> For the complete documentation index, see [llms.txt](https://docs.topstrike.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.topstrike.io/game-and-mechanics/new-player-offerings.md).

# New Player Offerings

On TopStrike, every new player enters the game through an **IPO — Initial Player Offering**.

An IPO is your first opportunity to buy a player's cards at early bonding curve prices.

## What Is an IPO?

An IPO is a short launch period where:

* A new player becomes available for the first time
* Prices increase smoothly as cards are bought
* Early demand establishes the player's market value
* IPO activity helps bootstrap prize pools

After the IPO window ends, buy fees are removed and the per-user buy limit no longer applies.

## IPO Window & Limits

* Each IPO lasts **20 minutes**

**Per-User Buy Limit:** Each user can buy a maximum of **5 player cards** during the IPO.

This ensures fair access and prevents early concentration by a small number of wallets.

## No Auctions. No Waiting.

Unlike traditional IPOs:

* No auctions
* No bidding wars
* No off-chain processes

As soon as a new player drops, you can buy instantly, on-chain, with full transparency.

Just click, buy — and you own a piece of that player.

## TopStrike Snipes the First Cards

TopStrike automatically purchases the initial supply for each new IPO.

These cards are **not kept long term by the team**.

Instead, they are distributed for **free via player packs** to real, engaged users through:

* Discord spot prizes
* Small competitions
* Surprise rewards
* Community participation incentives

This helps distribute early cards to engaged community members rather than concentrating them in a small number of wallets

## IPO Fees

During the 20-minute IPO window, every buy includes a **20% buy tax**.

This fee helps bootstrap rewards from day one and funds the ongoing operation of the platform.

**After the IPO:**

* All buy fees drop to **zero**
* Buying and selling continue normally on the bonding curve

## Setting Your Price During IPO

When buying during an IPO, you can set the maximum price you're prepared to pay using the **trade slip**.

**How it works:**

1. Choose how many cards you want
2. Set your maximum acceptable price
3. If the curve price stays within your limit, the trade executes
4. If the price moves beyond it, the trade will not execute

This protects you from overpaying during fast-moving IPO demand.

## What Happens After the IPO?

Once the 20-minute IPO period ends:

* Buy fees are removed
* The player trades normally on the bonding curve
* Prices continue to rise with buys and fall with sells
* Cards purchased during IPO are eligible for Matchday rewards, subject to the standard eligibility rules.

From this point on, price action is driven by player performance, trading activity, and market sentiment.

## TL;DR

* 🚀 Every new player launches via a **20-minute IPO**
* 🛒 **Max 5 cards per user**
* 🎁 Early cards are distributed to engaged community members via free player packs
* 🏦 **20% buy tax** during IPO only
* 🆓 **Zero fees on all buys after IPO ends**
* 🎯 Trade slip lets you set the max price you'll pay
* 🔄 Normal trading begins after IPO ends