Dodo Crowdpooling - Token Allocations and Liquidity Launches

Does More Demand Reduce Your Token Allocation?

Additional demand reduces your allocation when a fixed-price campaign exceeds its capacity and your own recorded contribution stays unchanged. Each participating wallet's token entitlement follows its proportional share of the available sale tokens. The relevant denominator is total recorded contributions, including your own. The number of participating wallets does not independently set that fraction.

Within capacity, the fixed offering price determines how many tokens a credited contribution purchases. Once the sale is oversubscribed, its capped token inventory must serve more contributed capital. The calculation uses your share of total contributions multiplied by the tokens available for distribution. The unused portion of your contribution remains refundable. Raising your deposit can increase your relative share, although other contributions can change that share before settlement.

A displayed allocation before settlement can change with later contributions or permitted cancellations.

Fixed-Price Sales and Curve-Based Sales

Fixed-price and curve-based campaigns differ in the relationship between total funds and the token amount distributed. Fixed-price sales keep the offering price unchanged within their configured capacity. Curve-based sales calculate token distribution through a pricing curve, so increasing total capital can raise the average settlement price. The Proactive Market Maker (PMM) curve supplies that pricing relationship in the Dodo V2 implementation. Individual participants still divide the resulting distributable tokens according to their recorded shares. A smaller final token amount can therefore reflect oversubscription, curve pricing, or both. The campaign's pricing configuration establishes which explanation applies.

Contribution Limits and Cancellation Windows

Contribution limits determine whether additional funds can enter a campaign; cancellation windows determine whether existing contributions can leave. A wallet quota caps that wallet's permitted subscription amount. The campaign's fundraising cap applies to pooled capital, with an optional control that stops additional bids once the cap condition triggers.

CP 2.0.0 separates the bidding period from a possible calm period. New bids require the bidding window. The contract permits cancellations during the bidding or calm window, then closes cancellation when settlement becomes available. A campaign can configure the calm period differently, including without an additional waiting interval. A campaign's end-of-bidding time and its settlement-ready time need not be identical.

Campaign Closing and Pool Settlement

Campaign settlement is the on-chain transition that finalizes distribution and creates the trading pool. Reaching a displayed end time makes settlement possible only when the configured settlement phase has arrived. It does not execute a transaction by itself. In CP 2.0.0, successful settlement records a settlement timestamp, separates claimable assets from pool reserves, and creates the public pool. Anyone can trigger normal settlement when its conditions hold.

The creator pre-funds a settlement incentive for the transaction executor. That payment serves a different purpose from participants' oversubscription refunds. Its amount and the transaction's network cost do not enter the sale-allocation formula.

The normal settlement function rejects another settlement after the campaign has already settled.

Refunds and Recorded Contribution Shares

Excess-fund refunds arise from the portion of contributed capital that settlement leaves outside the sale and trading pool. CP 2.0.0 allocates refundable excess funds in proportion to participants' recorded contribution shares. That entitlement becomes claimable after the campaign settles. A funding percentage above the cap describes excess demand; it does not mean every deposited token purchases sale tokens. The refundable balance belongs to the unused contribution asset, while the token allocation belongs to the sale asset. Neither amount measures the token's later market value.

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Token Release and Liquidity Release

Token vesting determines how much of a participant's allocation can move into their wallet at a given time. A campaign can configure an initial claim portion, a delay, and a linear release period. The full entitlement and the currently claimable amount can therefore differ. Previous claims reduce the amount available for another claim. A delayed or partial release does not itself indicate a smaller final allocation.

Liquidity release applies to the creator's pool ownership position, using its own freeze and possible vesting schedule. In CP 2.0.0, the protection clock starts at actual settlement. The configured creator-liquidity schedule can differ from the participant-token schedule. An initial pool can support trading while some participants still await token releases. A protection period ending also need not release the creator's entire position immediately when additional liquidity vesting applies.

Does Liquidity Protection Guarantee the Sale Price?

Liquidity protection restricts the creator's initial liquidity withdrawal; it does not guarantee the token's trading price or compensate participants for project losses. The freeze applies to the creator's pool ownership position for the configured period. Spot trading can still move the market price during that interval. A locked pool also does not remove token-contract powers such as additional issuance when the token supports them. Crowdpooling campaign creation is permissionless, so a campaign's existence does not establish approval of its issuer. After the freeze and any remaining liquidity vesting permit withdrawal, the creator can regain access to that position.

Sale Tokens and Initial Trading Liquidity

Sale inventory and reserved liquidity have different jobs within the same launch. The creator deposits project tokens and configures the sale portion. Tokens outside the distribution fund the pool's sell side, while the retained contribution capital funds its buy side. The sale allocation measures the participant's token entitlement. The reserve amounts describe the assets available for subsequent trading.

In a fixed-price campaign, the offering price provides the initial trading-price reference. The public pool then applies its own pricing curve as trading changes inventory. Pool configuration, trade size, and reserve balances influence later exchange outcomes. A launch with reserved liquidity connects distribution to a market without fixing every future quote. The PMM mechanism matters here as the pool's pricing machinery, while campaign shares establish each contribution's distribution weight.

An undersubscribed campaign uses the capital that it actually receives. Its initial liquidity can consequently differ from the depth implied by a fully funded cap. A lower fundraising total does not establish an automatic full refund; the campaign's settlement rules determine distribution.

Participation Costs and Net Allocation

Participation costs can affect recorded capital before the proportional allocation calculation begins. In CP 2.0.0, a configurable maintainer fee model can deduct a contribution fee before the contract credits shares. A transferred amount and the contribution that the contract records can therefore differ. The fee model can also return no contribution fee, so a nonzero charge should not be assumed for every campaign. The final refund calculation uses the recorded shares.

Transactions that execute approval, contribution, settlement, or claims can also incur network fees. Those network costs do not become campaign contribution shares. The new pool's configured trading fee concerns later spot swaps, with a separate effect on their proceeds. Where a campaign deducts a contribution fee, recovering unused capital does not automatically restore that deduction.