diff --git a/pages/_meta.js b/pages/_meta.js index 56f667a..83ce1ae 100644 --- a/pages/_meta.js +++ b/pages/_meta.js @@ -1,11 +1,5 @@ export default { - "index": "Welcome to Tally", - "why-token-sales": "Why token sales", - "-- sep-0": { - "type": "separator", - "title": "Token sales" - }, - "token-sales": { "title": "Token sales", "display": "children" }, + "index": "Get started", "-- sep-1": { "type": "separator", "title": "On-chain operations" diff --git a/pages/index.mdx b/pages/index.mdx index e607e3f..0594cdb 100644 --- a/pages/index.mdx +++ b/pages/index.mdx @@ -1,34 +1,23 @@ --- -description: Raise capital confidently +description: Institutional-grade tokens --- -# Welcome to Tally +# Get started -### Token sales are a better way to raise capital +Tally powers token sales, distribution, and utility for 500+ protocols including Arbitrum, Uniswap, ZKsync, and Wormhole. -Token sales let you raise capital and build community in a single event — no multi-year IPO timelines, no gatekept VC rounds, no dilutive terms. +## With Tally, you can: -### But most token sales are flawed +* [Launch and scale tokens with confidence](/on-chain-operations/token-launch/) +* [Reward your token holders and drive protocol growth](/on-chain-operations/incentives-and-staking/) +* [Govern protocols effectively](/on-chain-operations/governance/) -The standard playbook has problems: +### Tally features -* **Compliance is an afterthought:** Many projects launch offshore, limiting access to U.S. participants and institutional capital. -* **No infrastructure for what comes next:** Teams scramble to set up liquidity, vesting, and governance after the sale. -* **Participants don't know what they're buying:** Opaque tokenomics, hidden insider allocations, and unclear unlock schedules erode trust. +[Token launch](/on-chain-operations/token-launch/) -### Token sales are hard to get right. Tally fixed it. +[Incentives & staking](/on-chain-operations/incentives-and-staking/) -Fundraising on Tally: +[Governance](/on-chain-operations/governance/) -1. Reaches the right participants with Tally's audience and partners - 1. Promotion on the Tally app which has processed over $1B in transaction volume - 2. Partnerships with the largest organizations in crypto - 3. Roadshows targeting institutional investors -2. Drives fair & efficient price discovery - 1. Pricing a token for sale is hard. Too high, and there’s no buyers. Too low, and you give away value to arbitrageurs. - 1. Uniswap's Continuous Clearing Auction eliminates guesswork and front-running -3. Ensures strong economic rights for holders with guaranteed post-sale liquidity - 1. 20% of raised funds are automatically locked in DEX LP for one year immediately after the sale concludes. - 2. Tally removes the need for expensive third-party strategies like CEXs and risky backroom market making deals, while holders are guaranteed a safe on-chain liquid trading venue -4. Offers teams advanced tooling for success - 1. Uniswap Continuous Clearing auctions are powerful, but complicated and time consuming to setup.Tally simplifies the process with a powerful orchestration protocol, best-in-class tooling, and built in features like KYC. Use our [simulator](https://tally.xyz/sale-simulator) to test your sale before going live. +Ready to launch your token? [Talk to our team to get started](http://tally.xyz/contact). diff --git a/pages/token-sales/_meta.js b/pages/token-sales/_meta.js deleted file mode 100644 index e10c6f7..0000000 --- a/pages/token-sales/_meta.js +++ /dev/null @@ -1,11 +0,0 @@ -export default { - "getting-started": "Getting started", - "choose-your-mechanism": "Choose your mechanism", - "set-sale-parameters": "Set sale parameters", - "design-tokenomics": "Design tokenomics", - "configure-post-sale": "Configure post-sale", - "integrate-compliance": "Integrate compliance", - "build-your-sale-page": "Build your sale page", - "launch-and-monitor": "Launch & monitor", - "bidders-guide": "Bidder's Guide" -}; diff --git a/pages/token-sales/bidders-guide.mdx b/pages/token-sales/bidders-guide.mdx deleted file mode 100644 index 4a747f3..0000000 --- a/pages/token-sales/bidders-guide.mdx +++ /dev/null @@ -1,360 +0,0 @@ ---- -description: >- - Continuous Clearing Auctions (CCAs) provide a fair, transparent way to - participate in token sales. This guide explains how to bid, what to expect, - and how to claim your tokens. ---- - -# Bidder's Guide - -## Bidder's Guide - -Continuous Clearing Auctions (CCAs) provide a fair, transparent way to participate in token sales. This guide explains how to bid, what to expect, and how to claim your tokens. - -### What is a CCA? - -A Continuous Clearing Auction is a fully on-chain token sale mechanism that discovers fair market prices through transparent bidding. - -**Key features:** - -* Your bid automatically splits across remaining auction blocks, proportional to supply -* Clearing prices rise as the auction progresses -* Everyone in a block pays the same clearing price -* All bids and prices are visible on-chain - -**Why CCAs are fair:** - -* No timing games or sniping -* Early participation is rewarded with lower prices -* Large orders can't dominate individual blocks -* Front-running is unprofitable - -Learn more about the [CCA mechanism from Uniswap](https://docs.uniswap.org/). - -*** - -### How to Participate - -#### Step 1: Connect and Verify - -Navigate to the project's sale page and connect your wallet. - -#### Step 2: Review Auction Details - -Check the critical parameters: - -* **Auction duration:** How long the auction runs (e.g., 7 days) -* **Floor price:** Minimum price set by the project -* **Bid currency:** USDC, USDT, or ETH - -#### Step 3: Place Your Bid - -Enter two values: - -* **Total budget:** The total amount you want to spend (e.g., $10,000 USDC) -* **Max price:** The highest price per token you're willing to pay (e.g., $1.00) - -Your bid automatically splits across all remaining auction blocks, proportional to how tokens are distributed in each block. - -> **Example:** -> -> * Total budget: $10,000 -> * Max price: $1.00 per token -> * Remaining blocks: 20 -> * Your bid = $500 per block (10,000 ÷ 20) -> * If clearing price ≤ $1.00 → Your bid succeeds (you're "in range") -> * If clearing price > $1.00 → Your bid fails (you're "out of range") - -Complete required KYC verification. - -#### Step 4: Monitor the Auction - -Watch as blocks clear in real-time. The Tally interface shows: - -* Which blocks your bid succeed in -* The clearing price for each block -* Your current token allocation -* How much of your budget remains in future blocks - -#### Step 5: Wait for Auction to End - -Once the auction ends, the Tally interface will guide you through claiming your tokens and any refunds. - -*** - -### Understanding "In Range" vs "Out of Range" - -This is the most important concept for how CCAs work. - -**Your bid is "in range" when:** - -* Your max price is at or above the current clearing price -* Your bid is actively competing for tokens in each block -* Your funds are locked in the auction contract - -**Your bid is "out of range" when:** - -* Your max price falls below the clearing price -* Your bid becomes invalid for all remaining blocks -* This happens automatically when the clearing price exceeds your max - -#### Why this matters - -All bids start "in range." You can only submit a bid if your max price is above the current clearing price. Once your bid is submitted, it remains in the auction until: - -1. You get outbid (clearing price rises above your max price), OR -2. The auction ends - -\{% hint style="info" %\} Clearing prices rise over time in CCAs. If you set a limit order, your bid will start "in range" (early blocks with lower prices) and may eventually go "out of range" (later blocks with higher prices). This design prevents gaming and ensures all participants are making credible commitments. \{% endhint %\} - -**Key insight:** While your bid is "in range," your funds are committed to the auction. You can't withdraw until the auction ends or you go "out of range" (get outbid). This prevents last-minute manipulation and ensures everyone's bids are real commitments. - -*** - -### How Tally Simplifies the Experience - -Uniswap's CCA smart contracts are powerful but technically complex. Tally's interface abstracts this complexity. - -**What Tally handles automatically:** - -* Exit calculations and determining the correct exit function -* Tracking which blocks you participated in and your outcomes -* Refund calculations from unsuccessful blocks -* Clearing price calculations - -**What you see:** - -* Live clearing price -* Clear progress through the auction -* Real-time allocation updates -* Exit auction button and "Claim Allocation" button when the auction ends - -**What happens behind the scenes:** - -* Complex exit logic for partially filled bids -* Checkpoint hint calculations -* Pro-rata share computations -* Multi-step claim processes - -You get a smooth, intuitive experience while the full security and transparency of Uniswap's on-chain auction runs underneath. - -*** - -### Bidding Strategies - -#### Understanding Bidding Modes - -Tally's CCA interface offers two ways to bid: Advanced and Simple (Market Orders). Understanding both helps you choose the right strategy. - -#### Advanced - -**What it is:** You specify both your total budget AND the maximum price you're willing to pay. - -**How it works:** - -* Total budget: $10,000 -* Max price: $1.00 per token -* For each block: - * If clearing price ≤ $1.00 → Your bid succeeds - * If clearing price > $1.00 → Your bid fails - -**Best for:** - -* You have a clear valuation for the token -* You want price protection over guaranteed allocation -* You'd rather get fewer tokens at good prices than many tokens at any price - -#### Simple (Market Orders) - -**What it is:** You specify only your total budget. The interface automatically sets your max price very high to essentially guarantee participation in all blocks. - -**How it works:** - -* Total budget: $10,000 -* Max price: Auto-set to $10.00 (or higher) - -You participate in all blocks and pay the actual clearing price (not the high maximum). - -\{% hint style="info" %\} You don't actually pay the high maximum. You pay the market-determined clearing price for each block. The high maximum just ensures your bid succeeds. \{% endhint %\} - -**Best for:** - -* You want to participate and trust the market to find fair prices -* Allocation certainty matters more than price control -* You're buying for long-term utility, not short-term trading -* You don't want to guess at the "right" maximum price -* You're bidding at low volume - -**Example:** You place a market order for $10,000 when 20 blocks remain. Your bid automatically splits: $500 per block ($10,000 ÷ 20) - -* Block 1 clears at $0.85 → You spend $500, get \~588 tokens -* Block 2 clears at $0.92 → You spend $500, get \~543 tokens -* Block 3 clears at $1.05 → You spend $500, get \~476 tokens -* ... -* Block 20 clears at $1.30 → You spend $500, get \~385 tokens - -Total: $10,000 spent across all blocks. All blocks succeed because your auto-set max ($10.00) is well above clearing prices. Your final allocation depends on the actual clearing prices across all 20 blocks. - -*** - -### Placing Multiple Bids - -You can place multiple separate bids during the auction. - -**When you might place another bid:** - -* Your first bid has gone "out of range" (clearing price exceeded your max) -* You want to add more capital to the auction -* You want to bid at a different max price - -**How multiple bids work:** - -Each bid you place is independent and splits across all remaining blocks. If you place multiple bids, they stack in each block. - -**Important to understand:** - -* Each bid tracks independently whether it's in range or out of range -* Multiple bids from the same address combine in each block -* You can't modify an existing bid. You can only place additional new bids -* Each new bid splits across all remaining blocks from when you place it - -#### What You Can and Cannot Do - -**✅ You CAN:** - -* Place additional new bids at any time during the auction -* Place multiple bids with different max prices -* Monitor clearing prices and your allocations in real-time - -**❌ You CANNOT:** - -* Cancel or withdraw a bid that is "in range" (actively participating) -* Modify an existing bid's max price or amount -* Claim tokens before the auction ends - -*** - -### Understanding Partial Fills - -Your bid will likely not succeed in every block, and that's completely normal. - -**Why some blocks fail:** - -* The clearing price exceeded your maximum price -* Your bid was "out of range" for those blocks - -\{% hint style="info" %\} The CCA mechanism is designed so that clearing prices rise as the auction progresses. Early blocks typically have lower clearing prices. Later blocks typically have higher clearing prices. If you set a max price, you're more likely to succeed in early blocks and fail in later blocks. \{% endhint %\} - -**Example scenario:** - -* You bid $10,000 across 20 blocks at $1.00 max price -* Block clearing prices (rising over time): - * Blocks 1-8: $0.70-$0.95 → 8 successful blocks (in range) - * Blocks 9-12: $1.05-$1.15 → 4 failed blocks (out of range, above your max) - * Blocks 13-20: $1.18-$1.30 → 8 failed blocks (out of range, prices continued rising) -* Result: - * 8 successful blocks out of 20 (mostly early blocks) - * Spent: 8 × $500 = $4,000 - * Refunded: 12 × $500 = $6,000 - -**Key takeaway:** Partial fills are a feature of price discovery. With limit orders, you typically succeed in early blocks (lower prices) and may fail in later blocks (higher prices). This is by design. You get exposure at the prices you're comfortable with. - -*** - -### How Prices Are Determined - -#### Clearing Price - -Each block's clearing price is where supply meets demand for that specific block. - -**How it works:** - -1. The auction collects all bids for a block -2. Bids are ordered from highest max price to lowest -3. Starting from the top, bids are filled until the block's token supply is exhausted -4. The clearing price is set where supply runs out - -Everyone whose max price is at or above the clearing price succeeds and pays the clearing price. - -#### Why prices rise over time - -The CCA mechanism is designed so clearing prices increase as the auction progresses. This happens because: - -* Bids are spread across all remaining blocks -* As blocks clear, there are fewer remaining blocks for the same bid amounts -* This concentrates demand in later blocks, pushing prices up -* Early bidders benefit from lower prices (incentivizing early participation) - -**Example:** - -* Block supply: 1,000 tokens -* Bids for this block: - * Bidder A: $600 budget, $1.20 max - * Bidder B: $800 budget, $1.00 max - * Bidder C: $400 budget, $0.95 max - * Bidder D: $500 budget, $0.90 max -* Result: - * Clearing price: $1.00 - * A pays $1.00/token (not $1.20), gets 600 tokens - * B pays $1.00/token, gets 400 tokens (partial fill) - * C and D fail (max prices below $1.00) - -**Key insights:** - -* You never pay more than the clearing price, even if your max was higher -* Everyone who succeeds pays the same clearing price -* Bidders right at the clearing price may get partial fills -* Clearing prices typically rise over time (early blocks = lower prices) - -#### Your Token Allocation - -**Per block:** - -``` -Tokens received = (Your bid amount) ÷ (Clearing price) -``` - -**Example:** - -* Your bid per block: $500 -* Clearing price: $0.85 -* Tokens received = $500 ÷ $0.85 = 588.24 tokens - -**Total allocation:** Sum the tokens from all successful blocks. - -*** - -### When the Auction Ends - -#### Claiming Your Allocation - -1. Wait for the auction to end. The auction must complete all blocks. -2. The Tally interface shows your final allocation: - * Total tokens you received - * Average price you paid - * Total amount spent - * Refunds from unsuccessful blocks -3. Click **Claim Allocation.** - * Tally handles the complex exit logic automatically - * Your tokens transfer to your wallet (or to a vesting contract if applicable) - * Any refunds for unsuccessful blocks are included - * You're done. - -*** - -### Key Concepts - -#### Uniform Pricing - -Everyone who successfully bids in a block pays the same clearing price. - -* If you bid $1.50 max and the block clears at $0.90, you pay $0.90 -* This incentivizes you to bid your true valuation - -#### Bid Splitting - -Your bid automatically divides evenly across all remaining blocks when you place it. - -* Prevents large orders from dominating single blocks -* Enables continuous price discovery -* Each portion uses your maximum price diff --git a/pages/token-sales/build-your-sale-page.mdx b/pages/token-sales/build-your-sale-page.mdx deleted file mode 100644 index ea9396d..0000000 --- a/pages/token-sales/build-your-sale-page.mdx +++ /dev/null @@ -1,45 +0,0 @@ ---- -description: Branded sale experience on your domain with real-time participation tracking ---- -import { Callout } from "nextra/components"; - - -# Build your sale page - - -Tally creates a branded, white-labeled experience on your domain. Your users never leave your site. - - -### Branding - -* Your logo, colors, and fonts -* Custom domain (sale.yourproject.com) -* Consistent visual identity throughout - -### Sale page features - -* **Hero section** — Sale overview, key metrics, countdown -* **Participation flow** — Wallet connection, KYC status, purchase interface -* **Real-time stats** — Funds raised, participants, price discovery -* **Documentation** — Terms, disclosures, whitepaper -* **FAQ section** — Common questions - -### User experience - -1. Participant lands on your branded sale page -2. Connects wallet -3. Completes or verifies KYC status -4. Views sale parameters and live stats -5. Participates in sale -6. Tracks position and claims tokens - -Mobile responsive. Works on all devices. - -### Post-sale - -After close, your page shows: - -* Final results -* Token claim interface -* Vesting schedule visibility -* Links to DEX trading diff --git a/pages/token-sales/choose-your-mechanism.mdx b/pages/token-sales/choose-your-mechanism.mdx deleted file mode 100644 index e1993b5..0000000 --- a/pages/token-sales/choose-your-mechanism.mdx +++ /dev/null @@ -1,99 +0,0 @@ ---- -description: Maximize fair distribution & price discovery ---- -import { Callout } from "nextra/components"; - - -# Choose your mechanism - - -Use the Tally[ sale simulator](https://www.tally.xyz/sale-simulator) to see how CCA's work in real time. - - -### Continuous Clearing Auction (CCA) - -Fully on-chain auction with continuous price discovery. Bidders commit funds over time, and each block clears at the market price. Built on the [Uniswap Liquidity Launchpad](https://docs.uniswap.org/contracts/liquidity-launchpad/overview) framework. - -**How it works:** - -1. Auction opens with defined duration, floor price, and graduation threshold -2. Bidders commit funds with a maximum price they'll pay -3. Commitments spread across remaining auction time -4. Each block clears at the price where supply meets demand -5. Early bidders get exposure to cheaper early blocks -6. Auction ends, all successful bidders pay the final clearing price -7. Proceeds automatically seed liquidity on Uniswap v4 - -**Best for:** - -* Projects expecting high demand -* Fair, transparent price discovery -* Rewarding early commitment over speed - -**Trade-offs:** - -* More complex for participants to understand -* Requires sufficient demand to work well -* Participants don't know final price until auction ends - - -**Example:** A 7-day CCA for 10M tokens. Alice commits $10,000 on day 1 — her bid spreads across all 7 days. Bob commits $5,000 on day 5 — his bid only spreads across the final 3 days. Final clearing price is $0.60. Alice's average cost is lower because she was in during cheaper early blocks. - - -### Fixed price sales - -You set the price. Participants buy at that price until tokens sell out or the sale ends. - -**How it works:** - -1. You determine a fixed price per token based on your target valuation -2. Sale opens, participants purchase at the fixed price -3. If demand exceeds supply, allocation rules determine who gets tokens -4. Sale ends when tokens sell out or the time window closes - -**Best for:** - -* Simplicity and predictability -* High confidence in your valuation -* Smaller raises with manageable demand - -**Trade-offs:** - -* If underpriced, you leave money on the table and face allocation challenges -* If overpriced, the sale may not sell out — a public failure -* Doesn't handle unexpected demand gracefully - -**Allocation strategies for oversubscription:** - -* **First-come-first-served** — Fastest participants win. Favors bots. -* **Pro-rata** — Everyone gets proportional share. Can result in tiny allocations. -* **Whitelist/lottery** — Pre-approved or random selection. Adds friction. - -### Liquidity Bootstrapping Pool (LBP) - -Price starts high and declines over time. The market finds fair value as buyers enter when price reaches their target. - -**How it works:** - -1. You configure starting/ending weights, duration, and initial price -2. Sale opens at a high price (discouraging snipers) -3. Price declines according to the weight curve -4. Buyers enter when price reaches their target -5. If enough buyers enter, price stabilizes or rises -6. Sale ends, remaining tokens and funds distributed - -**Best for:** - -* Discouraging speculation and front-running -* Broader distribution across more participants -* Market-driven pricing without auction complexity - -**Trade-offs:** - -* Participants must time their entry — can feel like a game of chicken -* Declining price can create perception issues if buyers see price drop after purchasing -* Some MEV exposure remains - - -Example: An LBP starts with 99/1 weight ratio (99% your token, 1% USDC), creating a very high initial price. Over 48 hours, it shifts to 50/50, causing the price to decline. Buyers wait for their target price, then swap in. - diff --git a/pages/token-sales/configure-post-sale.mdx b/pages/token-sales/configure-post-sale.mdx deleted file mode 100644 index 6f1505d..0000000 --- a/pages/token-sales/configure-post-sale.mdx +++ /dev/null @@ -1,54 +0,0 @@ ---- -description: Define where proceeds go & how tokens unlock after your sale closes. ---- -import { Callout } from "nextra/components"; - - -# Configure post-sale - -### Treasury allocation - -The majority of funds raised transfer directly to your designated wallet or multisig. - -**You'll specify:** - -* Treasury wallet address (multisig recommended) -* Percentage of proceeds to treasury (typically 65-80%) - -### DEX liquidity - -Automatically seed liquidity on Uniswap or Balancer after your sale closes. - -**You'll configure:** - -* Percentage of proceeds to liquidity (typically 20-35%) -* Which DEX (Uniswap v4, Balancer) -* Pool parameters (fee tier, price range) -* LP position ownership (your treasury controls the position) - - -For CCA sales, liquidity seeding is built into the [Uniswap Liquidity Launchpad](https://docs.uniswap.org/contracts/liquidity-launchpad/overview) and executes automatically. - - -### Token unlocks - -Purchased tokens can unlock instantly or vest over time. - -**Options:** - -* **Instant unlock** — Tokens available immediately after sale -* **Cliff + linear** — Lock for X months, then unlock linearly -* **Geographic-specific** — Different rules for different jurisdictions (e.g., U.S. participants receive 1-year lockup) - - -Tally integrates with Hedgey, Sablier, and custom vesting contracts. - - -### Unsold tokens - -If your sale doesn't sell out, decide what happens to remaining tokens: - -* Return to treasury -* Add to liquidity pool -* Burn -* Reserve for future distribution diff --git a/pages/token-sales/design-tokenomics.mdx b/pages/token-sales/design-tokenomics.mdx deleted file mode 100644 index 7d38689..0000000 --- a/pages/token-sales/design-tokenomics.mdx +++ /dev/null @@ -1,120 +0,0 @@ ---- -description: >- - Map your full allocation for public sale, investors, treasury, & ecosystem - incentives ---- -import { Callout } from "nextra/components"; - - -# Design tokenomics - - -Your tokenomics define how tokens are allocated, distributed, and unlocked over time. Tally helps you finalize these decisions before announcing your sale. - - -### Typical allocations - -| Category | Typical % | Purpose | -| -------------------- | --------- | --------------------------------- | -| Public sale | 5-10% | Broad distribution, capital raise | -| Team | 15-20% | Core contributor incentives | -| Investors | 10-20% | Early backers | -| Community/airdrops | 5-15% | Retroactive rewards, growth | -| Treasury | 20-40% | Ongoing operations, grants | -| Ecosystem incentives | 10-20% | Staking rewards, liquidity mining | - -#### Recent examples - -**MegaETH:** - -* 5% public sale -* Remainder across team, investors, ecosystem - -**Monad:** - -* 7.5% public sale -* 3.3% airdrop -* Remainder across team, investors, treasury - -**Plasma:** - -* 10% public sale -* Remainder undisclosed - -### Vesting schedules - -Tokens for team, investors, and sometimes public buyers should vest over time. - -#### Why vesting matters - -* **Aligns incentives** — Long-term commitment from stakeholders -* **Reduces sell pressure** — Prevents immediate dumping -* **Signals confidence** — Team tokens locked = skin in the game -* **Regulatory expectations** — Increasingly expected by regulators and institutions - -#### Typical schedules - -| Stakeholder | Cliff | Vesting period | Total lock | -| ----------- | ----------- | -------------- | ---------- | -| Team | 12 months | 36-48 months | 4 years | -| Investors | 6-12 months | 18-24 months | 2-3 years | -| Public sale | 0-12 months | 0-12 months | Varies | -| Advisors | 6 months | 24 months | 2.5 years | - -#### Public sale lockups - -Optional but increasingly common: - -* **Instant unlock** — Tokens available immediately after sale -* **Short lockup** — 1-6 months, reduces immediate sell pressure -* **Incentivized lockup** — Bonus allocation for accepting longer lock (MegaETH offered this for U.S. accredited investors) - -### Token utility - -Define what your token actually does. Tokens without clear utility face regulatory scrutiny and holder skepticism. - -#### Common utility types - -* **Governance** — Vote on protocol decisions, parameter changes, treasury allocation -* **Staking** — Lock tokens to earn rewards, secure the network, or access features -* **Access** — Required to use certain protocol features -* **Fee discounts** — Reduced fees for token holders -* **Revenue share** — Portion of protocol revenue distributed to stakers - -#### Utility considerations - -* Utility should exist from day one or have a clear activation timeline -* Purely speculative tokens face regulatory risk -* Document utility clearly in your token disclosures - -### Documentation requirements - -#### Token disclosure document - -* Total supply and allocation breakdown -* Vesting schedules for all categories -* Token utility and use cases -* Risk factors -* Use of proceeds - -#### Visual tokenomics - -* Pie chart of allocation -* Vesting unlock schedule chart -* Clear, simple graphics for marketing - - - - -### Common mistakes - -**Excessive team allocation.** >25% raises red flags with community and investors. - -**Short vesting.** Team tokens unlocking in <2 years signals short-term thinking. - -**Vague utility.** "Governance" without specifics isn't enough. Define what token holders actually control. - -**Misaligned incentives.** If insiders can exit before product milestones, incentives are broken. - -**Undocumented changes.** Any changes to tokenomics post-announcement destroy trust. Lock in your decisions. - diff --git a/pages/token-sales/getting-started.mdx b/pages/token-sales/getting-started.mdx deleted file mode 100644 index 5e57e3d..0000000 --- a/pages/token-sales/getting-started.mdx +++ /dev/null @@ -1,77 +0,0 @@ ---- -description: Everything you need to plan, configure, and execute a successful token sale ---- -import { Steps } from "nextra/components"; - -import { Callout } from "nextra/components"; - - -# Getting started - - -Use our [simulator](https://tally.xyz/sale-simulator) to test your sale before going live. - - -## The launch journey - - - -### Are you ready? - -Before launching, make sure you have legal counsel engaged, token economics defined, compliance decisions made, and a marketing plan ready. Don't know where to start? Don't worry, we have you covered. - - - -### [Choose your mechanism](/token-sales/choose-your-mechanism) - -How will price be discovered? How will you handle oversubscription? Different mechanisms offer different trade-offs between simplicity, fairness, and market-driven pricing. - - - -### [Set sale parameters](/token-sales/set-sale-parameters) - -Duration, tokens for sale, floor price, bid currency, allocation limits. These decisions shape your sale economics and participant experience. - - - -### [Design your tokenomics](/token-sales/design-tokenomics) - -Map your full allocation: public sale, investors, treasury, and ecosystem incentives. Finalize and document before announcing. - - - -### [Configure post-sale](/token-sales/configure-post-sale) - -Define where proceeds go, how liquidity is seeded, and how purchased tokens unlock over time. - - - -### [Integrate compliance](/token-sales/integrate-compliance) - -KYC/KYB verification, geographic restrictions, lockups by jurisdiction. Work with legal counsel to determine requirements, then implement through Tally. - - - -### [Build your sale page](/token-sales/build-your-sale-page) - -Branded, white-labeled experience on your domain. Custom design, real-time participation tracking, integrated registration and KYC flows. - - - -### [Launch and monitor](/token-sales/launch-and-monitor) - -Go live with launch-day support. Real-time dashboards, live participation metrics, and direct support from the Tally team throughout your sale. - - - -### Timeline - -A typical token sale takes **4-8 weeks** from initial planning to launch, depending on complexity: - -| Phase | Duration | Activities | -| ------------- | --------- | --------------------------------------------------------- | -| Planning | 1-2 weeks | Legal review, mechanism selection, parameter design | -| Configuration | 1-2 weeks | Smart contract setup, compliance integration, page design | -| Pre-launch | 1-2 weeks | KYC registration open, marketing, community preparation | -| Sale | 1-7 days | Active bidding/purchasing period | -| Post-sale | 1 week | Distribution, liquidity seeding, vesting activation | diff --git a/pages/token-sales/integrate-compliance.mdx b/pages/token-sales/integrate-compliance.mdx deleted file mode 100644 index cfa6a6b..0000000 --- a/pages/token-sales/integrate-compliance.mdx +++ /dev/null @@ -1,53 +0,0 @@ ---- -description: Implement the right controls for your jurisdiction and risk tolerance. ---- -import { Callout } from "nextra/components"; - - -# Integrate compliance - - -Token sales have rules about who can participate. Implement the right controls for your jurisdiction and risk tolerance. - - -### Identity verification - -**KYC (Know Your Customer)** — Individual identity verification via ID documents and selfies. - -**KYB (Know Your Business)** — Entity verification for institutional participants. - -**KYI (Know Your Issuer)** — Links your token contract to verified team identities, addressing "unknown deployer risk." - - -Tally integrates with a variety of KYC partners. - - -### Geographic restrictions - -At minimum, block OFAC-sanctioned countries. - -**Common configurations:** - -| Approach | U.S. | OFAC | Other | -| --------------- | ------------------- | ------- | ------------- | -| Conservative | Blocked | Blocked | Open with KYC | -| U.S. accredited | Accredited + lockup | Blocked | Open with KYC | - -### Lockups by jurisdiction - -Require tokens to lock for participants from certain regions. - -**Example:** MegaETH offered U.S. accredited investors a compliance pathway with mandatory 1-year lockup. - -### Legal documentation - -Prepare with your legal counsel: - -* Terms of Service -* Privacy Policy -* Token Disclosure (risk factors, tokenomics, use of proceeds) -* MiCA Whitepaper (if EU-compliant) - - -Tally displays these on your sale page. Participants must acknowledge before purchasing. - diff --git a/pages/token-sales/launch-and-monitor.mdx b/pages/token-sales/launch-and-monitor.mdx deleted file mode 100644 index 1862b19..0000000 --- a/pages/token-sales/launch-and-monitor.mdx +++ /dev/null @@ -1,56 +0,0 @@ ---- -description: What happens during your sale, real-time monitoring, & Tally support ---- -import { Callout } from "nextra/components"; - - -# Launch & monitor - - -Go live with support from Tally. Real-time dashboards show participation, funds raised, and price discovery throughout your sale. Use our [simulator](https://tally.xyz/sale-simulator) to test your sale before going live. - - -### During the sale - -**What you see:** - -* Total raised and participation count -* Geographic distribution (anonymized) -* Transaction success rates -* Milestone alerts (25%, 50%, 75%, 100%) - -**What participants see:** - -* Live price and participation metrics -* Their bid/purchase status -* Estimated allocation (for auctions) - -### Tally support - -* **Dedicated channel** — Direct line to our team -* **Technical monitoring** — We watch for issues before you notice them -* **Incident response** — If something goes wrong, we're ready -* **Participant support** — Help for common user issues - -### After close - -**Within hours:** - -* Sale results finalized -* Participant allocations calculated -* Results published on sale page - -**Within days:** - -* Tokens distributed or lockup contracts funded -* Proceeds transferred to treasury -* Liquidity deployed to DEX - -### Launch day checklist - -* [x] Team online and reachable -* [x] Monitoring dashboards open -* [x] Support channels staffed -* [x] Social media ready for updates -* [x] Verify sale is live and processing transactions -* [x] Post results when sale closes diff --git a/pages/token-sales/set-sale-parameters.mdx b/pages/token-sales/set-sale-parameters.mdx deleted file mode 100644 index 5be61b4..0000000 --- a/pages/token-sales/set-sale-parameters.mdx +++ /dev/null @@ -1,114 +0,0 @@ ---- -description: Duration, pricing, tokens for sale, and other key configuration decisions ---- -import { Callout } from "nextra/components"; - - -# Set sale parameters - - -Once you've chosen your mechanism, Tally helps you configure the specifics of your sale. - - -### Sale duration - -| Mechanism | Typical duration | Considerations | -| ----------- | ---------------- | ------------------------------------------------------------ | -| Fixed price | Hours to days | Shorter creates urgency; longer allows broader participation | -| LBP | 24-72 hours | Shorter = faster price decline, more urgency | -| CCA | 3-7 days | Longer = more time for price discovery | - -### Total tokens for sale - -What percentage of supply you're selling publicly. - -**Recent examples:** - -* MegaETH: 5% -* Monad: 7.5% -* Plasma: 10% - -Balance public sale against team, investors, treasury, and community allocations. - -### Bid currency - -What participants pay with. - -**Options:** USDC, USDT, ETH - -**Recommendation:** USDC. Stablecoins simplify accounting and eliminate volatility risk during the sale. - -### Floor price / starting price - -* **CCA:** Floor price = minimum acceptable clearing price. Below this, sale fails and refunds issued. -* **LBP:** Starting price = initial high price before curve declines. -* **Fixed price:** The price per token. - -**How to determine:** - -* Work backward from target raise: Target ÷ Tokens for sale = Price -* Reference comparable recent sales -* Be conservative — better to exceed a modest target than miss an ambitious one - -### Graduation threshold - -Minimum amount you need to raise for the sale to succeed. Below this, sale cancels and participants are refunded. - -Set this at your true minimum viable raise, with buffer for expenses and liquidity provision. - -### Optional parameters - -#### Allocation limits - -Cap tokens per wallet to promote broader distribution. - -**Example:** Max 1% of sale per wallet. - -#### Eligibility rules - -Restrict participation: - -* **Whitelist** — Pre-approved addresses only -* **Token holdings** — Must hold X amount of another token -* **Protocol usage** — Must have used your product -* **Sybil scoring** — Filter based on on-chain activity - -#### Geographic lockups - -Require tokens to lock for participants from certain jurisdictions. - -**Example:** U.S. accredited investors receive tokens with 1-year lockup. - -### Example configurations - -**High-demand auction (CCA):** - -``` -Duration: 7 days -Tokens: 10,000,000 (10% of supply) -Floor price: $0.10 -Graduation threshold: $1,000,000 -Bid currency: USDC -Release schedule: Linear -``` - -**Broad distribution (LBP):** - -``` -Duration: 48 hours -Tokens: 5,000,000 (5% of supply) -Starting weight: 99/1 -Ending weight: 50/50 -Starting price: $5.00 -Allocation limit: $50,000 per wallet -``` - -**Simple raise (Fixed Price):** - -``` -Duration: 24 hours -Tokens: 2,000,000 (2% of supply) -Price: $0.50 -Target raise: $1,000,000 -Allocation limit: $10,000 per wallet -``` diff --git a/pages/why-token-sales.mdx b/pages/why-token-sales.mdx deleted file mode 100644 index 6391b03..0000000 --- a/pages/why-token-sales.mdx +++ /dev/null @@ -1,62 +0,0 @@ ---- -description: Faster, cheaper, and more globally accessible than IPOs and venture rounds ---- -import { Callout } from "nextra/components"; - - -# Why token sales - -## The case for tokens - -Done right, token sales have real advantages over alternatives: - -**Venture funding** concentrates ownership with institutions. Your cap table fills with funds optimizing for their returns, not your community. - -**Low-float airdrops** push price discovery to secondary markets. You launch without capital, and early holders often dump on retail. - -**IPOs** take 12-18 months, require investment banks, and cost millions in fees. Geographic restrictions limit who can participate. - -A well-structured token sale avoids all three problems. You raise capital, distribute ownership broadly, and let the market discover price — all in a single event. - - - -## The regulatory landscape - -After a pause following the 2017-2018 boom, ICOs are re-emerging under new regulatory frameworks. - -* **Europe's MiCA regulation** outlines compliant token offerings with clear disclosure requirements. -* **Industry practices have evolved** and now commonly include KYC verification and KYI (Know Your Issuer) to link token contracts to verified team identities. - - -The regulatory picture remains incomplete and subject to change. Legal counsel is essential. But the path forward is clearer than it's been in years. - - -## Is a token sale right for you? - -ICOs aren't appropriate for every company. Consider one only if a token makes genuine strategic sense for your product. - - - -#### Good candidates - -* Operate platforms or networks where a token can coordinate incentives among developers, users, or contributors in ways that equity cannot -* Can integrate real blockchain utility — governance, staking, or access rights — from day one -* Are prepared for the operational burden of managing a distributed holder base and ongoing compliance obligations -* Understand the risks: token prices are volatile, regulatory frameworks are still developing, and community expectations can be difficult to manage - - - -#### Tokens probably aren't right if - -* The token would be purely speculative with no functional purpose -* You're not prepared for public scrutiny of treasury management -* Your product has no clear blockchain integration - - - - - - -A successful fundraise is a starting point, not a validation of the underlying business. But these examples demonstrate the maturity of the ICO investor market and the viability of token sales as a fundraising mechanism. - -