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
- 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.
- One price. Bids collect for an hour; everyone filled in a round pays
the same clearing price. Speed and gas give no edge.
- The raise stays with holders. 99% of what buyers pay goes into the
project treasury; 1% is the FairRound fee.
- Holders control spending. Every payment is a holder proposal with a
5-day delay, capped at 20% of a bucket per term.
- 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).
