> For the complete documentation index, see [llms.txt](https://docs.theangel.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.theangel.app/how-it-works-founders/secondary-trading-and-liquidity.md).

# Secondary Trading & Liquidity

### After Fundraise — Quarterly Liquidity & Updates

This is where TheAngel’s differentiation becomes clear.

Unlike traditional fundraising, where investors must wait 7–12 years for an exit, TheAngel introduces predictable liquidity windows.

#### Quarterly Updates

Every quarter, founders submit:

* Revenue numbers
* Growth metrics
* Product updates
* Team updates
* New milestones
* Updated forecasts

These updates feed into:

#### Automated Valuation Model (AVM)

TheAngel calculates a fair valuation based on:

* Founders’ KPI progression
* Market data
* Historical performance

This valuation informs token pricing for the liquidity window.

### Liquidity Windows

Four times per year, token holders may:

* Sell tokens
* Buy additional tokens
* Adjust their position

This benefits you as the founder because:

* Liquidity attracts more investors to your next round
* High demand during windows can raise your perceived valuation
* Prices reflect performance, rewarding execution

### Post-Raise Founder Dashboard

You gain access to metrics including:

* Investor count
* Average token price
* Trading volume
* Watchlists
* Liquidity demand
* Investor messages
* Sentiment indicators

This data helps you understand your investor base the way public companies understand shareholders.