1902,"children":1903},{},[1904,1925],{"type":29,"tag":58,"props":1905,"children":1906},{},[1907],{"type":29,"tag":62,"props":1908,"children":1909},{},[1910,1915,1920],{"type":29,"tag":66,"props":1911,"children":1912},{},[1913],{"type":34,"value":1914},"Party",{"type":29,"tag":66,"props":1916,"children":1917},{},[1918],{"type":34,"value":1919},"What they influence",{"type":29,"tag":66,"props":1921,"children":1922},{},[1923],{"type":34,"value":1924},"What they care about",{"type":29,"tag":82,"props":1926,"children":1927},{},[1928,1946,1964,1982,2000],{"type":29,"tag":62,"props":1929,"children":1930},{},[1931,1936,1941],{"type":29,"tag":89,"props":1932,"children":1933},{},[1934],{"type":34,"value":1935},"Founders and foundation",{"type":29,"tag":89,"props":1937,"children":1938},{},[1939],{"type":34,"value":1940},"Supply, float, reference price proposal",{"type":29,"tag":89,"props":1942,"children":1943},{},[1944],{"type":34,"value":1945},"Long-term valuation, community perception",{"type":29,"tag":62,"props":1947,"children":1948},{},[1949,1954,1959],{"type":29,"tag":89,"props":1950,"children":1951},{},[1952],{"type":34,"value":1953},"Private investors",{"type":29,"tag":89,"props":1955,"children":1956},{},[1957],{"type":34,"value":1958},"Pressure on the floor price",{"type":29,"tag":89,"props":1960,"children":1961},{},[1962],{"type":34,"value":1963},"Markup on their entry, unlock value",{"type":29,"tag":62,"props":1965,"children":1966},{},[1967,1972,1977],{"type":29,"tag":89,"props":1968,"children":1969},{},[1970],{"type":34,"value":1971},"Exchanges",{"type":29,"tag":89,"props":1973,"children":1974},{},[1975],{"type":34,"value":1976},"Final reference price, opening mechanism, precision",{"type":29,"tag":89,"props":1978,"children":1979},{},[1980],{"type":34,"value":1981},"Orderly opening, volume, avoiding a reputational mess",{"type":29,"tag":62,"props":1983,"children":1984},{},[1985,1990,1995],{"type":29,"tag":89,"props":1986,"children":1987},{},[1988],{"type":34,"value":1989},"Market maker",{"type":29,"tag":89,"props":1991,"children":1992},{},[1993],{"type":34,"value":1994},"Quote placement, depth around the reference",{"type":29,"tag":89,"props":1996,"children":1997},{},[1998],{"type":34,"value":1999},"Defensible inventory, sustainable spreads",{"type":29,"tag":62,"props":2001,"children":2002},{},[2003,2008,2013],{"type":29,"tag":89,"props":2004,"children":2005},{},[2006],{"type":34,"value":2007},"Launchpad (if used)",{"type":29,"tag":89,"props":2009,"children":2010},{},[2011],{"type":34,"value":2012},"Public sale price, which effectively anchors listing",{"type":29,"tag":89,"props":2014,"children":2015},{},[2016],{"type":34,"value":2017},"Participants seeing a positive first day",{"type":29,"tag":30,"props":2019,"children":2020},{},[2021],{"type":34,"value":2022},"The exchange usually expects you to justify the number. Turn up with a reasoned range and supporting comparables, and the conversation is short. Turn up with a figure picked from a pitch deck, and expect to be pushed.",{"type":29,"tag":42,"props":2024,"children":2026},{"id":2025},"the-three-anchors",[2027],{"type":34,"value":2028},"The Three Anchors",{"type":29,"tag":2030,"props":2031,"children":2033},"h3",{"id":2032},"_1-your-last-round-price",[2034],{"type":34,"value":2035},"1. Your last round price",{"type":29,"tag":30,"props":2037,"children":2038},{},[2039],{"type":34,"value":2040},"Every investor who bought before TGE has a cost basis. The listing price sets their paper return on day one, and that return shapes their behaviour at the first unlock.",{"type":29,"tag":301,"props":2042,"children":2043},{},[2044,2054],{"type":29,"tag":305,"props":2045,"children":2046},{},[2047,2052],{"type":29,"tag":309,"props":2048,"children":2049},{},[2050],{"type":34,"value":2051},"Too big a markup",{"type":34,"value":2053}," over the last round means early backers are sitting on large gains the moment their tokens vest. Public buyers can see this from your tokenomics, and many will not buy into it.",{"type":29,"tag":305,"props":2055,"children":2056},{},[2057,2062],{"type":29,"tag":309,"props":2058,"children":2059},{},[2060],{"type":34,"value":2061},"Listing below the last round",{"type":34,"value":2063}," is painful for investor relations, but it is sometimes the right call. A down-round listing that then trades up is a far better story than a premium listing that bleeds for six months.",{"type":29,"tag":30,"props":2065,"children":2066},{},[2067],{"type":34,"value":2068},"A useful discipline: write down the implied multiple for every round, including any public sale, at your proposed reference price. If you would be uncomfortable showing that table on a call with a sceptical analyst, the price is too high.",{"type":29,"tag":2030,"props":2070,"children":2072},{"id":2071},"_2-comparable-fdvs",[2073],{"type":34,"value":2074},"2. Comparable FDVs",{"type":29,"tag":30,"props":2076,"children":2077},{},[2078],{"type":34,"value":2079},"Look for live tokens in your sector at a similar stage, ideally ones that listed recently on venues of a similar tier. Record their FDV and their circulating market cap, then note how each has traded since listing. You are looking for the range the market currently pays, not the high-water mark someone hit in a hotter month.",{"type":29,"tag":30,"props":2081,"children":2082},{},[2083],{"type":34,"value":2084},"Be strict about what counts as comparable. A token with real revenue, a large user base and a deep holder base is not a comparable for a pre-product launch just because both are \"AI\" or both are \"DeFi\". Market conditions also move these numbers quickly, so refresh your comparables close to launch rather than relying on figures from when you raised.",{"type":29,"tag":2030,"props":2086,"children":2088},{"id":2087},"_3-defensible-initial-market-cap",[2089],{"type":34,"value":2090},"3. Defensible initial market cap",{"type":29,"tag":30,"props":2092,"children":2093},{},[2094],{"type":34,"value":2095},"Initial market cap is the listing price multiplied by circulating supply at TGE. That figure, not FDV, is what your order books must hold up on day one.",{"type":29,"tag":30,"props":2097,"children":2098},{},[2099,2101,2105],{"type":34,"value":2100},"Ask how much capital it would take to move the price meaningfully from the reference, given the depth you plan to fund. If a handful of airdrop recipients or one unlocked investor could push the price far down the book, the initial market cap is too ambitious for your liquidity. We cover sizing in detail in ",{"type":29,"tag":247,"props":2102,"children":2103},{"href":347},[2104],{"type":34,"value":1339},{"type":34,"value":401},{"type":29,"tag":42,"props":2107,"children":2109},{"id":2108},"how-float-changes-the-answer",[2110],{"type":34,"value":2111},"How Float Changes the Answer",{"type":29,"tag":30,"props":2113,"children":2114},{},[2115],{"type":34,"value":2116},"The same listing price produces very different outcomes depending on how much supply is circulating. A small float makes the initial market cap look modest and the FDV look huge, and the future unlock schedule becomes the dominant story. A larger float makes the market cap the honest number from day one but requires more liquidity to support.",{"type":29,"tag":30,"props":2118,"children":2119},{},[2120,2122,2128],{"type":34,"value":2121},"If your three anchors do not overlap, float is usually the lever to pull. Lowering the reference price is not the only answer. For the trade-offs in depth, see ",{"type":29,"tag":247,"props":2123,"children":2125},{"href":2124},"/blog/low-float-vs-high-float-token-launch",[2126],{"type":34,"value":2127},"low float vs high float token launches",{"type":34,"value":401},{"type":29,"tag":42,"props":2130,"children":2132},{"id":2131},"a-step-by-step-process",[2133],{"type":34,"value":2134},"A Step-by-Step Process",{"type":29,"tag":463,"props":2136,"children":2137},{},[2138,2148,2158,2168,2178,2188,2198,2208],{"type":29,"tag":305,"props":2139,"children":2140},{},[2141,2146],{"type":29,"tag":309,"props":2142,"children":2143},{},[2144],{"type":34,"value":2145},"Model every round's implied multiple",{"type":34,"value":2147}," at three candidate reference prices: conservative, base and stretch.",{"type":29,"tag":305,"props":2149,"children":2150},{},[2151,2156],{"type":29,"tag":309,"props":2152,"children":2153},{},[2154],{"type":34,"value":2155},"Build a comparables table",{"type":34,"value":2157}," of recent listings in your sector, with FDV, circulating market cap and post-listing performance. Drop anything that is not a genuine comparable.",{"type":29,"tag":305,"props":2159,"children":2160},{},[2161,2166],{"type":29,"tag":309,"props":2162,"children":2163},{},[2164],{"type":34,"value":2165},"Calculate initial market cap",{"type":34,"value":2167}," at each candidate price using your actual TGE circulating supply, including airdrop, liquidity, market maker loan and any unlocked investor tranches.",{"type":29,"tag":305,"props":2169,"children":2170},{},[2171,2176],{"type":29,"tag":309,"props":2172,"children":2173},{},[2174],{"type":34,"value":2175},"Stress-test the order book.",{"type":34,"value":2177}," With your market maker, estimate how far price moves under realistic sell flow at each candidate price, given the depth you will fund.",{"type":29,"tag":305,"props":2179,"children":2180},{},[2181,2186],{"type":29,"tag":309,"props":2182,"children":2183},{},[2184],{"type":34,"value":2185},"Check unit price mechanics.",{"type":34,"value":2187}," Total supply determines the unit price. Very small fractions can create precision and display issues on some venues, and very high unit prices can look expensive to retail. Neither changes value, but both affect how the token is presented and traded.",{"type":29,"tag":305,"props":2189,"children":2190},{},[2191,2196],{"type":29,"tag":309,"props":2192,"children":2193},{},[2194],{"type":34,"value":2195},"Pick a base reference price and a range",{"type":34,"value":2197},", and write a one-page rationale you can send to every exchange.",{"type":29,"tag":305,"props":2199,"children":2200},{},[2201,2206],{"type":29,"tag":309,"props":2202,"children":2203},{},[2204],{"type":34,"value":2205},"Align every venue.",{"type":34,"value":2207}," If you list on several exchanges, agree the same reference price with each so the opening is not arbitraged apart. Coordinate DEX pool seeding to match.",{"type":29,"tag":305,"props":2209,"children":2210},{},[2211,2216],{"type":29,"tag":309,"props":2212,"children":2213},{},[2214],{"type":34,"value":2215},"Brief your market maker",{"type":34,"value":2217}," on the reference, the opening plan and how much inventory and capital is committed.",{"type":29,"tag":42,"props":2219,"children":2221},{"id":2220},"the-opening-matters-as-much-as-the-number",[2222],{"type":34,"value":2223},"The Opening Matters as Much as the Number",{"type":29,"tag":30,"props":2225,"children":2226},{},[2227],{"type":34,"value":2228},"Exchanges open new listings in different ways. Some run a call auction or pre-open period where orders accumulate before matching. Others open continuous trading directly, sometimes with temporary price bands or order limits in the first minutes. Ask each listing team exactly which mechanism they will use, when deposits open, and whether withdrawals open at the same time.",{"type":29,"tag":30,"props":2230,"children":2231},{},[2232,2234,2238],{"type":34,"value":2233},"Coordinated timing is what stops your token trading at very different prices on different venues in the first hour. If one venue opens with deep liquidity and another opens thin, the thin one will set an embarrassing price that screenshots well and recovers slowly. The ",{"type":29,"tag":247,"props":2235,"children":2236},{"href":1673},[2237],{"type":34,"value":1676},{"type":34,"value":2239}," covers the hour-by-hour sequence.",{"type":29,"tag":42,"props":2241,"children":2242},{"id":1154},[2243],{"type":34,"value":1157},{"type":29,"tag":30,"props":2245,"children":2246},{},[2247,2252],{"type":29,"tag":309,"props":2248,"children":2249},{},[2250],{"type":34,"value":2251},"Pricing for the pitch deck.",{"type":34,"value":2253}," The FDV you told investors you would list at is not a commitment the market made. Price for the market you launch into.",{"type":29,"tag":30,"props":2255,"children":2256},{},[2257,2262],{"type":29,"tag":309,"props":2258,"children":2259},{},[2260],{"type":34,"value":2261},"Ignoring launchpad anchoring.",{"type":34,"value":2263}," If you run a public sale, its price becomes the number every participant measures the listing against. A listing far above the sale price can attract immediate selling from participants taking profit; one below it damages trust with the community you just recruited.",{"type":29,"tag":30,"props":2265,"children":2266},{},[2267,2272],{"type":29,"tag":309,"props":2268,"children":2269},{},[2270],{"type":34,"value":2271},"Treating FDV as the only metric.",{"type":34,"value":2273}," A low FDV with a tiny float can still collapse if there is no liquidity behind it. Look at circulating market cap and depth together.",{"type":29,"tag":30,"props":2275,"children":2276},{},[2277,2282],{"type":29,"tag":309,"props":2278,"children":2279},{},[2280],{"type":34,"value":2281},"Letting venues open at different references.",{"type":34,"value":2283}," Arbitrage between mismatched venues drains your market maker's inventory in minutes and creates a messy first chart.",{"type":29,"tag":30,"props":2285,"children":2286},{},[2287,2292],{"type":29,"tag":309,"props":2288,"children":2289},{},[2290],{"type":34,"value":2291},"Assuming the market maker can hold any price.",{"type":34,"value":2293}," A market maker provides liquidity around the market price. It cannot, and should not, hold an unsupportable valuation by spending inventory. If your plan depends on that, the price is wrong.",{"type":29,"tag":30,"props":2295,"children":2296},{},[2297,2302],{"type":29,"tag":309,"props":2298,"children":2299},{},[2300],{"type":34,"value":2301},"Forgetting the first unlock.",{"type":34,"value":2303}," Whatever price you list at sets the paper gains of every holder whose tokens unlock next. Model the first cliff at your reference price before you commit.",{"type":29,"tag":42,"props":2305,"children":2307},{"id":2306},"pre-listing-price-checklist",[2308],{"type":34,"value":2309},"Pre-Listing Price Checklist",{"type":29,"tag":301,"props":2311,"children":2313},{"className":2312},[1693],[2314,2323,2332,2341,2350,2359,2368,2377,2386,2395,2404],{"type":29,"tag":305,"props":2315,"children":2317},{"className":2316},[1698],[2318,2321],{"type":29,"tag":1701,"props":2319,"children":2320},{"disabled":1703,"type":1704},[],{"type":34,"value":2322}," Implied multiple for every round calculated at conservative, base and stretch prices",{"type":29,"tag":305,"props":2324,"children":2326},{"className":2325},[1698],[2327,2330],{"type":29,"tag":1701,"props":2328,"children":2329},{"disabled":1703,"type":1704},[],{"type":34,"value":2331}," Comparables table built from recent, genuinely similar listings",{"type":29,"tag":305,"props":2333,"children":2335},{"className":2334},[1698],[2336,2339],{"type":29,"tag":1701,"props":2337,"children":2338},{"disabled":1703,"type":1704},[],{"type":34,"value":2340}," TGE circulating supply confirmed, line by line",{"type":29,"tag":305,"props":2342,"children":2344},{"className":2343},[1698],[2345,2348],{"type":29,"tag":1701,"props":2346,"children":2347},{"disabled":1703,"type":1704},[],{"type":34,"value":2349}," Initial market cap calculated and sanity-checked against planned depth",{"type":29,"tag":305,"props":2351,"children":2353},{"className":2352},[1698],[2354,2357],{"type":29,"tag":1701,"props":2355,"children":2356},{"disabled":1703,"type":1704},[],{"type":34,"value":2358}," Order book stress test done with your market maker",{"type":29,"tag":305,"props":2360,"children":2362},{"className":2361},[1698],[2363,2366],{"type":29,"tag":1701,"props":2364,"children":2365},{"disabled":1703,"type":1704},[],{"type":34,"value":2367}," Unit price and precision checked against each venue's requirements",{"type":29,"tag":305,"props":2369,"children":2371},{"className":2370},[1698],[2372,2375],{"type":29,"tag":1701,"props":2373,"children":2374},{"disabled":1703,"type":1704},[],{"type":34,"value":2376}," Same reference price agreed with every CEX",{"type":29,"tag":305,"props":2378,"children":2380},{"className":2379},[1698],[2381,2384],{"type":29,"tag":1701,"props":2382,"children":2383},{"disabled":1703,"type":1704},[],{"type":34,"value":2385}," DEX pool seed price matched to the CEX reference",{"type":29,"tag":305,"props":2387,"children":2389},{"className":2388},[1698],[2390,2393],{"type":29,"tag":1701,"props":2391,"children":2392},{"disabled":1703,"type":1704},[],{"type":34,"value":2394}," Opening mechanism, deposit and withdrawal timing confirmed per venue",{"type":29,"tag":305,"props":2396,"children":2398},{"className":2397},[1698],[2399,2402],{"type":29,"tag":1701,"props":2400,"children":2401},{"disabled":1703,"type":1704},[],{"type":34,"value":2403}," First unlock modelled at the chosen reference price",{"type":29,"tag":305,"props":2405,"children":2407},{"className":2406},[1698],[2408,2411],{"type":29,"tag":1701,"props":2409,"children":2410},{"disabled":1703,"type":1704},[],{"type":34,"value":2412}," One-page pricing rationale written and shared internally",{"type":29,"tag":42,"props":2414,"children":2416},{"id":2415},"price-is-a-launch-decision-not-a-guess",[2417],{"type":34,"value":2418},"Price Is a Launch Decision, Not a Guess",{"type":29,"tag":30,"props":2420,"children":2421},{},[2422],{"type":34,"value":2423},"A well-set listing price does not guarantee your token goes up. It gives the market a credible starting point and gives your liquidity a level it can actually support. The projects that launch cleanly treat pricing, float, depth and venue coordination as a single decision, made weeks before TGE, with their market maker in the room.",{"type":29,"tag":30,"props":2425,"children":2426},{},[2427,2429,2434],{"type":34,"value":2428},"At Fibonacci Capital we help teams model reference prices, size launch liquidity and coordinate the opening across venues. If you are working out what your token should list at, ",{"type":29,"tag":247,"props":2430,"children":2431},{"href":519},[2432],{"type":34,"value":2433},"get in touch about our pre-TGE programme",{"type":34,"value":2435}," and we will walk through the numbers with you.",{"title":7,"searchDepth":525,"depth":525,"links":2437},[2438,2439,2440,2446,2447,2448,2449,2450,2451],{"id":1869,"depth":525,"text":1872},{"id":1897,"depth":525,"text":1900},{"id":2025,"depth":525,"text":2028,"children":2441},[2442,2444,2445],{"id":2032,"depth":2443,"text":2035},3,{"id":2071,"depth":2443,"text":2074},{"id":2087,"depth":2443,"text":2090},{"id":2108,"depth":525,"text":2111},{"id":2131,"depth":525,"text":2134},{"id":2220,"depth":525,"text":2223},{"id":1154,"depth":525,"text":1157},{"id":2306,"depth":525,"text":2309},{"id":2415,"depth":525,"text":2418},"content:blog:how-to-set-token-listing-price.md","blog/how-to-set-token-listing-price.md","blog/how-to-set-token-listing-price",1792372899320]