Pre-Liquid Approved Sale

Overview

The LegionPreLiquidApprovedSale contract executes pre-liquid sales of ERC20 tokens before the Token Generation Event (TGE). It manages the complete sale lifecycle including investment processing, refunds, raised capital withdrawal, token distribution for vesting, and sale cancellation.

The distinguishing characteristic of pre-liquid sales is commencement before token deployment (Pre-TGE). Only approved investors with signed Simple Agreement for Future Tokens (SAFT) documents can participate. Each investment requires cryptographic signature verification proving SAFT authorization and compliance with agreed allocation terms.

Due to the temporal gap between capital raising and TGE, projects can withdraw raised capital before token supply to meet operational requirements. Once capital is withdrawn, vesting term modifications are prohibited to maintain investor protection.

The pre-liquid approved sale operates asynchronously with signature-based authorization rather than fixed timing, requiring explicit approval for each transaction.

Every pre-liquid approved sale consists of 6 stages, detailed below:

Pre-Liquid Approved Sale Stages

1. Active Investment Period: Approved investors with signed SAFTs invest capital using cryptographic signatures. No predetermined end time; continues until manually concluded.

2. Sale Conclusion: Legion or project administrators manually end the sale, triggering refund period commencement and finalizing investment acceptance.

3. Refund Period: Individual 14-day refund windows beginning from each investor's last investment transaction, complying with MiCA regulation requirements.

4. TGE Details Publication: Legion publishes Token Generation Event details including ask token address, total supply, and allocated token amounts after token deployment.

5. Token Supply: Projects supply allocated tokens to the contract along with calculated fees for Legion and referrers after TGE completion.

6. Token Distribution: Investors claim allocated tokens through signature verification and vesting deployment. Claims require both allocation and vesting term authorization signatures.

Key Functions

Sale Management Functions

• initialize: Initializes the sale with configuration parameters including refund period duration, fee structures, addresses, and position management settings.

• end: Manually concludes the sale and initiates refund period calculations. Can be executed by Legion operators or project administrators. Sets sale end status and timestamp.

• publishTgeDetails: Publishes Token Generation Event details including ask token address, total supply, and allocated token amounts. Restricted to Legion operators after TGE completion.

• publishRaisedCapital: Publishes total capital amount raised and accepted by the project. Restricted to Legion operators after sale conclusion and refund period completion.

Investment Functions

• invest: Processes investments from approved investors with SAFT authorization. Requires signature verification proving investment amount and token allocation rate compliance with signed agreements. No time restrictions apply until sale conclusion.

Capital Management Functions

• withdrawRaisedCapital: Allows project administrators to withdraw raised capital after sale conclusion and refund period completion. Automatically distributes fees to Legion and referrer addresses.

• withdrawExcessInvestedCapital: Enables investors to reclaim excess capital when invested amounts exceed SAFT-approved allocation limits. Requires signature verification of reduced allocation terms.

Token Distribution Functions

• claimTokenAllocation: Processes investor token claims using dual signature verification for both allocation amounts and vesting terms. Deploys vesting contracts for time-locked tokens and transfers immediate allocations directly.

• releaseVestedTokens: Triggers token release from investor vesting contracts according to predefined schedules.

• supplyTokens: Allows project administrators to supply allocated tokens plus calculated fees to the contract for distribution after TGE details publication.

Administrative Functions

• cancel: Enables project administrators to cancel the sale before token supply. If capital has been withdrawn, requires project to return full amount including fees to enable investor refunds.

• withdrawInvestedCapitalIfCanceled: Allows investors to reclaim invested capital from canceled sales.

Emergency Functions

• emergencyWithdraw: Enables Legion operators to withdraw specified tokens to designated addresses in emergency situations.

• pause: Suspends contract operations while preserving investor fund access.

• unpause: Resumes normal contract operations.

• syncLegionAddresses: Updates Legion infrastructure addresses from the central registry.

Position Management Functions

• transferInvestorPosition: Enables Legion operators to transfer investor positions between addresses after sale conclusion and refund period completion.

• transferInvestorPositionWithAuthorization: Allows position transfers with cryptographic authorization from Legion signers.

Technical Specifications

Configuration Parameters

Pre-Liquid Sale Configuration

• refundPeriodSeconds: Individual refund period duration per investor (up to 2 weeks)

• legionFeeOnCapitalRaisedBps: Fee percentage on capital raised (basis points)

• legionFeeOnTokensSoldBps: Fee percentage on tokens sold (basis points)

• referrerFeeOnCapitalRaisedBps: Referrer fee on capital raised (basis points)

• referrerFeeOnTokensSoldBps: Referrer fee on tokens sold (basis points)

Sale Status Tracking

• hasEnded: Sale conclusion status flag

• endTime: Sale conclusion timestamp

• refundEndTime: Refund period termination timestamp

• isCanceled: Sale cancellation status flag

• tokensSupplied: Token supply completion flag

Address Configuration

• bidToken: Token accepted for investments (USDC, USDT, etc.)

• askToken: Token being distributed (set during TGE details publication)

• projectAdmin: Administrative address for project operations

• addressRegistry: Central registry for Legion infrastructure addresses

• legionBouncer: Legion operator address for system administration

• legionSigner: Authorized signature verification address

SAFT Integration

Signature-Based Authorization

All investor actions require cryptographic signatures proving:

• SAFT compliance and authorization

• Investment amount verification

• Token allocation rate confirmation

• Vesting terms agreement

Position Management

Each investor position maintains:

• investedCapital: Total capital invested by investor

• cachedInvestAmount: SAFT-approved maximum investment amount

• cachedTokenAllocationRate: Token allocation percentage (18 decimal precision)

• hasRefunded: Refund status flag

• hasSettled: Token claim completion status

• hasClaimedExcess: Excess capital claim status

• vestingAddress: Deployed vesting contract address

Signature Verification Types

• Investment Signatures: Authorize capital investment with SAFT compliance

• Claim Signatures: Authorize token allocation claims

• Vesting Signatures: Authorize vesting term deployment

• Withdrawal Signatures: Authorize excess capital withdrawal

• Transfer Signatures: Authorize position transfers

Access Control

Legion Operators

• Sale conclusion and TGE details publication

• Raised capital publication and system administration

• Emergency intervention and position management

• Signature verification authority

Project Administrators

• Sale conclusion and capital withdrawal

• Token supply operations and fee management

• Sale cancellation and capital return operations

Legion or Project Administrators

• Joint authority for sale conclusion operations

• Shared responsibility for sale timeline management

SAFT Signers (Investors)

• Must possess valid SAFT agreements

• Require signature authorization for all transactions

• Subject to individual refund period calculations

State Management

Signature Tracking

The contract maintains comprehensive signature usage tracking:

• Per-investor signature mapping prevents replay attacks

• Signature verification ensures SAFT compliance

• Used signatures are permanently marked to prevent reuse

Asynchronous Operations

• No predetermined sale duration during initialization

• Individual refund periods per investor transaction

• Manual sale conclusion by authorized parties

• TGE-dependent token distribution coordination

Capital Flow Management

• Early capital withdrawal capability before token supply

• Capital return requirement for post-withdrawal cancellations

• Fee distribution maintains consistency with other sale types

• Signature-verified allocation and excess withdrawal processing

Verification Mechanisms

Multi-Signature Validation

• Investment Verification: SAFT amount and allocation rate compliance

• Vesting Verification: Separate signature for vesting term authorization

• Excess Capital Verification: Signature proving reduced allocation terms

• Position Validation: Cached amounts match signature-verified terms

SAFT Compliance Enforcement

• Investment amounts must match cached SAFT limits

• Token allocation rates verified against signed agreements

• Excess capital withdrawal requires updated SAFT signatures

• Position transfers maintain SAFT term integrity

Error Conditions

The contract implements comprehensive error handling for:

• SAFT compliance violations and signature validation failures

• Investment amount mismatches with cached allocation terms

• Signature replay attempts and authorization failures

• Sale timing violations and state inconsistencies

• Token supply coordination and distribution errors

Event Emission

The contract emits detailed events for:

• Investment processing with investor and SAFT compliance data

• Sale conclusion and refund period initiation

• TGE details and capital publication with allocation information

• Token supply and distribution with vesting deployment details

• Administrative operations and signature verification results

• Error conditions and compliance violations