kaal:claim:3949098-025

If the public fails to purchase the capped amount of a token opportunity, the DAOIC must sacrifice its own liquidity and buy the remaining part of the sale, so firm commitment underwriting turns a collective misjudgment of public demand into a capital obligation.

Source quote, verbatim
Should the public fail to purchase the capped amount of the token opportunity, the DAOIC will have to sacrifice its own liquidity and commit to buy the remaining part of the token opportunity sale.
From

Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021), II. Basic Concept, 4. Decentralized Underwriting, p. 14
https://ssrn.com/abstract=3949098 · source PDF

Cite as

Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

Holds when
Classification

failuresupport: arguedfailure: Unsold Public Tranche Liquidity Absorptionfamily: liquidity-and-market-structure-failuredefirisk-and-incentives

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