> ## Documentation Index
> Fetch the complete documentation index at: https://docs.star.fun/llms.txt
> Use this file to discover all available pages before exploring further.
# Curated raises
A **curated raise** is an application-gated path for teams that are reviewed before they raise. It's well suited to **pre-ICO** projects - raising before a token is live and tradable - and to founders who want a vetted, fixed-window raise rather than the self-serve internet round.
## Applying
The application has four steps - **Basics**, **Details**, **Funding**, and **Review**. Apply at [star.fun/submit](https://www.star.fun/submit).
* **Project basics:** logo, project name, ticker, and elevator pitch
* **Core links:** website URL and X/Twitter username
* **Media:** one hero asset (demo video or banner image)
* **Project details:** full description
* **Fundraise setup:** minimum raise, treasury allowance, and public allocation percentage
* Team members (name, role, X handle, photo)
* Telegram, Discord, and GitHub links
* Additional project media and documents (PDFs, up to 5)
* Referral code (if referred by a partner or fund)
### Vetting
Curated projects are reviewed before going live:
The team and project are reviewed for fit and readiness.
Confirmed teams receive a verification badge.
A final approval gate before the token generation event.
## The raise
* The deposit window is fixed at **5 days**.
* Founders set a fixed **minimum target**. If it isn't met, participants are refunded.
* Everyone deposits USDC during the window. If demand exceeds the accepted amount, the excess is refunded **pro rata**.
* Funds are held safely until launch, then participants claim their tokens.
* Total token supply is fixed at **1,000,000,000**.
### Fundraise parameters
| Parameter | What it means |
| ------------------------ | ------------------------------------------------------------------------------------------------------------ |
| Minimum raise | The minimum you need to raise; below it, investors are refunded. |
| Treasury allowance | Your operating budget, transferred to you on a schedule after the raise. |
| Public allocation % | Share of supply sold in the raise - a smaller % implies a higher starting price/FDV, a larger % a lower one. |
| Liquidity allocation | A portion of raised USDC is reserved for post-launch trading liquidity. |
| Team performance package | Remaining team tokens unlock against market-cap milestones (supply is fixed). |
## Pre-ICO governance
Before a project has ICO'd, its **treasury and IP are governed by decision markets pegged against the price of \$STAR**.
Since the project has no live token of its own yet, there's no native price to run markets
against. \$STAR is used as the welfare metric: good decisions for projects on the platform improve
the price of \$STAR, so it stands in until the project's own token is live.
While pre-ICO:
* You receive a **treasury allowance** defined before the raise.
* **Larger expenditures or allowance changes** must be approved through decision markets.
* A **follow-on fundraise** requires a proposal specifying the amount and valuation. Fundraise proposals can only be created by the team.
* **Holders can raise issues** by creating proposals (a minimum amount of the illiquid token is required to do so).
## Going live (TGE)
The team creates a proposal to start the token generation event.
One final fundraise runs right before TGE (under 5 days), with a share of raised funds reserved
for AMM creation.
Early investors can be placed on vesting schedules, though vesting isn't required.
Once the token is live, decision markets run against the project's own token. See [Ownership](/founders/ownership) for how Bedrock and decision markets work after launch.