Dutch Auction approach
https://medium.com/@nickikwhite_5051/token-sale-models-part-ii-price-schedules-b36716a1a9de
http://vitalik.ca/general/2017/06/09/sales.html
Properties:
Capped (either in token amount or in raised ETH)
Unlimited in time
“In this scheme, investors are incentivized to buy later on in the sale, as the price of the token falls, so that they can get a better deal. Ideally, this means that investors can enter into the sale at a point in which they think the valuation is fair.
A Dutch auction starts with a very high price and cap which continuously declines with every block over time, based on a predefined formula. During the auction, participants can send in ETH to bid at a point in time where they find the price reasonable. The auction ends once the price multiplied with the number of offered tokens equals the total ETH amount sent to the auction.
All participants receive their tokens at thesame final price.”
There are two possible outcomes for the Investor:
The sale closes before the valuation drops to below V. Then you are happy because you stayed out of what you thought is a bad deal.
The sale closes after the valuation drops to below V. Then you sent your transaction, and you are happy because you got into what you thought is a good deal.
Example - Gnosis
Example - Raiden Network
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