Overview
Token Sale enables compliant primary distribution of digital assets to investors. Learn about sale phases, payment currencies, optional presale, vesting schedules, and soft cap protection.
Token Sale enables issuers to conduct compliant primary offerings of digital assets (DAIOs -- Digital Asset Initial Offerings). Investors purchase tokens directly from the issuer using one or more accepted payment currencies, with optional presale, vesting, and soft cap protection.
What is Token Sale?
Token Sale is a configurable primary distribution module attached to any DALP token. The issuer controls pricing, timing, accepted currencies, and investor eligibility. Investors participate through a compliant purchase flow that enforces identity verification, purchase limits, and optional terms acceptance.
Purchases can distribute tokens immediately or lock them under a configurable vesting schedule with a cliff period.
Common use cases
- Digital Asset Initial Offering (DAIO) -- primary sale of a new tokenized instrument to investors
- Real estate offering -- fractionalized property tokens sold to verified investors
- Fund subscription -- tokenized fund shares distributed in a primary offering window
- Private placement -- presale-only offering to a curated whitelist before public sale opens
Sale phases
Every token sale moves through a defined sequence of phases:
| Phase | Who can buy | Notes |
|---|---|---|
| Setup | Nobody | Configuration phase; no purchases accepted |
| Presale | Whitelisted investors only | Optional; discount pricing and per-address cap apply |
| Public Sale | All identity-verified investors | Full pricing; global purchase limits apply |
| Paused | Nobody | Emergency halt; admin can resume |
| Ended | Nobody | Awaiting finalization |
| Success | -- | Soft cap met; funds released, vested tokens withdrawable |
| Failed | -- | Soft cap not met; investors claim full refunds |
Key concepts
| Term | Definition |
|---|---|
| Hard cap | The maximum number of tokens available for sale. The sale closes when this is reached or time expires. |
| Soft cap | An optional minimum. If the sale ends without reaching it, the outcome is FAILED and investors get refunds. |
| Price ratio | How many sale tokens one unit of a payment currency buys. Configured per accepted currency. |
| Presale discount | A multiplier applied during the presale phase (e.g., 0.8 = 20% discount). |
| Vesting | A schedule that releases purchased tokens linearly over time after a cliff period. |
| Cliff | The minimum waiting period before any vested tokens become withdrawable. |
| Terms hash | A keccak256 hash of a T&C document that investors must acknowledge before purchasing. |
| Effective status | The phase shown in the platform, computed from timing -- may lead the on-chain state during auto-transitions. |
Sale lifecycle
- Setup -- create the sale, then activate it to open the first phase
- Presale -- early-access window for whitelisted investors
- Public Sale -- open to all identity-verified investors
- Paused -- purchases temporarily halted; see pause and resume
- Ended -- end and finalize the sale to settle its outcome
- Success -- soft cap met; withdraw proceeds and investors withdraw vested tokens
- Failed -- soft cap not met; investors claim full refunds
Investor portal
A holder works the offering from an authenticated portal rather than a deep link. The portal:
- Aggregates every sale the holder participated in or is eligible for under Portfolio → Investments, with claimable tokens and pending refunds per row
- Shows an advisory eligibility verdict before the buy step -- eligible, blocked by a named rule, or required action such as identity verification -- and disables the buy when the holder is not eligible
- Prompts the holder to acknowledge the terms and conditions when a terms hash is set, before the purchase step unlocks
- Pre-validates the entered amount against the minimum and maximum purchase, presale per-address cap, and remaining hard-cap headroom, showing how much room is left before submit
- Renders the holder's vesting position (claimable now, progress, next unlock) and a claim that previews the withdrawable amount
- Provides per-currency refund self-service for a failed sale, where one currency settling never rolls back another
Management console
A sale admin manages the offering from a console built on the sale detail page:
- Permissions -- assign or revoke the Sale Admin and Funds Manager roles per sale without granting full token administration
- Whitelist -- add single addresses, import a validated CSV in gas-safe batches, and remove addresses
- Lifecycle -- transition presale to public, pause and resume, end, and finalize with a pre-close checklist that predicts the SUCCESS or FAILED outcome
- Treasury -- withdraw raised funds per currency to a configurable recipient with grace-period gating
- Monitoring -- track committed versus cap, investor count, average ticket, and identity-resolved purchases
Further reading
Monitor Trading Venue health
Read the venue health panel: settlement failures, reconciliation state, feed publishing, and the settlement submitter's gas budget, with the response each severity asks for.
Token sale presale phase
Learn how the Token Sale presale phase works, including whitelist management, discount pricing, per-address caps, and transition to public sale.