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

# Launchpad

> Where new token offerings and Digital IPOs are issued, and MCR is the key.

The Monochrome Launchpad is the primary-issuance venue of the exchange. New token offerings and Digital IPOs are subscribed, allocated, and settled here.

**MCR is the exclusive access token for the Launchpad.** Allocation in every offering is weighted by a participant's average MCR holdings or staked balance over a snapshot period: the higher the balance, the higher the allocation coefficient, the larger the allocation.

## How a Launchpad offering works

<Steps>
  <Step title="Snapshot">
    Participant MCR balances (held or staked) are recorded over the snapshot window announced for the offering.
  </Step>

  <Step title="Subscription">
    Eligible participants commit funds during the subscription window.
  </Step>

  <Step title="Allocation">
    If the offering is oversubscribed, allocation is distributed pro-rata by MCR-weighted coefficient. Unfilled commitments are returned.
  </Step>

  <Step title="Settlement and unlock">
    Tokens are delivered on-chain per the offering's unlock schedule.
  </Step>
</Steps>

## Current and upcoming

<Card title="The MCR IEO" icon="rocket" href="/participate/ieo">
  The Initial Exchange Offering of MCR itself, and the first offering on the Launchpad.
</Card>

## Recurring demand by design

Every offering that comes to the Launchpad requires participants to hold MCR at snapshot. Every Digital IPO also routes 25% of its platform fees into the [Burn Engine](/token/burn-engine). The Launchpad is where the token's demand and its supply reduction meet.