Buying Tokens
Buying tokens from a Token Launchpad public sale is just as smooth as buying NFTs. Tokens are listed for an exact price and the user can choose to purchase them or not.
A unique feature of this token sale mechanism (that can be optionally turned on) is that once the buy button is pressed and the IOTAs are sent, it’s not the end of the story. After the sale ends, there can be a 24 hour cooldown period where participants can request a partial or total refund. This could be due to a mistake while sending the IOTAs or any other reason. If a refund is not requested during the cooldown period then the token sale becomes finalized and ownership is transferred to the participant's profile.
If the amount of IOTAs raised is over the total raise target then the participants will receive tokens proportional to the amount of IOTAs they contributed to the pool. The difference between the amount of IOTAs contributed and the cost of the tokens received will be automatically refunded to the validated IOTA address on the participant's profile. This means that it's impossible for a small group of people to buy up all the tokens. Every participant that contributes IOTAs during the token sale will receive an allocation of tokens.
Be sure to double check whether the token sale you're participating in is using the above described method or the first come first serve method.
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Here are two sample example token sales to better visualize how the system works:
Notice how the total raise target (100 MIOTA) wasn't reached in Example 1, so BANAN Tokens received by each participant was 1:1. In Example 2 the total raise target was exceeded by 100 MIOTA, resulting in each participant getting their proportion of BANAN Tokens and refunded their excess MIOTA.
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Here's a walkthrough that will show you how to buy tokens on the Token Launchpad:
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1) If you don't have a Soonaverse profile with a validated IOTA address, then the first step is to get that all step up. Please visit the "ALL USERS - GETTING STARTED" section of this documentation site, specifically these 3 pages: Installing MetaMask, Setting Up Your Profile, and Verifying your IOTA Wallet.
2) Go to https://soonaverse.com/ and click on the "Marketplace" button.
3) Click the "Tokens" tab:
4) From there, click on the token you'd like to buy.
5) While inside the token page, click the "Buy Tokens" button:
6) Check both of the terms and conditions boxes (one is a general Soonaverse disclaimer and the other is related to the specific token) and then click "Confirm and generate address":
7) Sign the transaction in MetaMask when it pops up.
8) Enter how much you'd like to buy. You can enter the amount of MIOTAs you'd like to spend or you can click the arrows button in the center and enter the amount of tokens you'd like to buy and it'll automatically calculate the amount of MIOTAs you'll need to send. After you've done that you can either copy the IOTA address at the bottom or click your preferred wallet button:
9) If you copied the address then you can open up your wallet and paste the address in the Send Payment screen and enter the amount of MIOTAs you're supposed to send. If you click one of the deep link buttons then this will auto-populate in your wallet:
10) After you've sent the payment, you'll see that your MIOTA deposit and Potential Tokens will automatically populate on the screen. You can continue to send MIOTAs to the same address if you wish to buy more and the "My purchased tokens" section will once again repopulate with updated numbers. You can also click the "Buy Tokens" button again and follow the same process. The amounts will just stack on top of each other.
*It says "Potential Tokens" because as described at the beginning on this page, if the token sale is not a first come first serve sale and is oversubscribed (more people trying to purchase than the project is trying to raise) then every participant will only receive their proportion of tokens relative to the amount of MIOTAs they contributed to the pool. The remaining IOTAs be then be refunded after the sale is finalized.
11) Once the token sale has ended, there will be a 24 hour cooldown period where participants can request a partial or total refund. This could be due to a mistake while sending or any other reason. To get a refund, you need to click the "Refund" button:
(This is not applicable to first come first serve token sales)
12) A window will pop up and you can enter the amount of refund you'd like in MIOTA, check both boxes, and then click "Confirm and refund". The MIOTAs will be sent to the IOTA address that's validated on your profile:
(This is not applicable to first come first serve token sales)
13) Once the cooldown period ends, the sale is finalized! You can now go into your profile and view your tokens:
(This is not applicable to first come first serve token sales)
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