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

# CoinList

> Token sales run by CoinList, embedded inside your app, with direct token allocation on each sale's terms.

CoinList is the token sale partner. Where the other partners issue assets that trade continuously, CoinList offers run as discrete sales with their own window, terms, and eligibility.

## What it is

Token sales. Passage embeds sales that CoinList already runs inside your app, so your users get access to new token offerings without leaving it.

<Note>
  This is for surfacing sales CoinList already runs. If you are raising for your own token, see [Run your raise](/use-cases/run-your-raise).
</Note>

## Ownership model

Direct token allocation on the terms of each sale. Your users receive an allocation of the token itself, not a wrapper or a claim on an underlying security. Allocation follows whatever schedule the sale defines.

## How users buy

Users contribute during the sale window, with eligibility set per sale rather than once across the catalog. A user who qualified for one offering will not necessarily qualify for the next.

The contribution settles later on Passage's own schedule rather than in the same transaction, which is the main way this differs from the instant swaps used by [Superstate](/assets/partners/superstate) and [Ondo](/assets/partners/ondo). Offers carry a `type` field, and CoinList sales arrive as `coinlist::token_sale`. Rendering [`CheckoutContainer`](/sdk/checkout) routes on that for you.

## What users can do with it

Receive distributions on the sale's configured schedule, including any vesting or lockups that apply. Sell the tokens through DeFi or exchanges. Stake the tokens on the network, where applicable.

CoinList powers [token sales](/use-cases/token-sales).

## Build it

<CardGroup cols={2}>
  <Card title="CoinList Token Sale" icon="money-bill-transfer" href="/sdk/invest-flow">
    Approve funds and record a participation with `coinlist.tokenSale.execute`.
  </Card>

  <Card title="Track participations" icon="receipt" href="/sdk/invest-flow#track-participations">
    Read and create participations for a sale.
  </Card>
</CardGroup>