> For the complete documentation index, see [llms.txt](https://help.fjordfoundry.com/fjord-foundry-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.fjordfoundry.com/fjord-foundry-docs/for-sale-participants/token-sale-types/liquidity-bootstrapping-pools-lbps.md).

# Liquidity Bootstrapping Pools (LBPs)

{% embed url="<https://youtu.be/rjr2Y9nRUVk>" %}

**What are LBPs?**

Liquidity Bootstrapping Pools (LBPs) are a fair way to participate in token sales. They start with a high price that gradually decreases over time, allowing participants to buy tokens when they feel the price is right. This mechanism helps in finding a fair market price and promotes wider token distribution.

**How Do LBPs Work?**

In an LBP, the initial price is set high to deter bots and ensure fair participation. As time progresses, the token price decreases due to changing weight ratios in the liquidity pool. Once the price reaches a level participants deem fair, demand typically stabilises the price, allowing for balanced token distribution.

**Benefits of Participating in an LBP**

* **Fair Pricing:** The price discovery mechanism ensures a fairer distribution of tokens.
* **Flexibility:** Participants can choose to buy tokens at any point during the LBP when they believe the price is fair.
* **Reduced Impact of Whales and Sniper Bots:** The high starting price and dynamic adjustment help prevent large buyers and sniper bots from dominating the sale.


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