A project’s team creates a new token and chooses a DEX that is willing to host an ILO. A project’s team and a DEX negotiate the conditions and terms of an ILO event. Or not, if an onboarding process is completely decentralized. A project actively starts promoting an Initial Liquid Offering to raise awareness among potential retail investors. Investors participate in ILO by adding liquidity to the new token-ETH (for example) pool. They contribute the equivalent value of both tokens to the liquidity pool and receive a share of ILO tokens in return, equivalent to share of their liquidity in the pool.