You've successfully subscribed to Synthetix Blog
Great! Next, complete checkout for full access to Synthetix Blog
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.

Decentralised synthetic assets

Token Sale Review

Token Sale Review

The Havven token sale raised USD$30m and successfully hit the hard cap. This was a combination of USD$26m during the Expression of Interest (EOI) period (26 February — 27 February, 2018), and a further USD$4m during the token sale (28 February, 2018). The final USD$4m was purchased within 90 minutes of the sale opening. This article will provide a comprehensive overview of the token sale.

Please note: the distribution of all tokens, from the airdrop and bounty campaigns and the token sale, is now complete.

EOI Sale

  • To make a purchase in the EOI period, registration needed to be completed on the Havven website between 8 January and 31 January, 2018.
  • All purchasers in the Havven EOI were required to be whitelisted between 19 February-25 February 2018 by passing a know-your-customer/anti-money-laundering (KYC/AML) check.
  • A total of 1277 people registered interest.
  • 191 people made a purchase during the EOI period.
  • The average purchase in the EOI sale was USD$136,125.65.

Token Sale

  • All purchasers in the Havven token sale were required to be whitelisted between 19 February-25 February 2018 by passing a know-your-customer/anti-money-laundering (KYC/AML) check.
  • A total of 24,313 people were whitelisted.
  • 1,734 people made a purchase.
  • The average purchase was USD$2310.43.
  • Token sale purchases were capped at the ethereum (ETH) / bitcoin (BTC) equivalent of USD$5000.
  • Buyers from 86 countries made purchases in the token sale. Below is an illustration of the continental distribution:
Please note: this chart illustrates each continent’s proportion of the total number of purchases, not each continent’s proportion of the total sale amount.

Token Distribution Model

  • Fixed supply (100,000,000 tokens)
  • Proportional distribution sale (no tokens burned)
  • The EOI was open to anyone who registered during the EOI window with no minimum purchase required
  • EOI interest was high leaving USD$4m available for the token sale.
  • On February 11 we proposed raising the hard cap from USD$30m to USD$40m to enable more people to participate, as the new tranche of USD$10m would have an individual cap of USD$5,000. However, after listening to the feedback from the Havven community, the original USD$30m hard cap was retained.

Token Sale Model

  • Our token sale was facilitated by TokenSoft, a white-label integrated custody solution and platform for hosting secure and compliant token sales.
  • TokenSoft provided the means to carry out the KYC/AML identity checks.
  • TokenSoft provided a platform that restricted access to only whitelisted participants. This involved generating a unique ‘transaction data’ code for each whitelisted participant inside the purchase flow.


  • A variety of discounts were available throughout the sale.
  • Discounts were implemented in a manner that would increase the number of tokens received rather than reduce the amount of money contributed. For example, a contribution of $1000 at a 30% discount resulted in $1000 / 0.7 = $1428.57 worth of tokens.
  • There was a small number of 60% discounts for those who committed to buying tokens before the release of the white paper in August & September 2017. This was capped at USD$500,000.
  • There were 30% discounts for purchasers in the EOI sale.
  • Apart from one strategic allocation, all EOI purchases are subject to a 12-month escrow period with quarterly vesting.
  • During the token sale, purchasers chose a variety of escrow options between 3 months and 18 months for discounts between 5% and 20%.

Below is a breakdown of the escrow/discount options chosen by purchasers in the token sale:

  • 18 months escrow (20% discount): 4.17%
  • 12 months escrow (15% discount): 2.03%
  • 6 months escrow (10% discount): 5.13%
  • 3 months escrow (5% discount): 3.78%
  • No escrow (no discount): 84.88%


Due to the proportional distribution model and discounts, prices could only be determined once the sale concluded. Below is a breakdown of price per token:

  • Token sale (0% discount): $0.67
  • Token sale (5% discount): $0.64
  • Token sale (10% discount): $0.60
  • Token sale (15% discount): $0.57
  • Token sale (20% discount): $0.54
  • EOI sale (30% discount): $0.47
  • Seed round (60% discount): $0.27

Below is a breakdown of price per token in ETH values at the time of the sale:

  • Token sale (0% discount): 0.000770 ETH
  • Token sale (5% discount): 0.000736 ETH
  • Token sale (10% discount): 0.000690 ETH
  • Token sale (15% discount): 0.000655 ETH
  • Token sale (20% discount): 0.000621 ETH
  • EOI sale (30% discount): 0.000540 ETH
  • Seed round (60% discount): 0.000310 ETH


  • We are aware of 10 different ETH wallet addresses that were used for scams.
  • We are aware of up to 62 transactions that were potentially sent to scammers.
  • We believe scammers obtained up to 90 ETH.
  • If you wish to report a Havven-related scam, please contact


  • Before and during the sale, we partnered with Entersoft, an application security provider, to protect our community from phishing scams.
  • Entersoft shut down a total of 24 phishing sites and 17 fake Medium pages.
  • Entersoft also flagged 17 digital wallets used by the scammers as being used for phishing.
  • In the 24 hours before the token sale, we deployed a bot to mute the channel, which deleted all comments posted. This was to protect against scammers deploying spam bots to spam-post links to phishing sites. This muting was continued for 24 hours after the sale.

Thank you to:

Website | Discord | Twitter