Definition ∞ A token presale is an early-stage fundraising event where new digital tokens are offered for purchase before their official public launch. Participants in a presale typically acquire tokens at a discounted rate compared to the anticipated public sale price. This method allows project developers to secure initial funding and build a community of early supporters. It is a common practice in the initial coin offering (ICO) and initial exchange offering (IEO) phases of token distribution.
Context ∞ The current landscape of token presales is marked by increased scrutiny from regulators and a greater emphasis on project due diligence by potential investors. There is a notable trend towards more structured presale rounds with vesting schedules and clear utility definitions for the tokens. Projects are also focusing on demonstrating tangible development progress to attract sophisticated early-stage capital.
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