# Liquidity Bootstrapping Pools (LBPs) {% embed url="" %} **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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://help.fjordfoundry.com/fjord-foundry-docs/for-sale-participants/token-sale-types/liquidity-bootstrapping-pools-lbps.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.