In order for the token sale to be carried out most successfully and achieve the desired goals, the developers of crypto projects carry it out in several stages. Let’s consider what stages of tokensales are most common at the present time.

First step


Firstly, this is the earliest stage – Private sale. Private sale, private round or private sale. As a rule, this stage is available to large investors, close associates, friends and closest partners of developers. Sometimes it does not include the participation of large investors, and sometimes, on the contrary, it includes only their participation. It all depends on the plans and views of the organizers of the project.

Of course, investors at this stage are most at risk. In fact, it is still completely unknown what the project team is capable of and how successful even their very first actions and partnerships will be. However, the possible profit from participating in a Private Sale can be the highest.

As a rule, the main condition for participation in investing in a project at the first stage is the retention of tokens on investors’ accounts for a specified period of time. Therefore, most often these tokens are frozen for a predetermined period. This means that the tokens are on the balance sheet of the investor, but he does not have the technical ability to move them from the address from which the purchase was made.

Second phase

The second stage of tokensales is Presale. Presale or pre-sale. The cost of tokens is already slightly increasing, unlike the first stage of sales. At this stage, developers, as a rule, already have something to offer investors for consideration. 

The team may already have certain partnerships, clearer plans, ready-made presentation documents, such as a roadmap, whitelist, marketing plan, and others. 

These are the so-called pre-ICO, pre-sale by competition, lotteries, participation in whitelists (white list) and others. Pre-sales can take place in several rounds. In addition, recently they have been very popular among small crypto investors.

As a result of this stage, developers have the opportunity to once again test their product on a wider audience of users. Likewise, developers can greatly expand the number of members in their communities. Therefore, this stage also has advertising purposes.

Third stage


In conclusion, this is a Public sale, a public sale of tokens. This is the time of all ICOs, IEOs, IDOs and other offers, when the largest number of people can purchase tokens.

These are already open sales for investors of any level, followed by listings on exchanges. The price for the token is already fixed and without discounts, contests and special purchase conditions. The risks of buying are no longer as high as in the previous stages, but they also exist.

Accordingly, the possible earnings are also lower. But for most investors, this stage is attractive precisely because of its greater stability and availability, unlike the previous stages.

Crypto project teams can skip any stages of token sales at their own discretion and goals. After the ICO boom in 2017, many startups began to avoid this type of token sale due to its unfavorable reputation. The model of private sale of tokens came out on top. 

Of course, only well-known development teams can afford this, which already at the start have people who want to invest in their startups. Each team forms its own plan for the development and sale of its own tokens. And this plan may exclude certain stages of tokensales