FairRound

Own the price discovery. The on-chain IPO exchange for crypto projects, on Arbitrum: projects list through fair rounds (one clearing price per round, equal access for small buyers, the raise held in a treasury only holders can spend), then their units trade on the market.

Live at fairround.xyz as a working demo on Arbitrum One mainnet since 23 October 2026. Bids use UNRIG, a free test credit with no value; the demo listings are fictional.

How it works

1. Equal access. Each verified wallet gets the same starting allocation; at most 150 units sell per round, and oversubscribed rounds fill every bid pro rata, so small buyers are filled instead of crowded out.
2. One price. Bids collect for an hour; everyone filled in a round pays the same clearing price. Speed and gas give no edge.
3. The raise stays with holders. 99% of what buyers pay goes into the project treasury; 1% is the FairRound fee.
4. Holders control spending. Every payment is a holder proposal with a 5-day delay, capped at 20% of a bucket per term.
5. Holders can remove the lead. Once half is sold, holders confirm a project lead for 30 days and can vote them out.

Bought units lock for 7 days. Every admin change goes through a public 48-hour timelock; the two instant powers are disclosed on the site.

Contracts (Arbitrum One, verified on Arbiscan)

Contract	Address
InvestToken (UNRIG test credits)	0xbc780aeB45FdDA0258aB163a99fE92f97209E2c0
RoundAuctionV9	0xb08631827d87C69Ff44d692EEFF32E1b22E4c503
GovernanceV9	0x2fd99a2328866E458Cbc38266c9ff49319A7613b
CompanyTreasuryV9	0xD2107dEE7EA2E8038F7778f63Cf6Eee659dB1F29
CompanyDividendsV9	0x91B05614ae7c6cA516820317aDf3D03cCa056C73
OpenVerifierV2	0x0d07CB79b17229d6301E96dBfEDf09e76c9d68C7
FairRoundTimelock (owner, 48h)	0x15FC689FD5ba86D3FC052E6E1E7b48623c17732A

Contract names come from the project's first version, Sakartvelo Exchange, a privatization simulation; the code is product-neutral.

In this repository

• contracts/ — Solidity sources (0.8.34, optimizer 200, viaIR).
• site/ — the website (Vite + React), English and Georgian.
• test/ — contract tests, deploy rehearsals and browser tests, all on a local chain with Arbitrum's limits (test/README.md).
• SECURITY_REVIEW.md — every finding and fix, linked to commits. Reviewed by the author with AI assistance; not yet externally audited.
• DEPLOY_V9.md — the Arbitrum One deploy; DEPLOY_ROBINHOOD.md — the Robinhood Chain deploy checklist.
• MARKETING_KIT.md, brand/ — words and images.
• docs/archive/ — Sakartvelo Exchange material.

Not solved yet

Test credits, not real money; no trading pool after a sale; verification checks a wallet balance, not a person; one admin key behind the timelock; no external audit. Real-money launches (ETH/USDG bids, ERC-20 tokens, pool seeding, a factory) come after an external audit.

Research

The mechanism grew out of research on 1990s voucher privatization: "Monetization, Privatization, Capitalization" (SSRN, 2026).