> For the complete documentation index, see [llms.txt](https://leonicornswap-1.gitbook.io/whitepaper-v3/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://leonicornswap-1.gitbook.io/whitepaper-v3/ijo-launchpad/ijo-launchpad/ijo-mechanics.md).

# IJO Mechanics

The IJO consists of two separate sales, which run concurrently: the *Basic Sale* and the *Unlimited Sale*. This document explains how the two sales operate and how allocations are calculated.\
\
In both sales the absolute maximum number of BUSD that may be used to buy the IJO token is capped at the dollar value of LEONS locked in ***Locked Staking.*** Users are free to commit their BUSD to either or both sales but cannot exceed the total USD value of their locked LEONS.

{% tabs %}
{% tab title="Basic Sale" %}
The Basic Sale will be allocated a percentage of the total IJO token sale amount. Users who opt to partake in the Basic Sale will be able to commit a maximum of $100 USD of BUSD. \
\
If the allocation is over-subscribed, meaning the total value of committed BUSD exceeds the value of the IJO tokens allocated to the Basic Sale, then the IJO tokens will be distributed to users as a percentage proportional to their share of the committed BUSD. All unused BUSD will be returned to users. \
\
The exact figures involved will vary from IJO to IJO but here is an example based on a hypothetical IJO where 25% is allocated to the Basic Sale.

<table><thead><tr><th width="441.38995245096237">Example: 5x oversubscribed sale</th><th></th></tr></thead><tbody><tr><td>Number of tokens allocated to Basic Sale</td><td>5,000,000</td></tr><tr><td>USD/token</td><td>$0.10</td></tr><tr><td>Total USD of total Basic Sale</td><td>$500,000</td></tr><tr><td>Total USD value of BUSD committed in Basic Sale</td><td>$2,500,000</td></tr><tr><td>US$ of your committed BUSD</td><td>$50</td></tr><tr><td>Your share of all committed BUSD</td><td>0.002%</td></tr><tr><td>Your allocation of IJO tokens</td><td>100</td></tr><tr><td>Cost of your allocation</td><td>$10</td></tr><tr><td>USD value of returned BUSD</td><td>$40</td></tr></tbody></table>
{% endtab %}
{% endtabs %}