Before the goal
The first deposit permanently freezes the mandate and economic terms. The campaign raises eligible stock tokens toward its stated goal. The goal does not transfer the pooled stock into a separate company or legal entity.
Product guide
How it works
A TOWN campaign coordinates tokenized stock directly in a campaign contract. Assets stay onchain throughout the campaign. No SPV formation or offchain stock transfer is part of this design.
Campaign lifecycle
Participants deposit the stock token named by a campaign. Those tokens remain in that campaign contract, and the published terms freeze permanently when the first deposit is accepted. The fundraising deadline and active-campaign end date are separate terms. Reaching the campaign goal activates the backing floor and lets the proposer begin pursuing the stated objective. Tokens above the required backing floor can support ordinary redemptions, subject to the campaign terms and available capacity.
After activation
The backing floor protects the campaign mandate while allowing available stock above that floor to satisfy ordinary redemptions until the scheduled campaign end or an announced extension window.
Campaign end and bounded extensions
Fundraising deadline and campaign end are separate terms. A valid extension opens a fee-free, zero-floor exit window at the old end. If backing remains below goal after that window, the campaign is Pending: deposits may restore activation, and redemptions remain fee-free without a floor. Mature exit support takes precedence over an extension. The fictional builder does not yet configure these timing terms.
Fees
Fees are set in each campaign’s terms. In the current demo there is no campaign deposit fee. A fundraising redemption fee is retained in campaign backing, while active and wind-down redemptions have no fundraising withdrawal fee. A participant’s result still depends on the applicable campaign terms and available exit capacity; the demo does not promise universal one-for-one redemption after fees.
Exits & wind-down
Ordinary redemptions use available capacity above the active backing floor. Exit requests mature through the separate escrow process. A swap path is unavailable in this version. Once matured exit support reaches 50% of outstanding campaign-token supply, the campaign can enter wind-down under its rules.
An extension must be announced before the current campaign end. At that old end date, a full 30-day unrestricted exit window begins: direct stock redemption has no campaign withdrawal fee and the goal floor does not restrict it. The window does not close early if backing reaches the goal. The announced new end date remains unchanged.
After the window, backing at or above the original goal returns to Active with the goal floor. Backing below the goal is Pending; direct stock redemption remains fee-free and unrestricted until deposits restore the original goal. Restoring Active does not reset the announced end date.
During wind-down, available wallet tokens can be redeemed directly. Only attributed escrowed tokens must first be retrieved; retrieval returns campaign tokens and is not a base-asset payout.
The 50% threshold is support for winding down the campaign. It is distinct from any vote in the underlying company.
Demo limits
This is an interactive fictional demo with no real assets or transactions. Demo activity resets when the page is refreshed. Provider evidence may be displayed where available, but real provider voting is not integrated and no company vote is submitted from this experience.