# Three-Stage Crowdfunding & Token Launch Process

## Phase 1: Presale Phase

**Project Creation**\
Project teams (such as hardware manufacturers or AI development teams) launch a presale campaign on the AIPIN platform, submitting project information, product descriptions, and USDT-based pricing.\
Additional resources such as FAQs and community engagement channels are provided to help users understand the project.

**Presale Purchase**\
Users purchase presale products using USDT on the platform.\
The raised funds (in USDT) are allocated as follows:

* 70% is directly allocated to the project team for development and operations;
* 30% is reserved for liquidity provisioning in the next phase.

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The platform automatically calculates the real-time **exchange rate between EMC and USDT**, so users can understand the EMC-equivalent value of the hardware or AI service they’re purchasing.

**Presale Completion & Transition to Phase 2**\
Once all presale products are sold out, the funds are locked.\
After the crowdfunding ends, the process automatically transitions into the token issuance phase.

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## Phase 2: Token Issuance

**Token Deployment**\
AIPIN triggers its contract factory to deploy a dedicated **ERC-20 token** for the project.\
**20% of the total token supply** is minted and reserved specifically for future liquidity provisioning in the third phase.

**Token Subscription by Users**\
Users participate in the project’s token offering using EMC tokens.\
100% of the EMC collected during this phase enters the liquidity pool, which will be used in the next stage.

**Liquidity Pool Formation**\
The EMC funds raised in this phase are paired with 20% of the project’s total token supply to form the official trading pair on a decentralized exchange (DEX).\
The initial liquidity is fully injected into the external DEX pool, creating initial trading depth in the market. LP (Liquidity Provider) tokens are locked to ensure fair and stable early trading.

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## Phase 3: Official Token Launch

**Token Launch and Internal Token Conversion**\
Users who subscribed to the tokens in Phase 2 will receive internal token vouchers.\
Users can unwrap their internal token vouchers into standard ERC-20 tokens.
