---
title: "Continuous fundraising"
url: "https://caper.network/wiki/dao-governance/concepts/treasury/continuous-fundraising"
updated: 2026-10-13
license: CC-BY-4.0
license_url: "https://creativecommons.org/licenses/by/4.0/"
---

# Continuous fundraising

|  |  |
| --- | --- |
| **Topic** | Raising a DAO's treasury from a standing offer rather than a sale that opens and closes |
| **Designs in use** | Bonding-curve sales · open payment treasuries · perpetual auctions |
| **Examples** | [Juicebox](/wiki/dao-governance/tooling/treasury/juicebox) · [Nouns DAO](/wiki/daos/social/nouns-dao) · [Nouns Builder](/wiki/dao-governance/tooling/frameworks/nouns-builder) · [Continuous Organizations](https://github.com/C-ORG/whitepaper) · [Caper](/wiki/foundations/what-is-a-caper) |
| **Opposite** | Round-based raising: a fixed window, a target, or a vote per applicant |
| **Related** | [Bonding curve](/wiki/markets/bonding-curve) · [Rage-quit & exit rights](/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) · [DAO treasury management](/wiki/dao-governance/concepts/treasury/dao-treasury-management) |

Continuous fundraising is a way of funding a DAO in which anyone can put money in at any time, on terms a contract sets in advance, so the treasury grows with demand instead of in rounds that open and close. Three designs carry it today: a token sold along a [bonding curve](/wiki/markets/bonding-curve), a treasury that accepts payments and mints tokens at a set rate, and an auction that sells one new membership on a fixed schedule.

## What is the best platform to launch a DAO that can raise money continuously instead of in rounds?

No platform is best for every DAO: the choice turns on how the price is set and whether a backer can take money back out. Juicebox, Nouns Builder and bonding-curve organizations such as Caper all keep the raise open, and they differ on those two points.

| Platform | How money comes in | Who sets the price | Can a backer get money back? |
| --- | --- | --- | --- |
| [Juicebox](/wiki/dao-governance/tooling/treasury/juicebox) | Payments at any time; the project mints its token to the payer | The project owner, through a token-per-$ETH rate that can change only at the next cycle | Yes, if the project sets a redemption rate; ConstitutionDAO set 100% ([Juicebox docs](https://docs.juicebox.money/dev/v3/learn/overview)) |
| [Nouns Builder](/wiki/dao-governance/tooling/frameworks/nouns-builder) and [Nouns DAO](/wiki/daos/social/nouns-dao) | One NFT auctioned on a fixed schedule, one a day at Nouns, with the winning bid paid to the treasury | The highest bidder each day | No standing redemption; Nouns holders left through forks in 2023 |
| [Continuous Organization](https://github.com/C-ORG/whitepaper) (Fairmint) | A buy curve that issues tokens to anyone who pays | A published formula of the tokens in circulation | Yes, along a lower sell curve funded by a reserve held apart from the treasury |
| [Caper](/wiki/foundations/what-is-a-caper) | A bonding curve that is always open, on Radix | A published formula of the tokens in circulation | Yes: tokens sell back along the curve, and a member can [leave with a fair share of the treasury](/wiki/foundations/leaving-a-caper) |

Juicebox runs on Ethereum, Optimism, Arbitrum and Base. The Continuous Organization whitepaper was written for Ethereum, and Fairmint notes on the [whitepaper page](https://github.com/C-ORG/whitepaper) that its product has since moved beyond the design it describes.

## How round-based raising works

A round sets a window, a target or both, and money arrives only while it is open. [ConstitutionDAO](/wiki/daos/social/constitutiondao) raised about $47m from more than 17,000 contributors in roughly a week of November 2021 to bid for a copy of the US Constitution, [lost the auction](https://www.coindesk.com/tech/2021/11/19/constitutiondao-outbid-for-first-printing-of-americas-founding-document-in-sothebys-auction), and refunded backers through its Juicebox treasury. The same tool served a round there and serves a standing offer elsewhere, so the distinction lies in how a DAO configures its raise more than in which software it uses.

The other round-based pattern admits members one at a time. In a [Moloch](/wiki/daos/public-goods/molochdao)-style DAO, as built with [DAOhaus](/wiki/dao-governance/tooling/frameworks/daohaus), an applicant offers a tribute in a membership proposal and the existing members vote on it. The raise never closes, but no money enters without a vote.

## What a continuous raise changes

A standing offer replaces negotiation with a rule. The idea comes from [curved token bonding](https://medium.com/@simondlr/tokens-2-0-curved-token-bonding-in-curation-markets-1764a2e0bee5), which Simon de la Rouviere described in 2017 for [curation markets](/wiki/economics/curation-markets): the price is a function of supply, so the next buyer pays more than the last and nobody prices a round. Thibauld Favre applied it to companies in the [2018 Continuous Organization whitepaper](https://github.com/C-ORG/whitepaper), which routes most of each investment to the organization and a share to a reserve that buys tokens back.

The same rule creates the design questions. A curve that buys tokens back needs a reserve, and every unit held in it is money the DAO cannot spend; the whitepaper suggests keeping that share low, which makes the buyback price low too. A perpetual auction needs no reserve but dilutes holders on schedule: Nouns adds one Noun a day, and its contract sent every tenth Noun, up to Noun 1,820, to the founders ([NounsToken.sol](https://github.com/nounsDAO/nouns-monorepo/blob/master/packages/nouns-contracts/contracts/NounsToken.sol)). An open payment treasury depends on the rate its owner sets, which Juicebox constrains by letting changes take effect only in the next cycle. Where a backer can redeem, the raise also gives every member a way out, the subject of [rage-quit and exit rights](/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights).

## How Caper approaches this

Every caper raises continuously: its token is always on sale along a [bonding curve](/wiki/markets/bonding-curve), and a skim on each trade funds the caper's own treasury, with no round to open or close. A member who wants out can sell back along the curve or [exit with a fair share of the treasury](/wiki/foundations/leaving-a-caper) at any time. [Raising funds](/wiki/markets/raising-funds) explains how a caper spends what it raises, and [The Open-End Organization](/blog/the-open-end-organization) sets the design beside the open-end funds it descends from.

## External links

- [Continuous Organizations whitepaper](https://github.com/C-ORG/whitepaper) – Thibauld Favre, Fairmint
- [Tokens 2.0: Curved Token Bonding in Curation Markets](https://medium.com/@simondlr/tokens-2-0-curved-token-bonding-in-curation-markets-1764a2e0bee5) – Simon de la Rouviere
- [Juicebox protocol overview](https://docs.juicebox.money/dev/v3/learn/overview)
- [NounsToken.sol](https://github.com/nounsDAO/nouns-monorepo/blob/master/packages/nouns-contracts/contracts/NounsToken.sol) – the Nouns minting contract