Author: Fatima Castiglione Maldonado, Director of https:/Ethernity.live
Securities: Pre-Sale and Sale Cycle
Securities are traded through a cycle that includes several stages, each of which allows the various actors to execute certain actions, or not. These stages are detailed below. Although the exact stages may vary (depending on the country, the market, the institution, or a specific security) the stages shown below are typical in the issuance of securities and, in practice, the actual cases will be very similar.
Stages: Setup, Prelaunch, Presale, Sale, Lock, Market, Discontinuation.
- Preparation
- how do you start
the preparation stage is the first, and as such, it starts when creating the token by calling the token constructor with all the mandatory parameters
- what can be done
adjust token parameters
issue tokens for the first time
book tokens for:
management fees
carried interest fees
legal fees
accounting fees
custody fees
advisory fees
other miscellaneous charges
- what cannot be done
the tokens cannot be marketed in any way
you can not transfer tokens under any circumstances
- how to end
passing to the next stage
2. Pre-launch
- how do you start
by calling the pertinent token function
- what can be done
resolvers can be added or removed for KYC, AML and Legal Advisors
addresses can be added to whitelist and blacklist
tokens can be reserved for:
management fees
carried interest fees
legal fees
accounting fees
custody fees
advisory fees
other miscellaneous charges
- what cannot be done
the tokens cannot be marketed in any way
the tokens cannot be transferred under any circumstances
- how do you finish
passing to the next stage
3. Presale
- how do you start
by calling the pertinent token function
- what can be done
addresses can be added to whitelist
token sales can only be made to addresses listed on whitelist
tokens can be reserved for:
management fees
carried interest fees
legal fees
accounting fees
custody fees
advisory fees
other miscellaneous charges
- what cannot be done
you cannot buy tokens automatically from any address
- how do you finish
passing to the next stage
4. Sale
- how do you start
by calling the pertinent token function
- what can be done
tokens can be purchased automatically from any address (that is not in the blacklist)
- what cannot be done
no tokens can be reserved
how do you finish
passing to the next stage
5. Lock
- how do you start
by calling the pertinent token function
- what can be done
wait 😀
- what cannot be done
the tokens cannot be marketed in any way
the tokens cannot be transferred under any circumstances
no tokens can be reserved
- how do you finish
passing to the next stage
6. Market
- how do you start
by calling the pertinent token function
- what can be done
tokens can be bought and sold in the market like any ERC20 token
- what cannot be done
no tokens can be reserved
- how do you finish
passing to the next stage
7. Discontinuation
- how do you start
by calling the pertinent token function
- what can be done
nothing
- what cannot be done
the tokens cannot be marketed in any way
the tokens cannot be transferred under any circumstances
no tokens can be reserved
- how do you finish
this stage does not end