This is a chapter from the book series titled Token Economy. All subchapters are collapsed under their subchapter headings to make the page more readable. Find copyright information on this text and about the book an the end of the page.
As opposed to native blockchain tokens that are minted upon successful validation and/or mining of a block of transactions in regular intervals (such as in Proof-of-Work or Proof-of-Stake), token sales introduced a fundraising mechanism for Web3 projects where tokens are issued against a direct financial investment, often before the project is even operational. Smart contracts are used to issue newly minted blockchain tokens in exchange for payment tokens, entirely on a P2P basis. While token sales disintermediated fundraising mechanisms for a few brief years, the shape of token sales has evolved over time and has become re-intermediated – mainly due to regulatory requirements.
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Intro
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History of Token Sales
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Initial Exchange Offerings (IEOs)
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Airdrops
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DAICOs, SAFTs & SAFEs
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Issuance Mechanics & Clauses
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Chapter Summary
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Footnotes
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References & Further Reading
This is an excerpt from the book “Token Economy: Money, NFTs & DeFi”
RIGHTS
Copyleft 2023, Shermin Voshmgir
Creative Commons CC-BY-NC-SA
NON-COMMERCIAL USE
This license only allows reusers to distribute, remix, adapt, and build upon the material in any medium or format for noncommercial purposes only, so long as attribution is given to the creator. If you remix, adapt, or build upon the material, you must license the modified material under identical terms.
COMMERCIAL USE
For commercial use contact: hello@token.kitchen
BibTeX
@book{title={Token Economy: Money, NFTs & DeFi}, author={Voshmgir, Shermin}, year={2023}, publisher={Token Kitchen} }