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A Star token can have one of four ownership structures. The structure sets what the token legally contains, what remains on your cap table, and which investors you can accept later. The structure is fixed before the round opens.

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How to choose

  • To raise venture capital and issue a token: select revenue share on its own, or Bedrock. Equity investors price the obligation. The rest of the cap table is not changed.
  • To operate fully onchain with no traditional equity: select the offshore DAO.
  • To let your community convert into equity later: select ACE.
A revenue share is not exclusive to one model. A Bedrock, DAO, or ACE launch can commit a revenue share as well - see Revenue share. Each model has its own page with the full mechanics.

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Selecting one

You select the structure when you launch, with --ownership on the CLI:
There is no default. A launch that names no structure is refused with DECISION_REQUIRED, because the structure is what an investor reads to know what they are buying. star launch requirements prints each option with its trade-off and its setup path. Selecting is self-serve for all three; setting up the offshore DAO or ACE runs through a call with us, which happens after the raise.

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Nothing is set up unless the raise succeeds

Whichever structure you pick, it is a declared intent until your raise graduates off the curve. Only then is anything formed: the Bedrock incorporation, the offshore foundation, the ACE framework. If the raise does not graduate, nothing is incorporated and nothing is signed. Every structure governs its treasury through decision markets. That is not a choice between the models; it is true of all of them.