> ## Documentation Index
> Fetch the complete documentation index at: https://docs.echo.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Sale Lifecycle

> The end-to-end process of running a token sale with Sonar

## Overview

A Sonar sale progresses through several phases, from initial setup through to final distribution. Understanding this lifecycle helps you plan your sale timeline and set expectations with participants.

***

## Phase 1: Setup

Before your sale opens:

* **Configure sale parameters**: Define your target raise amount, token price or auction parameters, and sale configuration in the [Echo Founder Dashboard](https://app.echo.xyz/founder)
* **Set compliance requirements**: Specify geographic restrictions, accreditation requirements, and commitment limits
* **Smart contract deployment**: For standard configurations, Sonar deploys the sale contract to your chosen blockchain (e.g., Ethereum, Base). Your project owns and controls the contract.
* **Integrate with your frontend**: Connect your website to Sonar's APIs and the sale contract

<Info>
  For custom requirements beyond the standard configuration options, contact [support@echo.xyz](mailto:support@echo.xyz) to discuss your needs.
</Info>

***

## Phase 2: Onboarding / Commitment Phase

Once the sale opens:

* **Participants register**: Users authenticate through Sonar. Existing verified users who meet your requirements can participate immediately; new users complete KYC/KYB verification
* **Participants commit funds**: Users connect their wallet and commit funds (e.g., USDC, USDT) to the smart contract
* **Purchase permits authorize participation**: Sonar issues signed permits that enforce your compliance rules at the contract level
* **Commitments can be updated**: Participants can increase their commitment during the sale (amounts can only go up, not down)

The commitment phase runs until either a specified timestamp is reached or you manually close the sale.

***

## Phase 3: Cancellation Phase (Optional)

Some sales include an optional cancellation window between the commitment phase and settlement:

* **Preliminary allocations are shown**: Based on the commitments received, preliminary allocations are calculated and displayed to participants
* **Participants can review and cancel**: Participants see their expected allocation and can choose to cancel their commitment if unsatisfied
* **Cancellations receive immediate refunds**: Participants who cancel receive their full commitment back
* **Window closes**: After the cancellation period ends, remaining commitments are locked and proceed to settlement

<Note>
  This phase might be relevant for regulatory compliance in certain jurisdictions.
</Note>

<Note>
  By default, preliminary allocations shown during cancellation are not recomputed as participants cancel. If you need dynamic recomputation during the cancellation phase, contact [support@echo.xyz](mailto:support@echo.xyz) before your sale launches.
</Note>

***

## Phase 4: Settlement Phase

After the commitment phase closes (or after the cancellation window, if applicable), you determine how to allocate the committed funds. This is done through the [Echo Founder Dashboard](https://app.echo.xyz/founder):

1. **Download** a CSV of all committed amounts from the dashboard
2. **Decide** how much of each participant's commitment to accept (your allocation logic — see [Settlement Strategies](/sonar/planning/settlement-strategies) for common approaches)
3. **Upload** the completed CSV back to the dashboard
4. **Sync** the allocations to the smart contract
5. **Finalize** the accepted amounts on-chain, locking them in
6. **Process refunds** for any committed amounts that were not accepted. Refunds can be pushed back to investors' wallets by the refunder role, or you can enable self-service claiming so participants claim refunds themselves (this requires a UI on your sale site and must be explicitly enabled on the contract)
7. **Withdraw sale proceeds** to a wallet you control

<Info>
  For custom contracts (not Sonar's standard SettlementSale), allocations need to be set directly against the contract by your team.
</Info>

***

## Phase 5: Distribution

After settlement is finalized:

* **You distribute tokens**: Token distribution happens outside the sale contract. You send tokens to participants based on their final allocations, which may include vesting schedules, lockup enforcement, or claim mechanisms

<Warning>
  Sonar handles the sale infrastructure—collecting funds, enforcing compliance, and processing refunds. You determine allocations via the dashboard, and Sonar syncs them to the contract. Token distribution to buyers is a separate process managed by your team after the sale.

  Sonar partners with [Liquifi](https://liquifi.finance) to offer a solution for token management and distribution and can help you with this.
</Warning>

***

## Next Steps

<CardGroup cols={2}>
  <Card title="Pricing Strategies" href="/sonar/planning/pricing-strategies" icon="tag">
    Choose how your token price is determined
  </Card>

  <Card title="Settlement" href="/sonar/planning/settlement-strategies" icon="scale-balanced">
    How to compute and finalize allocations
  </Card>

  <Card title="Configuration Options" href="/sonar/planning/configuration-options" icon="sliders">
    View all available sale configuration options
  </Card>

  <Card title="Getting Started" href="/sonar/getting-started" icon="rocket">
    Begin your technical integration
  </Card>
</CardGroup>