[{"data":1,"prerenderedAt":2681},["ShallowReactive",2],{"blog-lbp-vs-fixed-price-vs-dutch-auction-token-sale":3,"related-lbp-vs-fixed-price-vs-dutch-auction-token-sale":708},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"author":11,"category":12,"tags":13,"keywords":19,"image":24,"readTime":25,"body":26,"_type":702,"_id":703,"_source":704,"_file":705,"_stem":706,"_extension":707},"/blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale","blog",false,"","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","Fibonacci Capital","Token Launches",[14,15,16,17,18],"liquidity bootstrapping pool","dutch auction","fixed price sale","token sale","price discovery",[20,14,21,22,23],"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":27,"children":28,"toc":690},"root",[29,37,44,58,64,69,78,98,106,124,134,140,145,152,170,177,195,204,210,215,222,248,255,278,294,300,494,500,505,569,574,580,585,633,639,667,673,678],{"type":30,"tag":31,"props":32,"children":33},"element","p",{},[34],{"type":35,"value":36},"text","If you want the short answer: use a fixed-price sale when you already know your valuation and want predictability, a Dutch auction when you want the market to set one clearing price for everyone, and a liquidity bootstrapping pool (LBP) when you are unsure of the right price and want to discourage bots and whales from buying the whole supply at the open. None of the three is best in general. Each solves a different problem, and the wrong choice shows up as a broken first week of trading. This guide compares the three on price discovery, bot resistance, fairness and operational complexity, then gives a decision framework.",{"type":30,"tag":38,"props":39,"children":41},"h2",{"id":40},"what-a-token-sale-mechanism-actually-decides",[42],{"type":35,"value":43},"What a Token Sale Mechanism Actually Decides",{"type":30,"tag":31,"props":45,"children":46},{},[47,49,56],{"type":35,"value":48},"A sale mechanism decides three things: how the price is set, who gets allocation, and how much the process can be gamed. It sits upstream of everything that follows, including ",{"type":30,"tag":50,"props":51,"children":53},"a",{"href":52},"/blog/how-to-set-token-listing-price",[54],{"type":35,"value":55},"your listing price",{"type":35,"value":57},", your opening liquidity and your holder base. A sale that lets a few wallets hoover up supply at a low price creates sellers on day one. A sale priced too high leaves you with a thin, stagnant market.",{"type":30,"tag":38,"props":59,"children":61},{"id":60},"fixed-price-sale",[62],{"type":35,"value":63},"Fixed-Price Sale",{"type":30,"tag":31,"props":65,"children":66},{},[67],{"type":35,"value":68},"Buyers purchase at a price set in advance, usually with a cap per wallet and a total raise target.",{"type":30,"tag":31,"props":70,"children":71},{},[72],{"type":30,"tag":73,"props":74,"children":75},"strong",{},[76],{"type":35,"value":77},"Strengths",{"type":30,"tag":79,"props":80,"children":81},"ul",{},[82,88,93],{"type":30,"tag":83,"props":84,"children":85},"li",{},[86],{"type":35,"value":87},"Simple to explain and to run.",{"type":30,"tag":83,"props":89,"children":90},{},[91],{"type":35,"value":92},"Predictable raise and valuation, which suits teams with investor expectations to meet.",{"type":30,"tag":83,"props":94,"children":95},{},[96],{"type":35,"value":97},"Easy to combine with allowlists and KYC.",{"type":30,"tag":31,"props":99,"children":100},{},[101],{"type":30,"tag":73,"props":102,"children":103},{},[104],{"type":35,"value":105},"Weaknesses",{"type":30,"tag":79,"props":107,"children":108},{},[109,114,119],{"type":30,"tag":83,"props":110,"children":111},{},[112],{"type":35,"value":113},"Price is a guess. If it is too low, the sale sells out instantly and early buyers hold a large unrealised gain they may want to realise. If too high, it stalls.",{"type":30,"tag":83,"props":115,"children":116},{},[117],{"type":35,"value":118},"Fast bots and well-funded wallets win the race, so \"fair\" distribution depends heavily on gating.",{"type":30,"tag":83,"props":120,"children":121},{},[122],{"type":35,"value":123},"Demand is invisible until it is over.",{"type":30,"tag":31,"props":125,"children":126},{},[127,132],{"type":30,"tag":73,"props":128,"children":129},{},[130],{"type":35,"value":131},"Best for:",{"type":35,"value":133}," teams with a firm valuation from earlier rounds, communities with strong allowlist processes, and sales where price certainty matters more than price discovery.",{"type":30,"tag":38,"props":135,"children":137},{"id":136},"dutch-auction",[138],{"type":35,"value":139},"Dutch Auction",{"type":30,"tag":31,"props":141,"children":142},{},[143],{"type":35,"value":144},"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":30,"tag":31,"props":146,"children":147},{},[148],{"type":30,"tag":73,"props":149,"children":150},{},[151],{"type":35,"value":77},{"type":30,"tag":79,"props":153,"children":154},{},[155,160,165],{"type":30,"tag":83,"props":156,"children":157},{},[158],{"type":35,"value":159},"Finds a market-clearing price, so the team does not have to guess.",{"type":30,"tag":83,"props":161,"children":162},{},[163],{"type":35,"value":164},"Removes the speed advantage of bots in many designs, because everyone pays the same price.",{"type":30,"tag":83,"props":166,"children":167},{},[168],{"type":35,"value":169},"Reveals real demand.",{"type":30,"tag":31,"props":171,"children":172},{},[173],{"type":30,"tag":73,"props":174,"children":175},{},[176],{"type":35,"value":105},{"type":30,"tag":79,"props":178,"children":179},{},[180,185,190],{"type":30,"tag":83,"props":181,"children":182},{},[183],{"type":35,"value":184},"More complex for participants to understand, and participants can wait too long and miss out.",{"type":30,"tag":83,"props":186,"children":187},{},[188],{"type":35,"value":189},"Clearing price can come out lower than the team hoped.",{"type":30,"tag":83,"props":191,"children":192},{},[193],{"type":35,"value":194},"Design details such as bid caps and settlement matter a great deal.",{"type":30,"tag":31,"props":196,"children":197},{},[198,202],{"type":30,"tag":73,"props":199,"children":200},{},[201],{"type":35,"value":131},{"type":35,"value":203}," projects that want transparent, uniform pricing and are comfortable letting the market decide the valuation.",{"type":30,"tag":38,"props":205,"children":207},{"id":206},"liquidity-bootstrapping-pool-lbp",[208],{"type":35,"value":209},"Liquidity Bootstrapping Pool (LBP)",{"type":30,"tag":31,"props":211,"children":212},{},[213],{"type":35,"value":214},"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":30,"tag":31,"props":216,"children":217},{},[218],{"type":30,"tag":73,"props":219,"children":220},{},[221],{"type":35,"value":77},{"type":30,"tag":79,"props":223,"children":224},{},[225,238,243],{"type":30,"tag":83,"props":226,"children":227},{},[228,230,236],{"type":35,"value":229},"Discourages sniping and front-running, since buying early is costly. This connects directly to ",{"type":30,"tag":50,"props":231,"children":233},{"href":232},"/blog/how-to-protect-token-launch-from-sniper-bots",[234],{"type":35,"value":235},"protecting a launch from sniper bots",{"type":35,"value":237},".",{"type":30,"tag":83,"props":239,"children":240},{},[241],{"type":35,"value":242},"Genuine price discovery in the open, with the pool doubling as initial liquidity.",{"type":30,"tag":83,"props":244,"children":245},{},[246],{"type":35,"value":247},"No allowlist needed, which suits a permissionless community launch.",{"type":30,"tag":31,"props":249,"children":250},{},[251],{"type":30,"tag":73,"props":252,"children":253},{},[254],{"type":35,"value":105},{"type":30,"tag":79,"props":256,"children":257},{},[258,263,268,273],{"type":30,"tag":83,"props":259,"children":260},{},[261],{"type":35,"value":262},"Requires a good understanding of pool weights, duration and starting parameters; misconfiguration can produce an ugly price path.",{"type":30,"tag":83,"props":264,"children":265},{},[266],{"type":35,"value":267},"Participants who buy and watch the price decay may feel misled if it is not explained.",{"type":30,"tag":83,"props":269,"children":270},{},[271],{"type":35,"value":272},"Weaker fit if you need a guaranteed raise amount or must hit investor-agreed valuation.",{"type":30,"tag":83,"props":274,"children":275},{},[276],{"type":35,"value":277},"Smart contract and operational risk is higher than a plain sale, so audits matter.",{"type":30,"tag":31,"props":279,"children":280},{},[281,285,287,293],{"type":30,"tag":73,"props":282,"children":283},{},[284],{"type":35,"value":131},{"type":35,"value":286}," 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":30,"tag":50,"props":288,"children":290},{"href":289},"/blog/fair-launch-token-explained",[291],{"type":35,"value":292},"fair launch tokens",{"type":35,"value":237},{"type":30,"tag":38,"props":295,"children":297},{"id":296},"side-by-side-comparison",[298],{"type":35,"value":299},"Side-by-Side Comparison",{"type":30,"tag":301,"props":302,"children":303},"table",{},[304,333],{"type":30,"tag":305,"props":306,"children":307},"thead",{},[308],{"type":30,"tag":309,"props":310,"children":311},"tr",{},[312,318,323,328],{"type":30,"tag":313,"props":314,"children":315},"th",{},[316],{"type":35,"value":317},"Factor",{"type":30,"tag":313,"props":319,"children":320},{},[321],{"type":35,"value":322},"Fixed-price",{"type":30,"tag":313,"props":324,"children":325},{},[326],{"type":35,"value":327},"Dutch 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Teams run a fixed-price round for strategic buyers and a Dutch auction or LBP for the public.",{"type":30,"tag":38,"props":575,"children":577},{"id":576},"what-happens-after-the-sale",[578],{"type":35,"value":579},"What Happens After the Sale",{"type":30,"tag":31,"props":581,"children":582},{},[583],{"type":35,"value":584},"The sale mechanism is only the first step. What follows determines whether the price holds:",{"type":30,"tag":79,"props":586,"children":587},{},[588,606,623],{"type":30,"tag":83,"props":589,"children":590},{},[591,596,598,604],{"type":30,"tag":73,"props":592,"children":593},{},[594],{"type":35,"value":595},"Float and vesting.",{"type":35,"value":597}," If most supply is unlocked at once, any mechanism will be followed by sell pressure. Plan ",{"type":30,"tag":50,"props":599,"children":601},{"href":600},"/blog/token-unlocks-managing-sell-pressure",[602],{"type":35,"value":603},"unlocks and sell pressure",{"type":35,"value":605}," in advance.",{"type":30,"tag":83,"props":607,"children":608},{},[609,614,616,622],{"type":30,"tag":73,"props":610,"children":611},{},[612],{"type":35,"value":613},"Exchange listing.",{"type":35,"value":615}," Venue choice affects how orderly your opening is, so vet exchanges carefully using our ",{"type":30,"tag":50,"props":617,"children":619},{"href":618},"/blog/crypto-exchange-due-diligence-checklist",[620],{"type":35,"value":621},"crypto exchange due diligence checklist",{"type":35,"value":237},{"type":30,"tag":83,"props":624,"children":625},{},[626,631],{"type":30,"tag":73,"props":627,"children":628},{},[629],{"type":35,"value":630},"Market making.",{"type":35,"value":632}," Post-sale, someone must keep the book liquid and spreads reasonable. Decide inventory and terms before the sale ends rather than after.",{"type":30,"tag":38,"props":634,"children":636},{"id":635},"common-mistakes",[637],{"type":35,"value":638},"Common Mistakes",{"type":30,"tag":79,"props":640,"children":641},{},[642,647,652,657,662],{"type":30,"tag":83,"props":643,"children":644},{},[645],{"type":35,"value":646},"Choosing a mechanism because a well-known project used it, without matching it to your own situation.",{"type":30,"tag":83,"props":648,"children":649},{},[650],{"type":35,"value":651},"Setting LBP start price and duration without modelling several demand scenarios.",{"type":30,"tag":83,"props":653,"children":654},{},[655],{"type":35,"value":656},"Ignoring how buyers will feel as the price path unfolds, and failing to explain it.",{"type":30,"tag":83,"props":658,"children":659},{},[660],{"type":35,"value":661},"Letting sale proceeds and early allocations be sold straight into an unprepared order book.",{"type":30,"tag":83,"props":663,"children":664},{},[665],{"type":35,"value":666},"Skipping legal review of who may participate and in which jurisdictions.",{"type":30,"tag":38,"props":668,"children":670},{"id":669},"plan-the-sale-and-the-market-together",[671],{"type":35,"value":672},"Plan the Sale and the Market Together",{"type":30,"tag":31,"props":674,"children":675},{},[676],{"type":35,"value":677},"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":30,"tag":31,"props":679,"children":680},{},[681,683,689],{"type":35,"value":682},"If you are weighing sale formats for your launch, ",{"type":30,"tag":50,"props":684,"children":686},{"href":685},"/pretge",[687],{"type":35,"value":688},"talk to Fibonacci Capital about your launch plan",{"type":35,"value":237},{"title":7,"searchDepth":691,"depth":691,"links":692},2,[693,694,695,696,697,698,699,700,701],{"id":40,"depth":691,"text":43},{"id":60,"depth":691,"text":63},{"id":136,"depth":691,"text":139},{"id":206,"depth":691,"text":209},{"id":296,"depth":691,"text":299},{"id":496,"depth":691,"text":499},{"id":576,"depth":691,"text":579},{"id":635,"depth":691,"text":638},{"id":669,"depth":691,"text":672},"markdown","content:blog:lbp-vs-fixed-price-vs-dutch-auction-token-sale.md","content","blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale.md","blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale","md",[709,1331,1946],{"_path":232,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":710,"description":711,"date":712,"author":11,"category":12,"tags":713,"keywords":718,"image":724,"readTime":25,"body":725,"_type":702,"_id":1328,"_source":704,"_file":1329,"_stem":1330,"_extension":707},"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",[714,715,716,717],"token launch","sniper bots","DEX liquidity","TGE",[719,720,721,722,723],"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":27,"children":726,"toc":1316},[727,732,738,743,748,754,764,772,795,800,806,815,832,838,847,862,868,877,886,985,990,995,1001,1010,1017,1048,1053,1059,1068,1077,1110,1116,1125,1134,1157,1170,1176,1181,1289,1295,1300,1305],{"type":30,"tag":31,"props":728,"children":729},{},[730],{"type":35,"value":731},"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":30,"tag":38,"props":733,"children":735},{"id":734},"why-sniper-bots-matter-more-than-founders-expect",[736],{"type":35,"value":737},"Why Sniper Bots Matter More Than Founders Expect",{"type":30,"tag":31,"props":739,"children":740},{},[741],{"type":35,"value":742},"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":30,"tag":31,"props":744,"children":745},{},[746],{"type":35,"value":747},"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":30,"tag":38,"props":749,"children":751},{"id":750},"mistake-1-making-the-launch-moment-predictable-and-public",[752],{"type":35,"value":753},"Mistake 1: Making the Launch Moment Predictable and Public",{"type":30,"tag":31,"props":755,"children":756},{},[757,762],{"type":30,"tag":73,"props":758,"children":759},{},[760],{"type":35,"value":761},"The problem.",{"type":35,"value":763}," 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":30,"tag":31,"props":765,"children":766},{},[767],{"type":30,"tag":73,"props":768,"children":769},{},[770],{"type":35,"value":771},"The fix.",{"type":30,"tag":79,"props":773,"children":774},{},[775,780,785,790],{"type":30,"tag":83,"props":776,"children":777},{},[778],{"type":35,"value":779},"Deploy, verify and add liquidity in a tight sequence rather than spread across hours.",{"type":30,"tag":83,"props":781,"children":782},{},[783],{"type":35,"value":784},"Use a fresh wallet for the liquidity transaction that bots have not been tracking.",{"type":30,"tag":83,"props":786,"children":787},{},[788],{"type":35,"value":789},"Announce a launch window, not an exact moment, and publish the official contract address only once trading is open.",{"type":30,"tag":83,"props":791,"children":792},{},[793],{"type":35,"value":794},"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":30,"tag":31,"props":796,"children":797},{},[798],{"type":35,"value":799},"None of this makes a launch invisible, but it removes the cheapest information advantage bots have.",{"type":30,"tag":38,"props":801,"children":803},{"id":802},"mistake-2-opening-trading-with-thin-liquidity",[804],{"type":35,"value":805},"Mistake 2: Opening Trading with Thin Liquidity",{"type":30,"tag":31,"props":807,"children":808},{},[809,813],{"type":30,"tag":73,"props":810,"children":811},{},[812],{"type":35,"value":761},{"type":35,"value":814}," 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":30,"tag":31,"props":816,"children":817},{},[818,822,824,830],{"type":30,"tag":73,"props":819,"children":820},{},[821],{"type":35,"value":771},{"type":35,"value":823}," 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":30,"tag":50,"props":825,"children":827},{"href":826},"/blog/how-much-liquidity-does-a-token-need-at-launch",[828],{"type":35,"value":829},"how much liquidity a token needs at launch",{"type":35,"value":831}," 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":30,"tag":38,"props":833,"children":835},{"id":834},"mistake-3-pricing-the-launch-too-low",[836],{"type":35,"value":837},"Mistake 3: Pricing the Launch Too Low",{"type":30,"tag":31,"props":839,"children":840},{},[841,845],{"type":30,"tag":73,"props":842,"children":843},{},[844],{"type":35,"value":761},{"type":35,"value":846}," 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":30,"tag":31,"props":848,"children":849},{},[850,854,856,861],{"type":30,"tag":73,"props":851,"children":852},{},[853],{"type":35,"value":771},{"type":35,"value":855}," 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":30,"tag":50,"props":857,"children":858},{"href":52},[859],{"type":35,"value":860},"how to set a token listing price",{"type":35,"value":237},{"type":30,"tag":38,"props":863,"children":865},{"id":864},"mistake-4-no-per-wallet-limits-in-the-opening-blocks",[866],{"type":35,"value":867},"Mistake 4: No Per-Wallet Limits in the Opening Blocks",{"type":30,"tag":31,"props":869,"children":870},{},[871,875],{"type":30,"tag":73,"props":872,"children":873},{},[874],{"type":35,"value":761},{"type":35,"value":876}," Without limits, one bot, or a cluster of bot wallets, can take a meaningful share of circulating supply in the first few blocks.",{"type":30,"tag":31,"props":878,"children":879},{},[880,884],{"type":30,"tag":73,"props":881,"children":882},{},[883],{"type":35,"value":771},{"type":35,"value":885}," Common contract-level controls include:",{"type":30,"tag":301,"props":887,"children":888},{},[889,910],{"type":30,"tag":305,"props":890,"children":891},{},[892],{"type":30,"tag":309,"props":893,"children":894},{},[895,900,905],{"type":30,"tag":313,"props":896,"children":897},{},[898],{"type":35,"value":899},"Control",{"type":30,"tag":313,"props":901,"children":902},{},[903],{"type":35,"value":904},"What it does",{"type":30,"tag":313,"props":906,"children":907},{},[908],{"type":35,"value":909},"Trade-off",{"type":30,"tag":334,"props":911,"children":912},{},[913,931,949,967],{"type":30,"tag":309,"props":914,"children":915},{},[916,921,926],{"type":30,"tag":341,"props":917,"children":918},{},[919],{"type":35,"value":920},"Max transaction size",{"type":30,"tag":341,"props":922,"children":923},{},[924],{"type":35,"value":925},"Caps the size of any single buy for a set period",{"type":30,"tag":341,"props":927,"children":928},{},[929],{"type":35,"value":930},"Bots can split across wallets; set it with that in mind",{"type":30,"tag":309,"props":932,"children":933},{},[934,939,944],{"type":30,"tag":341,"props":935,"children":936},{},[937],{"type":35,"value":938},"Max wallet balance",{"type":30,"tag":341,"props":940,"children":941},{},[942],{"type":35,"value":943},"Caps how much one address can hold early on",{"type":30,"tag":341,"props":945,"children":946},{},[947],{"type":35,"value":948},"Must exclude the pool, treasury and exchange wallets correctly",{"type":30,"tag":309,"props":950,"children":951},{},[952,957,962],{"type":30,"tag":341,"props":953,"children":954},{},[955],{"type":35,"value":956},"Cooldown between trades",{"type":30,"tag":341,"props":958,"children":959},{},[960],{"type":35,"value":961},"Forces a delay between swaps from one address",{"type":30,"tag":341,"props":963,"children":964},{},[965],{"type":35,"value":966},"Can frustrate legitimate active traders",{"type":30,"tag":309,"props":968,"children":969},{},[970,975,980],{"type":30,"tag":341,"props":971,"children":972},{},[973],{"type":35,"value":974},"Time- or block-limited window",{"type":30,"tag":341,"props":976,"children":977},{},[978],{"type":35,"value":979},"Applies the above only for the first minutes or blocks",{"type":30,"tag":341,"props":981,"children":982},{},[983],{"type":35,"value":984},"Needs a clear, verifiable end point",{"type":30,"tag":31,"props":986,"children":987},{},[988],{"type":35,"value":989},"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":30,"tag":31,"props":991,"children":992},{},[993],{"type":35,"value":994},"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":30,"tag":38,"props":996,"children":998},{"id":997},"mistake-5-using-protections-that-look-like-a-honeypot",[999],{"type":35,"value":1000},"Mistake 5: Using Protections That Look Like a Honeypot",{"type":30,"tag":31,"props":1002,"children":1003},{},[1004,1008],{"type":30,"tag":73,"props":1005,"children":1006},{},[1007],{"type":35,"value":761},{"type":35,"value":1009}," 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":30,"tag":31,"props":1011,"children":1012},{},[1013],{"type":30,"tag":73,"props":1014,"children":1015},{},[1016],{"type":35,"value":771},{"type":30,"tag":79,"props":1018,"children":1019},{},[1020,1025,1030,1035],{"type":30,"tag":83,"props":1021,"children":1022},{},[1023],{"type":35,"value":1024},"Prefer limits that cap buying over mechanics that block selling.",{"type":30,"tag":83,"props":1026,"children":1027},{},[1028],{"type":35,"value":1029},"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":30,"tag":83,"props":1031,"children":1032},{},[1033],{"type":35,"value":1034},"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":30,"tag":83,"props":1036,"children":1037},{},[1038,1040,1046],{"type":35,"value":1039},"Disclose every launch-period mechanic publicly before trading opens, and get it covered in your audit. Our guide to ",{"type":30,"tag":50,"props":1041,"children":1043},{"href":1042},"/blog/smart-contract-audits-before-launch",[1044],{"type":35,"value":1045},"smart contract audits before launch",{"type":35,"value":1047}," explains what auditors look for.",{"type":30,"tag":31,"props":1049,"children":1050},{},[1051],{"type":35,"value":1052},"A launch that bots avoid but buyers also avoid has not been protected.",{"type":30,"tag":38,"props":1054,"children":1056},{"id":1055},"mistake-6-relying-only-on-the-dex-pool",[1057],{"type":35,"value":1058},"Mistake 6: Relying Only on the DEX Pool",{"type":30,"tag":31,"props":1060,"children":1061},{},[1062,1066],{"type":30,"tag":73,"props":1063,"children":1064},{},[1065],{"type":35,"value":761},{"type":35,"value":1067}," 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":30,"tag":31,"props":1069,"children":1070},{},[1071,1075],{"type":30,"tag":73,"props":1072,"children":1073},{},[1074],{"type":35,"value":771},{"type":35,"value":1076}," Plan the launch as a market structure problem, not just a contract problem:",{"type":30,"tag":79,"props":1078,"children":1079},{},[1080,1090,1100],{"type":30,"tag":83,"props":1081,"children":1082},{},[1083,1088],{"type":30,"tag":73,"props":1084,"children":1085},{},[1086],{"type":35,"value":1087},"Distribution before trading.",{"type":35,"value":1089}," 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":30,"tag":83,"props":1091,"children":1092},{},[1093,1098],{"type":30,"tag":73,"props":1094,"children":1095},{},[1096],{"type":35,"value":1097},"Coordinated venues.",{"type":35,"value":1099}," 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":30,"tag":83,"props":1101,"children":1102},{},[1103,1108],{"type":30,"tag":73,"props":1104,"children":1105},{},[1106],{"type":35,"value":1107},"Professional liquidity from minute one.",{"type":35,"value":1109}," 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":30,"tag":38,"props":1111,"children":1113},{"id":1112},"mistake-7-no-monitoring-or-response-plan",[1114],{"type":35,"value":1115},"Mistake 7: No Monitoring or Response Plan",{"type":30,"tag":31,"props":1117,"children":1118},{},[1119,1123],{"type":30,"tag":73,"props":1120,"children":1121},{},[1122],{"type":35,"value":761},{"type":35,"value":1124}," 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":30,"tag":31,"props":1126,"children":1127},{},[1128,1132],{"type":30,"tag":73,"props":1129,"children":1130},{},[1131],{"type":35,"value":771},{"type":35,"value":1133}," Write the response plan before launch day. At minimum:",{"type":30,"tag":79,"props":1135,"children":1136},{},[1137,1142,1147,1152],{"type":30,"tag":83,"props":1138,"children":1139},{},[1140],{"type":35,"value":1141},"Someone watching first-block buyers and labelling clusters of fresh, similarly funded wallets.",{"type":30,"tag":83,"props":1143,"children":1144},{},[1145],{"type":35,"value":1146},"Pre-agreed thresholds for when limits stay on or come off, all within what the contract already allows.",{"type":30,"tag":83,"props":1148,"children":1149},{},[1150],{"type":35,"value":1151},"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":30,"tag":83,"props":1153,"children":1154},{},[1155],{"type":35,"value":1156},"A clear owner for each decision during the first hours.",{"type":30,"tag":31,"props":1158,"children":1159},{},[1160,1162,1168],{"type":35,"value":1161},"Our ",{"type":30,"tag":50,"props":1163,"children":1165},{"href":1164},"/blog/tge-launch-day-runbook",[1166],{"type":35,"value":1167},"TGE launch day runbook",{"type":35,"value":1169}," covers how to structure the room and the hour-by-hour plan.",{"type":30,"tag":38,"props":1171,"children":1173},{"id":1172},"anti-sniper-launch-checklist",[1174],{"type":35,"value":1175},"Anti-Sniper Launch Checklist",{"type":30,"tag":31,"props":1177,"children":1178},{},[1179],{"type":35,"value":1180},"Before you open trading, confirm:",{"type":30,"tag":79,"props":1182,"children":1185},{"className":1183},[1184],"contains-task-list",[1186,1199,1208,1217,1226,1235,1244,1253,1262,1271,1280],{"type":30,"tag":83,"props":1187,"children":1190},{"className":1188},[1189],"task-list-item",[1191,1197],{"type":30,"tag":1192,"props":1193,"children":1196},"input",{"disabled":1194,"type":1195},true,"checkbox",[],{"type":35,"value":1198}," Launch price set against comparables and the last private round, not deliberately low",{"type":30,"tag":83,"props":1200,"children":1202},{"className":1201},[1189],[1203,1206],{"type":30,"tag":1192,"props":1204,"children":1205},{"disabled":1194,"type":1195},[],{"type":35,"value":1207}," Initial liquidity sized for realistic first-block demand",{"type":30,"tag":83,"props":1209,"children":1211},{"className":1210},[1189],[1212,1215],{"type":30,"tag":1192,"props":1213,"children":1214},{"disabled":1194,"type":1195},[],{"type":35,"value":1216}," Deploy, verify and liquidity add planned as a tight sequence",{"type":30,"tag":83,"props":1218,"children":1220},{"className":1219},[1189],[1221,1224],{"type":30,"tag":1192,"props":1222,"children":1223},{"disabled":1194,"type":1195},[],{"type":35,"value":1225}," Liquidity transaction routed privately where the chain supports it",{"type":30,"tag":83,"props":1227,"children":1229},{"className":1228},[1189],[1230,1233],{"type":30,"tag":1192,"props":1231,"children":1232},{"disabled":1194,"type":1195},[],{"type":35,"value":1234}," Exact contract address published only once trading is live",{"type":30,"tag":83,"props":1236,"children":1238},{"className":1237},[1189],[1239,1242],{"type":30,"tag":1192,"props":1240,"children":1241},{"disabled":1194,"type":1195},[],{"type":35,"value":1243}," Max transaction and max wallet limits with automatic, hard-coded end points",{"type":30,"tag":83,"props":1245,"children":1247},{"className":1246},[1189],[1248,1251],{"type":30,"tag":1192,"props":1249,"children":1250},{"disabled":1194,"type":1195},[],{"type":35,"value":1252}," No owner-adjustable taxes, no unrestricted blacklist, admin controls behind multisig and timelock",{"type":30,"tag":83,"props":1254,"children":1256},{"className":1255},[1189],[1257,1260],{"type":30,"tag":1192,"props":1258,"children":1259},{"disabled":1194,"type":1195},[],{"type":35,"value":1261}," All launch mechanics audited and disclosed in advance",{"type":30,"tag":83,"props":1263,"children":1265},{"className":1264},[1189],[1266,1269],{"type":30,"tag":1192,"props":1267,"children":1268},{"disabled":1194,"type":1195},[],{"type":35,"value":1270}," DEX and CEX opening prices and liquidity coordinated",{"type":30,"tag":83,"props":1272,"children":1274},{"className":1273},[1189],[1275,1278],{"type":30,"tag":1192,"props":1276,"children":1277},{"disabled":1194,"type":1195},[],{"type":35,"value":1279}," Market maker quoting from the first minute",{"type":30,"tag":83,"props":1281,"children":1283},{"className":1282},[1189],[1284,1287],{"type":30,"tag":1192,"props":1285,"children":1286},{"disabled":1194,"type":1195},[],{"type":35,"value":1288}," Monitoring and community response plan assigned to named people",{"type":30,"tag":38,"props":1290,"children":1292},{"id":1291},"what-good-protection-looks-like-in-practice",[1293],{"type":35,"value":1294},"What Good Protection Looks Like in Practice",{"type":30,"tag":31,"props":1296,"children":1297},{},[1298],{"type":35,"value":1299},"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":30,"tag":31,"props":1301,"children":1302},{},[1303],{"type":35,"value":1304},"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":30,"tag":31,"props":1306,"children":1307},{},[1308,1310,1315],{"type":35,"value":1309},"If you want a second pair of eyes on your launch plan before bots get the first look, ",{"type":30,"tag":50,"props":1311,"children":1312},{"href":685},[1313],{"type":35,"value":1314},"get in touch with our team",{"type":35,"value":237},{"title":7,"searchDepth":691,"depth":691,"links":1317},[1318,1319,1320,1321,1322,1323,1324,1325,1326,1327],{"id":734,"depth":691,"text":737},{"id":750,"depth":691,"text":753},{"id":802,"depth":691,"text":805},{"id":834,"depth":691,"text":837},{"id":864,"depth":691,"text":867},{"id":997,"depth":691,"text":1000},{"id":1055,"depth":691,"text":1058},{"id":1112,"depth":691,"text":1115},{"id":1172,"depth":691,"text":1175},{"id":1291,"depth":691,"text":1294},"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":52,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1332,"description":1333,"date":1334,"author":11,"category":12,"tags":1335,"keywords":1339,"image":1345,"readTime":25,"body":1346,"_type":702,"_id":1943,"_source":704,"_file":1944,"_stem":1945,"_extension":707},"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",[714,1336,1337,1338,18],"tge","listing price","fdv",[1340,1341,1342,1343,1344],"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":27,"children":1347,"toc":1927},[1348,1353,1358,1364,1376,1381,1386,1392,1509,1514,1520,1527,1532,1555,1560,1566,1571,1576,1582,1587,1597,1603,1608,1620,1626,1709,1715,1720,1731,1735,1745,1755,1765,1775,1785,1795,1801,1904,1910,1915],{"type":30,"tag":31,"props":1349,"children":1350},{},[1351],{"type":35,"value":1352},"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":30,"tag":31,"props":1354,"children":1355},{},[1356],{"type":35,"value":1357},"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":30,"tag":38,"props":1359,"children":1361},{"id":1360},"what-listing-price-really-means",[1362],{"type":35,"value":1363},"What \"Listing Price\" Really Means",{"type":30,"tag":31,"props":1365,"children":1366},{},[1367,1369,1374],{"type":35,"value":1368},"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":30,"tag":73,"props":1370,"children":1371},{},[1372],{"type":35,"value":1373},"reference price",{"type":35,"value":1375}," 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":30,"tag":31,"props":1377,"children":1378},{},[1379],{"type":35,"value":1380},"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":30,"tag":31,"props":1382,"children":1383},{},[1384],{"type":35,"value":1385},"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":30,"tag":38,"props":1387,"children":1389},{"id":1388},"who-has-a-say-in-the-price",[1390],{"type":35,"value":1391},"Who Has a Say in the Price",{"type":30,"tag":301,"props":1393,"children":1394},{},[1395,1416],{"type":30,"tag":305,"props":1396,"children":1397},{},[1398],{"type":30,"tag":309,"props":1399,"children":1400},{},[1401,1406,1411],{"type":30,"tag":313,"props":1402,"children":1403},{},[1404],{"type":35,"value":1405},"Party",{"type":30,"tag":313,"props":1407,"children":1408},{},[1409],{"type":35,"value":1410},"What they influence",{"type":30,"tag":313,"props":1412,"children":1413},{},[1414],{"type":35,"value":1415},"What they care about",{"type":30,"tag":334,"props":1417,"children":1418},{},[1419,1437,1455,1473,1491],{"type":30,"tag":309,"props":1420,"children":1421},{},[1422,1427,1432],{"type":30,"tag":341,"props":1423,"children":1424},{},[1425],{"type":35,"value":1426},"Founders and foundation",{"type":30,"tag":341,"props":1428,"children":1429},{},[1430],{"type":35,"value":1431},"Supply, float, reference price proposal",{"type":30,"tag":341,"props":1433,"children":1434},{},[1435],{"type":35,"value":1436},"Long-term valuation, community perception",{"type":30,"tag":309,"props":1438,"children":1439},{},[1440,1445,1450],{"type":30,"tag":341,"props":1441,"children":1442},{},[1443],{"type":35,"value":1444},"Private investors",{"type":30,"tag":341,"props":1446,"children":1447},{},[1448],{"type":35,"value":1449},"Pressure on the floor price",{"type":30,"tag":341,"props":1451,"children":1452},{},[1453],{"type":35,"value":1454},"Markup on their entry, unlock value",{"type":30,"tag":309,"props":1456,"children":1457},{},[1458,1463,1468],{"type":30,"tag":341,"props":1459,"children":1460},{},[1461],{"type":35,"value":1462},"Exchanges",{"type":30,"tag":341,"props":1464,"children":1465},{},[1466],{"type":35,"value":1467},"Final reference price, opening mechanism, precision",{"type":30,"tag":341,"props":1469,"children":1470},{},[1471],{"type":35,"value":1472},"Orderly opening, volume, avoiding a reputational mess",{"type":30,"tag":309,"props":1474,"children":1475},{},[1476,1481,1486],{"type":30,"tag":341,"props":1477,"children":1478},{},[1479],{"type":35,"value":1480},"Market maker",{"type":30,"tag":341,"props":1482,"children":1483},{},[1484],{"type":35,"value":1485},"Quote placement, depth around the reference",{"type":30,"tag":341,"props":1487,"children":1488},{},[1489],{"type":35,"value":1490},"Defensible inventory, sustainable spreads",{"type":30,"tag":309,"props":1492,"children":1493},{},[1494,1499,1504],{"type":30,"tag":341,"props":1495,"children":1496},{},[1497],{"type":35,"value":1498},"Launchpad (if used)",{"type":30,"tag":341,"props":1500,"children":1501},{},[1502],{"type":35,"value":1503},"Public sale price, which effectively anchors listing",{"type":30,"tag":341,"props":1505,"children":1506},{},[1507],{"type":35,"value":1508},"Participants seeing a positive first day",{"type":30,"tag":31,"props":1510,"children":1511},{},[1512],{"type":35,"value":1513},"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":30,"tag":38,"props":1515,"children":1517},{"id":1516},"the-three-anchors",[1518],{"type":35,"value":1519},"The Three Anchors",{"type":30,"tag":1521,"props":1522,"children":1524},"h3",{"id":1523},"_1-your-last-round-price",[1525],{"type":35,"value":1526},"1. Your last round price",{"type":30,"tag":31,"props":1528,"children":1529},{},[1530],{"type":35,"value":1531},"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":30,"tag":79,"props":1533,"children":1534},{},[1535,1545],{"type":30,"tag":83,"props":1536,"children":1537},{},[1538,1543],{"type":30,"tag":73,"props":1539,"children":1540},{},[1541],{"type":35,"value":1542},"Too big a markup",{"type":35,"value":1544}," 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":30,"tag":83,"props":1546,"children":1547},{},[1548,1553],{"type":30,"tag":73,"props":1549,"children":1550},{},[1551],{"type":35,"value":1552},"Listing below the last round",{"type":35,"value":1554}," 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":30,"tag":31,"props":1556,"children":1557},{},[1558],{"type":35,"value":1559},"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":30,"tag":1521,"props":1561,"children":1563},{"id":1562},"_2-comparable-fdvs",[1564],{"type":35,"value":1565},"2. Comparable FDVs",{"type":30,"tag":31,"props":1567,"children":1568},{},[1569],{"type":35,"value":1570},"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":30,"tag":31,"props":1572,"children":1573},{},[1574],{"type":35,"value":1575},"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":30,"tag":1521,"props":1577,"children":1579},{"id":1578},"_3-defensible-initial-market-cap",[1580],{"type":35,"value":1581},"3. Defensible initial market cap",{"type":30,"tag":31,"props":1583,"children":1584},{},[1585],{"type":35,"value":1586},"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":30,"tag":31,"props":1588,"children":1589},{},[1590,1592,1596],{"type":35,"value":1591},"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":30,"tag":50,"props":1593,"children":1594},{"href":826},[1595],{"type":35,"value":829},{"type":35,"value":237},{"type":30,"tag":38,"props":1598,"children":1600},{"id":1599},"how-float-changes-the-answer",[1601],{"type":35,"value":1602},"How Float Changes the Answer",{"type":30,"tag":31,"props":1604,"children":1605},{},[1606],{"type":35,"value":1607},"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":30,"tag":31,"props":1609,"children":1610},{},[1611,1613,1619],{"type":35,"value":1612},"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":30,"tag":50,"props":1614,"children":1616},{"href":1615},"/blog/low-float-vs-high-float-token-launch",[1617],{"type":35,"value":1618},"low float vs high float token launches",{"type":35,"value":237},{"type":30,"tag":38,"props":1621,"children":1623},{"id":1622},"a-step-by-step-process",[1624],{"type":35,"value":1625},"A Step-by-Step Process",{"type":30,"tag":506,"props":1627,"children":1628},{},[1629,1639,1649,1659,1669,1679,1689,1699],{"type":30,"tag":83,"props":1630,"children":1631},{},[1632,1637],{"type":30,"tag":73,"props":1633,"children":1634},{},[1635],{"type":35,"value":1636},"Model every round's implied multiple",{"type":35,"value":1638}," at three candidate reference prices: conservative, base and stretch.",{"type":30,"tag":83,"props":1640,"children":1641},{},[1642,1647],{"type":30,"tag":73,"props":1643,"children":1644},{},[1645],{"type":35,"value":1646},"Build a comparables table",{"type":35,"value":1648}," of recent listings in your sector, with FDV, circulating market cap and post-listing performance. Drop anything that is not a genuine comparable.",{"type":30,"tag":83,"props":1650,"children":1651},{},[1652,1657],{"type":30,"tag":73,"props":1653,"children":1654},{},[1655],{"type":35,"value":1656},"Calculate initial market cap",{"type":35,"value":1658}," at each candidate price using your actual TGE circulating supply, including airdrop, liquidity, market maker loan and any unlocked investor tranches.",{"type":30,"tag":83,"props":1660,"children":1661},{},[1662,1667],{"type":30,"tag":73,"props":1663,"children":1664},{},[1665],{"type":35,"value":1666},"Stress-test the order book.",{"type":35,"value":1668}," With your market maker, estimate how far price moves under realistic sell flow at each candidate price, given the depth you will fund.",{"type":30,"tag":83,"props":1670,"children":1671},{},[1672,1677],{"type":30,"tag":73,"props":1673,"children":1674},{},[1675],{"type":35,"value":1676},"Check unit price mechanics.",{"type":35,"value":1678}," 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":30,"tag":83,"props":1680,"children":1681},{},[1682,1687],{"type":30,"tag":73,"props":1683,"children":1684},{},[1685],{"type":35,"value":1686},"Pick a base reference price and a range",{"type":35,"value":1688},", and write a one-page rationale you can send to every exchange.",{"type":30,"tag":83,"props":1690,"children":1691},{},[1692,1697],{"type":30,"tag":73,"props":1693,"children":1694},{},[1695],{"type":35,"value":1696},"Align every venue.",{"type":35,"value":1698}," 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":30,"tag":83,"props":1700,"children":1701},{},[1702,1707],{"type":30,"tag":73,"props":1703,"children":1704},{},[1705],{"type":35,"value":1706},"Brief your market maker",{"type":35,"value":1708}," on the reference, the opening plan and how much inventory and capital is committed.",{"type":30,"tag":38,"props":1710,"children":1712},{"id":1711},"the-opening-matters-as-much-as-the-number",[1713],{"type":35,"value":1714},"The Opening Matters as Much as the Number",{"type":30,"tag":31,"props":1716,"children":1717},{},[1718],{"type":35,"value":1719},"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":30,"tag":31,"props":1721,"children":1722},{},[1723,1725,1729],{"type":35,"value":1724},"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":30,"tag":50,"props":1726,"children":1727},{"href":1164},[1728],{"type":35,"value":1167},{"type":35,"value":1730}," covers the hour-by-hour sequence.",{"type":30,"tag":38,"props":1732,"children":1733},{"id":635},[1734],{"type":35,"value":638},{"type":30,"tag":31,"props":1736,"children":1737},{},[1738,1743],{"type":30,"tag":73,"props":1739,"children":1740},{},[1741],{"type":35,"value":1742},"Pricing for the pitch deck.",{"type":35,"value":1744}," The FDV you told investors you would list at is not a commitment the market made. Price for the market you launch into.",{"type":30,"tag":31,"props":1746,"children":1747},{},[1748,1753],{"type":30,"tag":73,"props":1749,"children":1750},{},[1751],{"type":35,"value":1752},"Ignoring launchpad anchoring.",{"type":35,"value":1754}," 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":30,"tag":31,"props":1756,"children":1757},{},[1758,1763],{"type":30,"tag":73,"props":1759,"children":1760},{},[1761],{"type":35,"value":1762},"Treating FDV as the only metric.",{"type":35,"value":1764}," 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":30,"tag":31,"props":1766,"children":1767},{},[1768,1773],{"type":30,"tag":73,"props":1769,"children":1770},{},[1771],{"type":35,"value":1772},"Letting venues open at different references.",{"type":35,"value":1774}," Arbitrage between mismatched venues drains your market maker's inventory in minutes and creates a messy first chart.",{"type":30,"tag":31,"props":1776,"children":1777},{},[1778,1783],{"type":30,"tag":73,"props":1779,"children":1780},{},[1781],{"type":35,"value":1782},"Assuming the market maker can hold any price.",{"type":35,"value":1784}," 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":30,"tag":31,"props":1786,"children":1787},{},[1788,1793],{"type":30,"tag":73,"props":1789,"children":1790},{},[1791],{"type":35,"value":1792},"Forgetting the first unlock.",{"type":35,"value":1794}," 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":30,"tag":38,"props":1796,"children":1798},{"id":1797},"pre-listing-price-checklist",[1799],{"type":35,"value":1800},"Pre-Listing Price Checklist",{"type":30,"tag":79,"props":1802,"children":1804},{"className":1803},[1184],[1805,1814,1823,1832,1841,1850,1859,1868,1877,1886,1895],{"type":30,"tag":83,"props":1806,"children":1808},{"className":1807},[1189],[1809,1812],{"type":30,"tag":1192,"props":1810,"children":1811},{"disabled":1194,"type":1195},[],{"type":35,"value":1813}," Implied multiple for every round calculated at conservative, base and stretch prices",{"type":30,"tag":83,"props":1815,"children":1817},{"className":1816},[1189],[1818,1821],{"type":30,"tag":1192,"props":1819,"children":1820},{"disabled":1194,"type":1195},[],{"type":35,"value":1822}," Comparables table built from recent, genuinely similar listings",{"type":30,"tag":83,"props":1824,"children":1826},{"className":1825},[1189],[1827,1830],{"type":30,"tag":1192,"props":1828,"children":1829},{"disabled":1194,"type":1195},[],{"type":35,"value":1831}," TGE circulating supply confirmed, line by line",{"type":30,"tag":83,"props":1833,"children":1835},{"className":1834},[1189],[1836,1839],{"type":30,"tag":1192,"props":1837,"children":1838},{"disabled":1194,"type":1195},[],{"type":35,"value":1840}," Initial market cap calculated and sanity-checked against planned depth",{"type":30,"tag":83,"props":1842,"children":1844},{"className":1843},[1189],[1845,1848],{"type":30,"tag":1192,"props":1846,"children":1847},{"disabled":1194,"type":1195},[],{"type":35,"value":1849}," Order book stress test done with your market maker",{"type":30,"tag":83,"props":1851,"children":1853},{"className":1852},[1189],[1854,1857],{"type":30,"tag":1192,"props":1855,"children":1856},{"disabled":1194,"type":1195},[],{"type":35,"value":1858}," Unit price and precision checked against each venue's requirements",{"type":30,"tag":83,"props":1860,"children":1862},{"className":1861},[1189],[1863,1866],{"type":30,"tag":1192,"props":1864,"children":1865},{"disabled":1194,"type":1195},[],{"type":35,"value":1867}," Same reference price agreed with every CEX",{"type":30,"tag":83,"props":1869,"children":1871},{"className":1870},[1189],[1872,1875],{"type":30,"tag":1192,"props":1873,"children":1874},{"disabled":1194,"type":1195},[],{"type":35,"value":1876}," DEX pool seed price matched to the CEX reference",{"type":30,"tag":83,"props":1878,"children":1880},{"className":1879},[1189],[1881,1884],{"type":30,"tag":1192,"props":1882,"children":1883},{"disabled":1194,"type":1195},[],{"type":35,"value":1885}," Opening mechanism, deposit and withdrawal timing confirmed per venue",{"type":30,"tag":83,"props":1887,"children":1889},{"className":1888},[1189],[1890,1893],{"type":30,"tag":1192,"props":1891,"children":1892},{"disabled":1194,"type":1195},[],{"type":35,"value":1894}," First unlock modelled at the chosen reference price",{"type":30,"tag":83,"props":1896,"children":1898},{"className":1897},[1189],[1899,1902],{"type":30,"tag":1192,"props":1900,"children":1901},{"disabled":1194,"type":1195},[],{"type":35,"value":1903}," One-page pricing rationale written and shared internally",{"type":30,"tag":38,"props":1905,"children":1907},{"id":1906},"price-is-a-launch-decision-not-a-guess",[1908],{"type":35,"value":1909},"Price Is a Launch Decision, Not a Guess",{"type":30,"tag":31,"props":1911,"children":1912},{},[1913],{"type":35,"value":1914},"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":30,"tag":31,"props":1916,"children":1917},{},[1918,1920,1925],{"type":35,"value":1919},"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":30,"tag":50,"props":1921,"children":1922},{"href":685},[1923],{"type":35,"value":1924},"get in touch about our pre-TGE programme",{"type":35,"value":1926}," and we will walk through the numbers with you.",{"title":7,"searchDepth":691,"depth":691,"links":1928},[1929,1930,1931,1937,1938,1939,1940,1941,1942],{"id":1360,"depth":691,"text":1363},{"id":1388,"depth":691,"text":1391},{"id":1516,"depth":691,"text":1519,"children":1932},[1933,1935,1936],{"id":1523,"depth":1934,"text":1526},3,{"id":1562,"depth":1934,"text":1565},{"id":1578,"depth":1934,"text":1581},{"id":1599,"depth":691,"text":1602},{"id":1622,"depth":691,"text":1625},{"id":1711,"depth":691,"text":1714},{"id":635,"depth":691,"text":638},{"id":1797,"depth":691,"text":1800},{"id":1906,"depth":691,"text":1909},"content:blog:how-to-set-token-listing-price.md","blog/how-to-set-token-listing-price.md","blog/how-to-set-token-listing-price",{"_path":1947,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1948,"description":1949,"date":1950,"author":11,"category":12,"tags":1951,"keywords":1956,"image":1961,"readTime":25,"body":1962,"_type":702,"_id":2678,"_source":704,"_file":2679,"_stem":2680,"_extension":707},"/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",[1952,1953,1954,1955],"fundraising","saft","token warrant","crypto vc",[1957,1954,1958,1959,1960],"saft vs token warrant","saft agreement","safe with token warrant","crypto fundraising instruments","/assets/images/blog/saft-vs-token-warrant.jpg",{"type":27,"children":1963,"toc":2658},[1964,1969,1974,1980,1985,1990,2033,2038,2044,2067,2073,2078,2082,2125,2130,2136,2159,2165,2334,2340,2345,2351,2356,2361,2367,2380,2386,2391,2397,2402,2408,2413,2419,2429,2439,2449,2459,2469,2475,2480,2541,2554,2560,2636,2642,2647],{"type":30,"tag":31,"props":1965,"children":1966},{},[1967],{"type":35,"value":1968},"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":1970,"children":1971},{},[1972],{"type":35,"value":1973},"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":38,"props":1975,"children":1977},{"id":1976},"how-a-saft-works",[1978],{"type":35,"value":1979},"How a SAFT Works",{"type":30,"tag":31,"props":1981,"children":1982},{},[1983],{"type":35,"value":1984},"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":1986,"children":1987},{},[1988],{"type":35,"value":1989},"The key features:",{"type":30,"tag":79,"props":1991,"children":1992},{},[1993,2003,2013,2023],{"type":30,"tag":83,"props":1994,"children":1995},{},[1996,2001],{"type":30,"tag":73,"props":1997,"children":1998},{},[1999],{"type":35,"value":2000},"Cash for tokens, not shares.",{"type":35,"value":2002}," The investor has no claim on the company's equity, profits or other assets. Their upside is entirely the token.",{"type":30,"tag":83,"props":2004,"children":2005},{},[2006,2011],{"type":30,"tag":73,"props":2007,"children":2008},{},[2009],{"type":35,"value":2010},"Price fixed up front.",{"type":35,"value":2012}," The SAFT sets a token price, or a valuation that converts into one, at signing.",{"type":30,"tag":83,"props":2014,"children":2015},{},[2016,2021],{"type":30,"tag":73,"props":2017,"children":2018},{},[2019],{"type":35,"value":2020},"Delivery tied to a trigger.",{"type":35,"value":2022}," 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":83,"props":2024,"children":2025},{},[2026,2031],{"type":30,"tag":73,"props":2027,"children":2028},{},[2029],{"type":35,"value":2030},"Typically issued by the token entity.",{"type":35,"value":2032}," 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":2034,"children":2035},{},[2036],{"type":35,"value":2037},"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":1521,"props":2039,"children":2041},{"id":2040},"when-a-saft-fits",[2042],{"type":35,"value":2043},"When a SAFT fits",{"type":30,"tag":79,"props":2045,"children":2046},{},[2047,2052,2057,2062],{"type":30,"tag":83,"props":2048,"children":2049},{},[2050],{"type":35,"value":2051},"The project is a protocol or network whose value accrues mainly to the token.",{"type":30,"tag":83,"props":2053,"children":2054},{},[2055],{"type":35,"value":2056},"There is no meaningful business or revenue outside the token economy.",{"type":30,"tag":83,"props":2058,"children":2059},{},[2060],{"type":35,"value":2061},"You already have a token design and a credible launch timeline.",{"type":30,"tag":83,"props":2063,"children":2064},{},[2065],{"type":35,"value":2066},"Your investors are token-focused funds or strategic buyers who want direct token exposure.",{"type":30,"tag":38,"props":2068,"children":2070},{"id":2069},"how-a-token-warrant-works",[2071],{"type":35,"value":2072},"How a Token Warrant Works",{"type":30,"tag":31,"props":2074,"children":2075},{},[2076],{"type":35,"value":2077},"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":2079,"children":2080},{},[2081],{"type":35,"value":1989},{"type":30,"tag":79,"props":2083,"children":2084},{},[2085,2095,2105,2115],{"type":30,"tag":83,"props":2086,"children":2087},{},[2088,2093],{"type":30,"tag":73,"props":2089,"children":2090},{},[2091],{"type":35,"value":2092},"Equity first.",{"type":35,"value":2094}," The investor's main position is equity in the company. The warrant is the side bet on a token.",{"type":30,"tag":83,"props":2096,"children":2097},{},[2098,2103],{"type":30,"tag":73,"props":2099,"children":2100},{},[2101],{"type":35,"value":2102},"Little or no additional payment.",{"type":35,"value":2104}," The warrant exercise price is usually nominal. The investor has effectively paid for it through the equity investment.",{"type":30,"tag":83,"props":2106,"children":2107},{},[2108,2113],{"type":30,"tag":73,"props":2109,"children":2110},{},[2111],{"type":35,"value":2112},"Allocation defined as a share of a pool.",{"type":35,"value":2114}," 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":83,"props":2116,"children":2117},{},[2118,2123],{"type":30,"tag":73,"props":2119,"children":2120},{},[2121],{"type":35,"value":2122},"Issuance is not guaranteed.",{"type":35,"value":2124}," If the company never launches a token, the warrant simply never pays out and the investor still holds equity.",{"type":30,"tag":31,"props":2126,"children":2127},{},[2128],{"type":35,"value":2129},"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":1521,"props":2131,"children":2133},{"id":2132},"when-a-token-warrant-fits",[2134],{"type":35,"value":2135},"When a token warrant fits",{"type":30,"tag":79,"props":2137,"children":2138},{},[2139,2144,2149,2154],{"type":30,"tag":83,"props":2140,"children":2141},{},[2142],{"type":35,"value":2143},"The company has value that does not depend on a token: software, fees, IP, a team others would acquire.",{"type":30,"tag":83,"props":2145,"children":2146},{},[2147],{"type":35,"value":2148},"A token is likely but its design, timing or jurisdiction is still open.",{"type":30,"tag":83,"props":2150,"children":2151},{},[2152],{"type":35,"value":2153},"You want investors from outside crypto, or generalist funds, who are set up to hold equity.",{"type":30,"tag":83,"props":2155,"children":2156},{},[2157],{"type":35,"value":2158},"You expect to raise a later priced equity round and want a clean cap table story.",{"type":30,"tag":38,"props":2160,"children":2162},{"id":2161},"saft-vs-token-warrant-side-by-side",[2163],{"type":35,"value":2164},"SAFT vs Token Warrant: Side-by-Side",{"type":30,"tag":301,"props":2166,"children":2167},{},[2168,2187],{"type":30,"tag":305,"props":2169,"children":2170},{},[2171],{"type":30,"tag":309,"props":2172,"children":2173},{},[2174,2177,2182],{"type":30,"tag":313,"props":2175,"children":2176},{},[],{"type":30,"tag":313,"props":2178,"children":2179},{},[2180],{"type":35,"value":2181},"SAFT",{"type":30,"tag":313,"props":2183,"children":2184},{},[2185],{"type":35,"value":2186},"SAFE + Token Warrant",{"type":30,"tag":334,"props":2188,"children":2189},{},[2190,2208,2226,2244,2262,2280,2298,2316],{"type":30,"tag":309,"props":2191,"children":2192},{},[2193,2198,2203],{"type":30,"tag":341,"props":2194,"children":2195},{},[2196],{"type":35,"value":2197},"What the investor buys",{"type":30,"tag":341,"props":2199,"children":2200},{},[2201],{"type":35,"value":2202},"Future tokens",{"type":30,"tag":341,"props":2204,"children":2205},{},[2206],{"type":35,"value":2207},"Equity, plus a right to future tokens",{"type":30,"tag":309,"props":2209,"children":2210},{},[2211,2216,2221],{"type":30,"tag":341,"props":2212,"children":2213},{},[2214],{"type":35,"value":2215},"Issuing entity",{"type":30,"tag":341,"props":2217,"children":2218},{},[2219],{"type":35,"value":2220},"Usually the token issuer (often a foundation)",{"type":30,"tag":341,"props":2222,"children":2223},{},[2224],{"type":35,"value":2225},"Usually the operating company",{"type":30,"tag":309,"props":2227,"children":2228},{},[2229,2234,2239],{"type":30,"tag":341,"props":2230,"children":2231},{},[2232],{"type":35,"value":2233},"Price setting",{"type":30,"tag":341,"props":2235,"children":2236},{},[2237],{"type":35,"value":2238},"Token price or token valuation at signing",{"type":30,"tag":341,"props":2240,"children":2241},{},[2242],{"type":35,"value":2243},"Equity valuation cap; token share set as a percentage of a pool",{"type":30,"tag":309,"props":2245,"children":2246},{},[2247,2252,2257],{"type":30,"tag":341,"props":2248,"children":2249},{},[2250],{"type":35,"value":2251},"If no token launches",{"type":30,"tag":341,"props":2253,"children":2254},{},[2255],{"type":35,"value":2256},"Investor may lose most of the investment",{"type":30,"tag":341,"props":2258,"children":2259},{},[2260],{"type":35,"value":2261},"Investor still holds equity",{"type":30,"tag":309,"props":2263,"children":2264},{},[2265,2270,2275],{"type":30,"tag":341,"props":2266,"children":2267},{},[2268],{"type":35,"value":2269},"Founder flexibility on token",{"type":30,"tag":341,"props":2271,"children":2272},{},[2273],{"type":35,"value":2274},"Low — commitment is to deliver tokens",{"type":30,"tag":341,"props":2276,"children":2277},{},[2278],{"type":35,"value":2279},"High — token design and timing can stay open",{"type":30,"tag":309,"props":2281,"children":2282},{},[2283,2288,2293],{"type":30,"tag":341,"props":2284,"children":2285},{},[2286],{"type":35,"value":2287},"Investor fit",{"type":30,"tag":341,"props":2289,"children":2290},{},[2291],{"type":35,"value":2292},"Token-native funds, strategics",{"type":30,"tag":341,"props":2294,"children":2295},{},[2296],{"type":35,"value":2297},"Crypto VCs, generalist VCs, angels",{"type":30,"tag":309,"props":2299,"children":2300},{},[2301,2306,2311],{"type":30,"tag":341,"props":2302,"children":2303},{},[2304],{"type":35,"value":2305},"Complexity at TGE",{"type":30,"tag":341,"props":2307,"children":2308},{},[2309],{"type":35,"value":2310},"Deliver tokens per contract",{"type":30,"tag":341,"props":2312,"children":2313},{},[2314],{"type":35,"value":2315},"Map warrant holders to allocation, coordinate across entities",{"type":30,"tag":309,"props":2317,"children":2318},{},[2319,2324,2329],{"type":30,"tag":341,"props":2320,"children":2321},{},[2322],{"type":35,"value":2323},"Typical stage",{"type":30,"tag":341,"props":2325,"children":2326},{},[2327],{"type":35,"value":2328},"Seed to strategic, token design mature",{"type":30,"tag":341,"props":2330,"children":2331},{},[2332],{"type":35,"value":2333},"Pre-seed and seed, product-first teams",{"type":30,"tag":38,"props":2335,"children":2337},{"id":2336},"the-terms-that-actually-matter",[2338],{"type":35,"value":2339},"The Terms That Actually Matter",{"type":30,"tag":31,"props":2341,"children":2342},{},[2343],{"type":35,"value":2344},"Choosing the instrument is the first decision. The terms inside it decide whether the raise helps or hurts you at TGE.",{"type":30,"tag":1521,"props":2346,"children":2348},{"id":2347},"token-allocation-for-investors",[2349],{"type":35,"value":2350},"Token allocation for investors",{"type":30,"tag":31,"props":2352,"children":2353},{},[2354],{"type":35,"value":2355},"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":2357,"children":2358},{},[2359],{"type":35,"value":2360},"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":1521,"props":2362,"children":2364},{"id":2363},"lock-ups-and-vesting",[2365],{"type":35,"value":2366},"Lock-ups and vesting",{"type":30,"tag":31,"props":2368,"children":2369},{},[2370,2372,2378],{"type":35,"value":2371},"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":50,"props":2373,"children":2375},{"href":2374},"/blog/token-vesting-schedules-explained",[2376],{"type":35,"value":2377},"token vesting schedules",{"type":35,"value":2379}," explains how cliffs and linear release interact with circulating supply.",{"type":30,"tag":1521,"props":2381,"children":2383},{"id":2382},"entity-structure",[2384],{"type":35,"value":2385},"Entity structure",{"type":30,"tag":31,"props":2387,"children":2388},{},[2389],{"type":35,"value":2390},"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":1521,"props":2392,"children":2394},{"id":2393},"most-favoured-nation-and-side-letters",[2395],{"type":35,"value":2396},"Most-favoured-nation and side letters",{"type":30,"tag":31,"props":2398,"children":2399},{},[2400],{"type":35,"value":2401},"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":1521,"props":2403,"children":2405},{"id":2404},"what-happens-without-a-token",[2406],{"type":35,"value":2407},"What happens without a token",{"type":30,"tag":31,"props":2409,"children":2410},{},[2411],{"type":35,"value":2412},"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":38,"props":2414,"children":2416},{"id":2415},"five-mistakes-founders-make-choosing-between-them",[2417],{"type":35,"value":2418},"Five Mistakes Founders Make Choosing Between Them",{"type":30,"tag":31,"props":2420,"children":2421},{},[2422,2427],{"type":30,"tag":73,"props":2423,"children":2424},{},[2425],{"type":35,"value":2426},"1. Choosing on what the last project did.",{"type":35,"value":2428}," 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":2430,"children":2431},{},[2432,2437],{"type":30,"tag":73,"props":2433,"children":2434},{},[2435],{"type":35,"value":2436},"2. Selling SAFTs before the token design is settled.",{"type":35,"value":2438}," 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":2440,"children":2441},{},[2442,2447],{"type":30,"tag":73,"props":2443,"children":2444},{},[2445],{"type":35,"value":2446},"3. Leaving the warrant pool undefined.",{"type":35,"value":2448}," \"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":2450,"children":2451},{},[2452,2457],{"type":30,"tag":73,"props":2453,"children":2454},{},[2455],{"type":35,"value":2456},"4. Mixing instruments without a map.",{"type":35,"value":2458}," 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":2460,"children":2461},{},[2462,2467],{"type":30,"tag":73,"props":2463,"children":2464},{},[2465],{"type":35,"value":2466},"5. Ignoring how the raise shows up in the market.",{"type":35,"value":2468}," 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":38,"props":2470,"children":2472},{"id":2471},"which-should-you-pick",[2473],{"type":35,"value":2474},"Which Should You Pick?",{"type":30,"tag":31,"props":2476,"children":2477},{},[2478],{"type":35,"value":2479},"A simple decision framework:",{"type":30,"tag":79,"props":2481,"children":2482},{},[2483,2493,2503,2513,2523],{"type":30,"tag":83,"props":2484,"children":2485},{},[2486,2491],{"type":30,"tag":73,"props":2487,"children":2488},{},[2489],{"type":35,"value":2490},"The company would still be worth something without a token.",{"type":35,"value":2492}," Use a SAFE plus token warrant.",{"type":30,"tag":83,"props":2494,"children":2495},{},[2496,2501],{"type":30,"tag":73,"props":2497,"children":2498},{},[2499],{"type":35,"value":2500},"The token is the whole value proposition and its design is mature.",{"type":35,"value":2502}," A SAFT is reasonable, with counsel's sign-off on jurisdiction.",{"type":30,"tag":83,"props":2504,"children":2505},{},[2506,2511],{"type":30,"tag":73,"props":2507,"children":2508},{},[2509],{"type":35,"value":2510},"You are unsure whether or when a token will launch.",{"type":35,"value":2512}," Use a warrant. Do not sell a SAFT for something you may not deliver.",{"type":30,"tag":83,"props":2514,"children":2515},{},[2516,2521],{"type":30,"tag":73,"props":2517,"children":2518},{},[2519],{"type":35,"value":2520},"You are raising from a mix of equity and token investors.",{"type":35,"value":2522}," 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":83,"props":2524,"children":2525},{},[2526,2531,2533,2539],{"type":30,"tag":73,"props":2527,"children":2528},{},[2529],{"type":35,"value":2530},"You are close to TGE and selling to strategics.",{"type":35,"value":2532}," Direct token purchase agreements or SAFTs are common here. See our ",{"type":30,"tag":50,"props":2534,"children":2536},{"href":2535},"/blog/private-token-sale-guide",[2537],{"type":35,"value":2538},"private token sale guide",{"type":35,"value":2540}," for how those rounds are priced and documented.",{"type":30,"tag":31,"props":2542,"children":2543},{},[2544,2546,2552],{"type":35,"value":2545},"For a wider view of rounds, instruments and investor types, our ",{"type":30,"tag":50,"props":2547,"children":2549},{"href":2548},"/blog/crypto-fundraising-guide-for-token-projects",[2550],{"type":35,"value":2551},"crypto fundraising guide for token projects",{"type":35,"value":2553}," puts SAFTs and warrants alongside equity, launchpads and public sales.",{"type":30,"tag":38,"props":2555,"children":2557},{"id":2556},"pre-signing-checklist",[2558],{"type":35,"value":2559},"Pre-Signing Checklist",{"type":30,"tag":79,"props":2561,"children":2563},{"className":2562},[1184],[2564,2573,2582,2591,2600,2609,2618,2627],{"type":30,"tag":83,"props":2565,"children":2567},{"className":2566},[1189],[2568,2571],{"type":30,"tag":1192,"props":2569,"children":2570},{"disabled":1194,"type":1195},[],{"type":35,"value":2572}," Counsel has confirmed the instrument suits your jurisdiction and entity structure",{"type":30,"tag":83,"props":2574,"children":2576},{"className":2575},[1189],[2577,2580],{"type":30,"tag":1192,"props":2578,"children":2579},{"disabled":1194,"type":1195},[],{"type":35,"value":2581}," Token-issuing entity is identified, and the warrant has a delivery mechanism from it",{"type":30,"tag":83,"props":2583,"children":2585},{"className":2584},[1189],[2586,2589],{"type":30,"tag":1192,"props":2587,"children":2588},{"disabled":1194,"type":1195},[],{"type":35,"value":2590}," Investor token pool is defined as a percentage of total supply",{"type":30,"tag":83,"props":2592,"children":2594},{"className":2593},[1189],[2595,2598],{"type":30,"tag":1192,"props":2596,"children":2597},{"disabled":1194,"type":1195},[],{"type":35,"value":2599}," Lock-up and vesting terms are set, or have agreed minimums and maximums",{"type":30,"tag":83,"props":2601,"children":2603},{"className":2602},[1189],[2604,2607],{"type":30,"tag":1192,"props":2605,"children":2606},{"disabled":1194,"type":1195},[],{"type":35,"value":2608}," Long-stop date and failed-launch terms are written into any SAFT",{"type":30,"tag":83,"props":2610,"children":2612},{"className":2611},[1189],[2613,2616],{"type":30,"tag":1192,"props":2614,"children":2615},{"disabled":1194,"type":1195},[],{"type":35,"value":2617}," MFN clauses and side letters are logged in one register",{"type":30,"tag":83,"props":2619,"children":2621},{"className":2620},[1189],[2622,2625],{"type":30,"tag":1192,"props":2623,"children":2624},{"disabled":1194,"type":1195},[],{"type":35,"value":2626}," A cap table covers equity, warrants, SAFTs and token purchase agreements together",{"type":30,"tag":83,"props":2628,"children":2630},{"className":2629},[1189],[2631,2634],{"type":30,"tag":1192,"props":2632,"children":2633},{"disabled":1194,"type":1195},[],{"type":35,"value":2635}," Unlock schedule is modelled against planned circulating supply at TGE",{"type":30,"tag":38,"props":2637,"children":2639},{"id":2638},"from-fundraising-terms-to-launch-day-liquidity",[2640],{"type":35,"value":2641},"From Fundraising Terms to Launch-Day Liquidity",{"type":30,"tag":31,"props":2643,"children":2644},{},[2645],{"type":35,"value":2646},"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":2648,"children":2649},{},[2650,2652,2657],{"type":35,"value":2651},"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":50,"props":2653,"children":2654},{"href":685},[2655],{"type":35,"value":2656},"talk to Fibonacci Capital about launch support",{"type":35,"value":237},{"title":7,"searchDepth":691,"depth":691,"links":2659},[2660,2663,2666,2667,2674,2675,2676,2677],{"id":1976,"depth":691,"text":1979,"children":2661},[2662],{"id":2040,"depth":1934,"text":2043},{"id":2069,"depth":691,"text":2072,"children":2664},[2665],{"id":2132,"depth":1934,"text":2135},{"id":2161,"depth":691,"text":2164},{"id":2336,"depth":691,"text":2339,"children":2668},[2669,2670,2671,2672,2673],{"id":2347,"depth":1934,"text":2350},{"id":2363,"depth":1934,"text":2366},{"id":2382,"depth":1934,"text":2385},{"id":2393,"depth":1934,"text":2396},{"id":2404,"depth":1934,"text":2407},{"id":2415,"depth":691,"text":2418},{"id":2471,"depth":691,"text":2474},{"id":2556,"depth":691,"text":2559},{"id":2638,"depth":691,"text":2641},"content:blog:saft-vs-token-warrant.md","blog/saft-vs-token-warrant.md","blog/saft-vs-token-warrant",1792200663559]