LP tokens and jettons
In XDAO TON, an LP token is a jetton — TON's fungible token standard (the counterpart of ERC-20 on EVM networks). LP tokens are given to DAO crowdfunding participants in proportion to their contribution.
The LP token carries no voting rights — unlike GP, which governs the DAO. The LP token reflects a participant's financial stake: the right to dividends (Mass Payout) and, if the campaign fails, the right to a refund.
LP Manager
LP Manager is a smart-contract plugin installed in the DAO by vote (see Plugins and modules) that handles the entire LP token lifecycle:
- issues (mints) LP tokens to participants who contributed funds to an active crowdfunding campaign;
- tracks contributors and their shares;
- processes refunds if the campaign's soft cap was not reached by the end date;
- manages the gradual unlock of LP through a separate vesting contract when vesting is enabled;
- processes the claim of the DAO's management fee in LP tokens after a campaign successfully completes.
Each installed LP Manager has its own jetton master for that DAO's LP token — meaning a DAO can have multiple LP Managers (and, accordingly, multiple different LP tokens), for example for different campaigns or fundraising tracks.
How a participant receives LP tokens
The participant contributes TON or a jetton to an active crowdfunding campaign — via a ton://transfer/... deeplink (see TON wallets and TonConnect).
If the campaign completes successfully (the soft cap is reached), the participant claims their LP tokens — they are credited to the participant's wallet by the LP Manager.
If vesting is enabled for the campaign, part of the LP unlocks immediately (TGE), while the rest unlocks linearly over the vesting period after the cliff period; the unvested portion can be claimed as it unlocks.
If the campaign's soft cap isn't reached by the end date, no LP tokens are issued — instead of claiming LP, participants request a refund and get their contribution back.
Why DAOs need LP tokens
As in the EVM version of XDAO, LP tokens are the primary tool for raising funds in a DAO: they let you track each crowdfunding participant's contribution transparently, without affecting the GP holders' roster or voting weight. In XDAO, DAO governance (voting, GP) and the investment side (LP, crowdfunding) are deliberately kept separate.