Token Sale
In short: A token sale is the opening of a new cryptocurrency for sale to a limited group of investors before it officially launches.
A token sale is the opening of a new cryptocurrency for sale to a limited group of investors before it officially launches. Sales often run in rounds, such as a private round for early backers followed by a presale.
Why it matters
For a project, a token sale raises money to build its product before the token trades publicly. For buyers, it offers early access but carries high risk: many projects fail to deliver, and purchased tokens are often subject to lock-ups. Rules on who may take part differ from country to country, and some sales require identity checks. Fake sale pages are also common, so the sale address should only be taken from a project's official channels.
Example
A new project first offers tokens to a small group of early backers, then holds a presale open to approved participants. Buyers send stablecoins to the sale contract and receive an allocation they can claim once the token launches. Part of each allocation stays locked and is released gradually under a vesting schedule, and the terms of every round are published before it opens.