# Exit and Market-Based Discount Absorption OneWorld Launchpad supports limited liquidity exits.\ This is not full secondary-market trading. It is a rule-based way for previous-round holders to apply for early exit in later rounds. ### Who Can Exit Previous-round holders can submit exit applications when a new round opens. The usual requirements are: 1. The user holds Tokens eligible for exit from the previous round 2. The project has entered a later fundraising round 3. The current round allows exit applications 4. The user submits the exit transaction within the required time window If the project has failed, has not entered the next round, or the user does not hold eligible assets, the user cannot apply for exit in that round. ### Settlement Method Exit applications are settled at 90% of the current-round price. Example: 1. Current-round price is 1 USDT 2. User exits 100 Tokens 3. Exit settlement amount is 90 USDT Formula: Exit settlement amount = exited Token amount x current-round price x 90% ### How Users Should Understand Exit Exit is not an instant sale and is not settled at the original price.\ It is closer to a rule-based early exit application during a new round. Users should understand three points: 1. The exit application is first registered on-chain 2. Exit price is calculated at 90% of the current-round price 3. Exit results are settled after the current round ends This means users do not receive funds immediately after submitting an exit application. The exit result still depends on current-round settlement. ### Market-Based Discount Absorption Rule OneWorld Launchpad uses a **market-based discount absorption** rule: 1. Early investors who want to exit early accept a discount 2. Current-round new funds cover exit settlement 3. Exited Tokens return to the current-round distribution pool 4. The discount is naturally transferred to current-round new investors This means: 1. Existing investors trade a discount for liquidity 2. New investors receive a more attractive blended entry cost 3. The project owner continues fundraising around the current-round target ### Exit Settlement Pool Each round has an important concept: #### Current-Round Exit Settlement Pool The actual settlement amount that must be paid for previous-round exit applications in the current round. #### Current-Round Total Fundraising Target Current-round total fundraising target = current-round original fundraising target + current-round exit settlement pool This means current-round new funds first cover exit settlement, then form net new fundraising for the project owner. ### How Exit Settlement Affects the Current-Round Target If previous-round users apply to exit, current-round new funds must cover those exit payments.\ Therefore, the actual amount the current round needs to raise is not only the project owner's original fundraising target. It also includes the exit settlement pool. Example: 1. Current-round original fundraising target: 10,000 USDT 2. Previous-round exit settlement pool: 2,000 USDT 3. Current-round total fundraising target: 12,000 USDT If the current round only raises 10,000 USDT, it may not be enough to cover both exit settlement and the project owner's original fundraising target. ### Results After Exit After exit applications are settled, users may see: 1. Exit succeeded, and exit payment is claimable 2. Exit partially succeeded, and both partial payment and returned Tokens are claimable 3. Current round failed, and assets are returned according to the rules The final page should clearly show what asset type and quantity the user can claim. ### On-Chain Actions The following exit-related actions are executed on-chain: 1. User submits exit application 2. User claims exit payment 3. User claims returned Tokens Users need to confirm transactions themselves and keep wallet and on-chain transaction records. ### Simple Interpretation The rule can be understood as: 1. Existing investors use a discount in exchange for liquidity 2. New investors absorb returned allocation 3. The current round continues toward its fundraising target ### Risks and Limits Users need to note: 1. Exit is not instant execution 2. Exit price is lower than the current-round price 3. Exit results are settled after the current round ends 4. If the current round fails, exit results may not complete as expected 5. Exit rules are not the same as always-available secondary-market trading --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.oneworld.xyz/oneworld-launchpad/core-rules/exit-and-market-based-discount-absorption.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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