How Referandium works

Founders list a startup and set a vote threshold: the net number of votes the community must show before the startup can move on.

Everyone who signs up receives 100 free voting tokens every day. You spend them voting YES on startups you believe in, or NO on ones you think should not advance. Net votes equal YES minus NO, so genuine disagreement genuinely holds a startup back.

These tokens are not money. They cannot be bought, sold, or withdrawn. They have no monetary value, and you cannot lose money by voting. They are simply a way to express and signal opinion.

You can change your mind freely: flip a YES position to NO or vice versa, withdraw votes from a startup entirely, or move them to a different startup. The 100 daily tokens expire at the end of each day if you do not use them, but votes already deployed stay in place and continue to count.

When a startup reaches its vote threshold, voting closes permanently and a capital raise opens. This is the first point at which real money enters — and only into startups the community has already validated.

The votes you deployed on a startup that reaches its threshold are consumed as part of the validation process. They are not refunded, because they have already served their purpose: proving the idea has real community support. This is how the model works, not a penalty.

Anyone can buy into the raise using USDC from their platform balance. The price rises as more is bought and falls when people sell. Buyers hold tokens representing their stake in that raise, and can sell back at any time while the raise is open — but selling returns USDC at the current price, which may be lower than what was originally paid. There is no guaranteed exit at cost.

A 1% fee applies to each buy and each sell. The raise completes when it reaches the startup's capital target.

When a raise completes, the startup will graduate. A real token will be issued on Solana, the startup will receive its share of the raised capital, and the remainder will become tradeable liquidity.

This stage depends on a raise completing successfully. There are no guaranteed outcomes, and participation in earlier voting does not grant any allocation, priority, discount, or financial return.

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