> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ponzu.app/llms.txt
> Use this file to discover all available pages before exploring further.

# The Presale

> One presale. Two pricing strategies. 90% refundable. NFT-based allocations.

## How it works

The Presale is the same contract whether you launch an auction or a curve. Each position is a transferable Ponzu Bottle NFT minted by the Presale itself. 690,000 tokens available. 90% ETH refund before launch.

<Steps>
  <Step title="Presale">
    The founder picks a pricing strategy at deploy: a Ponzu Auction or a Ponzu Curve. Buyers pay ETH. Each position is a bottle NFT. 90% ETH refund before launch.
  </Step>

  <Step title="Launch">
    The strategy reports ready and the net raise meets the floor. 310,000 tokens plus all held ETH become locked liquidity. Tokens become tradeable. Diamond-hand vesting begins.
  </Step>

  <Step title="Diamond-Hand Vesting">
    You can only claim once. Claim early, forfeit the rest. Wait the full vest, get your allocation plus a pro-rata bonus from everyone who left early. Patience is tested.
  </Step>

  <Step title="Farming">
    If the founder enabled the farm, stake LP and earn trading fees and redistributed tokens. Non-inflationary farming. Every reward came from economic activity. Claim rewards only once.
  </Step>
</Steps>

***

## Pricing strategies

Auctions and curves are two ways to price the same presale. Bottles, refunds, vesting, and launch are shared. The founder chooses at craft.

The factory offers three cards: **Curve** (no clock), **Auction (1–10 Hours)**, and **Auction (1–10 Days)**. The last two are the same auction with a different duration band.

<Tabs>
  <Tab title="Ponzu Auctions">
    Factory default. You watch a clock, not a progress bar.

    The founder picks a duration band: 1–10 hours or 1–10 days. The auction discovers a clearing price. Early conviction earns a bonus. Size does not walk you up a curve. There is no sniper tax.

    If the clock runs out first, the target rests at the floor and the auction stays open until someone meets it. No expiry, only a price.

    The 690,000 tokens settle pro-rata at claim on weight. Same ETH earlier claims more than the same ETH later.

    Launch when demand catches the target **and** the Presale holds at least the net floor. Anyone can call `triggerLaunch` once those hold.
  </Tab>

  <Tab title="Ponzu Curves">
    No clock. Price walks a straight line from start to finish as the 690,000 tokens sell. Launch on sellout.

    The founder sets a target raise and a price multiple in the factory. Start price is finish ÷ multiple. A 10× multiple means the last tokens cost ten times the first. A flat line (start = finish) is a fixed-price sale.

    There is no auction duration and the sale never expires. It sits until demand fills the allocation. Curves cannot be left unscheduled — pick **Start now** or a future **Start later** date at craft.

    The open is the cheapest moment, so curves carry a **sniper tax**: an opening premium on ETH sent, decaying linearly to 0 over 60 minutes. The factory slider runs 10–99%. Tax never enters your contribution, weight, or refund; it stays in the contract and seeds launch liquidity.

    Weight equals tokens received. Early ETH buys more tokens, and that cheaper fill *is* the early reward. There is no separate bonus multiplier. Larger buys walk further up the line, so size does move the price.

    Launch when the allocation is sold **and** the Presale holds at least the net floor.
  </Tab>
</Tabs>

***

## Presale Incentives

Every presale purchase has 5% for incentives paid in ETH:

| Recipient                      | Share |
| ------------------------------ | ----- |
| Project                        | 1%    |
| Order referrer                 | 1%    |
| Platform referrer (integrator) | 1%    |
| Kioke holders                  | 1%    |
| Ponzu protocol                 | 1%    |

Users can share a referral link to presales to earn referral rewards.

The integrator fee goes to whoever built the surface the buy came through: a custom frontend, a bot, an MCP server. Ship the interface, earn on every purchase routed through it. Projects can earn both, their own 1% plus the integrator share if they build their own frontend. Unset referrer slots fold into the protocol.

This fee comes out of the raise, not the buyer. Allocation and the 90% refund are both calculated on the full amount paid.

***

## Refunds

Before launch, any buyer can get a refund. You get 90% of your ETH back, no questions.

The remaining 10% stays in the Presale. Tokens get redistributed to remaining holders, and the withheld ETH goes to launch liquidity with the rest of the raise.

If an auction clock runs out without launching, the refund penalty drops to 5% (95% back). Curves never expire, so that lower penalty does not apply.

Refunds revert after launch.

<Card title="What happens at launch" icon="rocket" href="/mechanisms/launch">
  Once the pricing strategy reports ready, the Launcher deploys liquidity and vesting begins.
</Card>