Milestones
Money is released when you deliver.
Split your round into milestones with a fixed amount. When you finish one, your investors vote on it from their wallet and, with 51% in favour, the contract releases that money.
The opportunity
When an investor hands over all the money on day one, all they can do is trust. When they hand it over in parts, they can verify.
In a traditional round the founder receives everything at once and the investor learns how the project is going when the founder chooses to tell them. If something goes wrong, there is nothing left to do.
With milestones, the money waits in the project's treasury and is released in tranches, each tied to something that can be verified. The founder has a clear plan and investors have a say at every step.
How a milestone works. From goal to release, in four steps.
Milestones are defined when the round is created and cannot be changed quietly later: investors know from the start what each part of their money will be used for.
Define it
What you will achieve, how it can be checked and how much money you need for it.
Request it
When you achieve it, you request the release and upload the evidence: demos, invoices, metrics.
It is voted on
Your investors have 3 days to review the evidence and vote from their wallet.
It is released
With 51% in favour, the contract sends the amount to your wallet. If not, it stays in the treasury.
How voting works
Voting is signing, not filling in a form.
Each investor votes from their Phantom wallet. The vote is signed and recorded on Solana: nobody can change it or count it twice. Try it right here.
- Only investors vote. The founder does not, not even with tokens they bought back.
- Five days to decide, with the evidence and the project chat at hand.
- Voting counts. Anyone who votes in more than 80% of the month's votes adds +0.83 to their trust score.
An example from start to finish. Aurora Solar raises 120,000 USDC in three milestones.
Each milestone states what is delivered and how it is verified. Investors know what to look at before voting, and the founder knows what to show.
| Milestone | How it is verified | Amount (USDC) | Status |
|---|---|---|---|
| 1 · Working prototype | Video demo and test report | 40,000 | Released |
| 2 · First production run | Manufacturer invoices and photos of 500 units | 50,000 | |
| 3 · Commercial launch | Store open and first 200 sales | 30,000 | Pending |
| Round total | 120,000 |
Sample project for illustration purposes.
If it is approved
The contract sends the milestone amount to the founder's wallet and the next milestone can be requested. The project gains +1 trust score and the founder +0.5.
See trust scoreIf it is rejected
The money stays in the treasury. Founder and project lose 1 point, and the founder can request it again with more evidence.
If the project stalls
Investors can call a referendum to close the project and get back what is left in the treasury.
How the referendum worksFree withdrawals
Trust is earned. And with it, speed.
Founders with a trust score of 76 or more can withdraw funds without opening a vote. Investors still see every withdrawal and can reject it afterwards, at a reputation cost.
- Trust score 76+: withdrawals without waiting for a vote.
- Rejected withdrawal: −1 for the founder and −1.5 for the project.
- More than 3 requests in one week: −2 for the founder.
Frequently asked questions About milestones and votes.
Who can vote on a milestone?
Investors who hold the project's tokens when the vote opens. They vote from their wallet and the vote is recorded on Solana, so anyone can check the result.
How long does a vote last?
Five days from when the founder requests the release. During that time investors review the evidence, ask questions in the project chat and vote.
What happens if investors reject a milestone?
The money stays in the treasury and both the founder and the project lose 1 trust score point. The founder can request it again once they have more evidence or have finished what was missing.
Can the founder vote?
No. Even if they buy back tokens of their own project, they cannot vote with them. Decisions about the money belong to investors only.
How many milestones can a round have?
As many as you need, as long as their amounts add up to the round target. For a first round we usually recommend three to five: enough to give investors control, few enough not to slow the team down.
What are free withdrawals?
Founders with a trust score of 76 or more can withdraw funds without opening a vote. If investors later reject that withdrawal, the founder loses 1 point and the project 1.5.