> For the complete documentation index, see [llms.txt](https://docs.holdstation.com/holdstation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.holdstation.com/holdstation/holdstation-launchpad/how-does-the-fair-subscription-model-work.md).

# How does the Fair Subscription model work?

Regardless of whether users participate with large or small trading volumes, they receive a quantity of tokens equivalent to their stake percentage of the total raised capital, provided they commit to participating within the specified time frame.

* Users stake **$HOLD** **$ETH $BNB $BERA $WLD or $USDT** in a smart contract, similar to a registration process, to qualify for participation in the token sale.
* All tokens available for sale will be evenly distributed to users based on their betting ratio.

**Example:** User A participates in the token sale of Project X with 10 ETH, where the Softcap is set at 1000 ETH, and the Hardcap is at 2000 ETH.

* Project X fails to reach the Softcap (<1000 ETH). User A will receive a full refund of their 10 ETH.
* Project X raises funds surpassing the Softcap but has not reached the Hardcap. Token X will be distributed using the formula:

$$
\text{Number of Tokens} = \frac{\text{Stake Amount}}{\text{Token Price}}
$$

Project X raises funds exceeding the Hardcap. Token X will be distributed using the formula:

$$
\text{User Allocation} = \frac{\text{User's Stake Amount}}{\text{Total Stakes}} \times \text{Number of Tokens Available for Sale}
$$

<figure><img src="/files/vcohWSU6zgacpPmRP1pB" alt=""><figcaption></figcaption></figure>


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