The capped sale is the most common ICO structure. In a capped sale, there is typically a soft cap and a hard cap. The soft cap is the minimum raise the team is looking for to build their project. The hard cap is the maximum they will accept as part of the raise. Once the token sale begins, it is usually executed on a first come, first served basis. Tokens are sold at a pre-set rate. In some cases, that rate may include bonuses. For example, the first 20 buyers (or first $20,000) receives a 10% bonus in terms of the number of tokens purchased. As the sale continues, the bonus drops. This structure is designed to reward initial movers and inspire FOMO (fear of missing out).