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The referendum: closing a startup and recovering what is left

When it makes sense, who can request it, how it opens, how it is voted, what is distributed and what it means for the startup and founder.

8 min read6 chaptersFor investorsAdvancedUpdated Oct 17, 2026

What you will learn

  • The three ways a referendum opens
  • The rules: 40%, 40% and 67%
  • How your share is calculated
  • When to request it and when not to

Before you start

  • Tokens of a startup whose round succeeded

Chapter 1What it is

The referendum is investors’ emergency brake. If it passes, the startup closes and 100% of what is left in the treasury is split among investors in proportion to their tokens. Neither the founder nor Krows can stop it.

A referendumAnimation
RequestedWith your tokens
40%Of tokens: voting opens
67%In favor
ClosesThe startup
ReturnedTo each wallet

Chapter 2How it opens

  • Investors request it. Each investor requests it with all their tokens. When requests reach 40% of issued tokens, voting opens.
  • Abandonment. If the startup has missed 5 reports in a row with no activity, Krows opens the vote.
  • Critical trust. If the startup’s trust falls to critical level, Krows opens the vote.

In all three cases investors decide. While voting is open no milestone is paid and pending free withdrawals are cancelled.

Chapter 3The vote

app.krows.app/votaciones
At the top, the card for the vote to close the startup, with its weight and deadline.
  • It lasts 3 days.
  • At least 40% of tokens must vote.
  • It passes with 67% of votes cast in favour of closing.
  • If it does not pass, the startup continues and it can be requested again later.
Referendum simulatorTreasury: 80,000 USDC
25 %
50 %

Chapter 4The distribution

When it passes, the treasury balance at that moment is fixed. Each investor receives: treasury balance × their tokens ÷ issued tokens.

Example: 80,000 USDC left, 120,000 tokens were issued and you hold 2,000. You receive 80,000 × 2,000 ÷ 120,000 = 1,333.33 USDC. It arrives in your wallet.

What was already released in earlier milestones does not come back: it was spent on what you voted for. That is why acting early matters if something goes wrong.

Chapter 5When it makes sense

  • The founder has stopped reporting or answering.
  • Milestones are rejected again and again without better evidence.
  • What the reports say does not match reality.

It does not make sense over one bad month or an explained delay. Talk in the chat first. For the founder, a called referendum costs 3 trust points and, if it passes, the forced closure costs 7.

Chapter 6Final review

Before you close this guide, check you have it clear. None of this is sent anywhere: it is just for you.

Check what you knowPick an answer

50,000 USDC left, 100,000 tokens, you hold 5,000. What do you get if it passes?

50,000 × 5,000 ÷ 100,000 = 2,500 USDC.

What is needed for voting to open at investors’ request?

It is counted in tokens, like the vote.
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