A token sale can be 100% sold out and still leave a startup without enough money to execute.
Sounds strange? Here’s what recent research into crypto launchpads found 👇
AlphaMind reviewed 16 launchpad policies, 21 recent token sales and private disclosures from 20+ founders.
The numbers are hard to ignore:
📉 60 to 95% of announced capital was reportedly refunded in many refundable sales, with ~80% being a common outcome.
📊 In 11 of 16 verifiable sales, the token traded below its sale price while refunds were still available.
💸 In one documented case, a $500K announced raise could theoretically leave the project with $0 after $450K in refunds and a $50K launchpad fee, before other campaign costs.
The key question for founders is no longer:
"Can we sell out?"
It is:
"How much capital will actually reach our treasury and stay there?"
This matters when you're budgeting for listings, liquidity, market making, hiring and post-TGE execution.
The full research also includes a practical framework for evaluating launchpads before signing, including the questions founders should ask about refunds, fees, settlement and retained capital.
📖 Read the full research here: Sold Out Doesn't Mean Funded: The Refundable Launchpad Trap
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