{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/capped-sale",
 "identifier": "kaal:entity:capped-sale",
 "name": "Capped sale",
 "termCode": "capped-sale",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/capped-sale.md",
 "sha256": "cc581933103f99f1f57b0f98907e9a1ee399b387b002de05d5dafffaf7cd5c62",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 1
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2017"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-035",
   "identifier": "kaal:claim:3067615-035",
   "text": "Capped token issuances became the dominant structure between 2016 and 2017 because a cap increases the likelihood that the ICO will be oversubscribed, which creates a significant incentive for investors to attempt to get in first.",
   "abstract": "Because of such concerns, capped token issuances became the dominant structure between 2016 and 2017. Capped sales increase the likelihood for the ICO promoters that the ICO will be oversubscribed, creating a significant incentive for investors to attempt to get in first.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "ICO structures between 2016 and 2017"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-036",
   "identifier": "kaal:claim:3067615-036",
   "text": "The Gnosis ICO shows how a reverse dutch auction can mitigate the inefficiencies and risks of a capped sale: the offering was capped at $12.5 million and the time needed to complete the sale determined the quantity of tokens distributed to investors, with the rest held by the start-up team.",
   "abstract": "To mitigate the inefficiencies and the risks of a capped sale, the Gnosis ICO was structured as a reverse dutch auction",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "design",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "capped token sales exposed to first mover rush dynamics"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'capped-sale'. Derived node: a roster, not an adjudicated definition."
}