How it's possible to create a valid Manage Buy Offer in Transaction 5 of the crowdfunding example from the stellar smart contracts reference.

The reference quotes:

Manage Buy Offer: Holding account buys participation tokens at a rate of X per token.

But at the time of presigning I don't know how many participation tokens were sold. So which amount should I put into the buy offer?

With the full amount of participation tokens we get op_underfunded and without an amount we get op_malformed.

1 Answer 1


The example isn't valid since Stellar protocol version 10, and simply hasn't been removed.

The example was first published in Q1-2018, and migration to v10 happened in Q3.

Since then, there's a requirement for all offers to be fully backed.

  • Thanks for the explanation. That answers the question. Do you know any strategy to do a crowdfunding on stellar?
    – d0x
    Jan 28, 2020 at 9:37

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