Internal and external markets of the primary market
1. Detailed explanation of core concepts
1. Internal market
· Essence: A 'simulated market' or 'pre-sale venue' constructed by the project party in a private environment (such as a testnet or closed trading pair) before the launch.
· Core mechanism:
· Virtual liquidity pool: The project party injects a preset number of tokens and paired assets (such as BNB, ETH) through a smart contract to form a virtual liquidity pool. This pool is not a real decentralized exchange (DEX) mainnet pool.
· Preset sell orders: The number of sell orders and price ladder of tokens in the pool are pre-set and controlled by the project party.