# kaal:claim:4015908-037

**Claim.** In a lottery fair launch protocol, a user who bids low for a ticket increases the potential secondary market return but decreases the chance of winning the lottery, because more users can afford to participate at a low price.

**Type.** mechanism  **Support.** argued

**Holds when.**

- lottery based fair launch protocol
- price determined by community bids

**Source quote.**

> user bids low, they increase the potential for secondary market return but decrease their chances of winning the lottery since more users can afford to participate.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), IV.4 Lottery, page 18

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Topics.** economics

**Keywords.** lottery, price-setting, median-pricing, nft, fair-launch

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.