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# Fixed Price Sales

## Introduction

A fixed price sale is one that gained prominence in 2017 as a method of fundraising. It's the best tested path and is designed to handle a very high load while maintaining control over the number of users, amount raised and number of tokens distributed.

### Rounds

Typical companies may raise in subsequent rounds, they may do a Seed round, followed by a Series A, followed by a Series B and so on. The thinking is that the seed round is the most exclusive and bring in smaller checks but the most passionate and dedicated members while the tech is still unproven. A bet on the people and what they can achieve. Subsequent rounds may be priced higher after core metrics and milestones are proven.
These sales are configurable based on the following parameters:
• Price per round
• Amount raised per round
• Supply sold per round
• Persons per round
• Investment amount per round
Price per Round
The simple math here is that multiple rounds are possible, here's a quick example to help spur your imagination:
• Token Cat DeFi Project
• Round 1: \$0.15
• Round 2: \$0.25
• Round 3: \$0.50
These prices can be set uniquely and are typically dollar denominated, although other prices are available upon request.
Amount raised per Round
The number of tokens sold can also have a cap on how much money should be raised. For example:
• Token Cat DeFi Project
• Round 1: \$0.15 w/ \$1M cap
• Round 2: \$0.25 w/ \$2M cap
• Round 3: \$0.50 2/ \$5M cap
Supply Sold per Round
It is also possible to place a limit on the number of tokens to be sold. So if we retain the same caps, and do the math on how many tokens will be sent out, we see:
• Token Cat Defi Project
• Round 1: \$0.15 each for 6,666,666.66 tokens total
• Round 2: \$0.25 each for 8,000,000 tokens total
• Round 3: \$0.50 each for 10,000,000 tokens total
Maximum Persons per Round
It is also possible to set the number of persons that would be desired per round.
These examples aren't by any means a standard of how much to sell at what cap, but here are some key considerations:
• How much of your token treasury you'd like to sell.
• How much should be distributed in order for the treasury not to be seen as centralized?
• How much should be distributed such that the token treasury is still considered to have a significant stake (strong hands)?
• How many investors you would like to be holders (strength of community).
• What's the right minimum to bring in a strong enough community?

### Round Participation

Blockchain protocol funding rounds are much different and varying programs may be deployed to promote different values. There may be different types of community members and so they may be required to perform different actions prior to being able to participate. For example, things that we've seen out there include:
Private Rounds
Private rounds may only be open to select individuals that the project has direct contact with. They may feature anywhere from 20-100 people or companies. These private rounds may be accessible by the following mechanisms:
• Unique code or referral link
• Email whitelisting
• Pending the review by the project
Either way, there can be a very high amount of discretion over the users that can enter into the sale.
Public Rounds
Public rounds may be open to the general public and may feature many users arriving to participate at a single time. This may be on the order of 10,000 to 50,000 users over the span of the day. There usually is not any discretion (beyond compliance checks) on who the participants are due to the scale.
Thematic Rounds
On the more creative side, we've seen projects break up their community into different categories. These categories are differentiated based on how the community members interact with the protocol. Here's an example:
• Testnet Round: A round for users that have been running the testnet for over 30 days.
• Developer Round: A round for users that have built an application on top of the protocol.
• Cat Round: The theme of the protocol is cats, a round for users that have cats. Users must submit proof of cat when registering.
• Public Round: A round for users from (almost) anywhere around the world.