> For the complete documentation index, see [llms.txt](https://docs.lumia.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lumia.org/tokenize/the-asset-lifecycle/stage-3-distribute.md).

# Stage 3 Distribute

**Who this is for:** issuers who have issued and attested an asset (see [Stage 2: Attest](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-2-attest)) and now need to get the token in front of eligible investors. This is concept content.

### What distributing means

Distribution is the primary sale or allocation of the token to its first holders. It also covers whatever secondary transfer rules apply afterward. Two separate questions have to be answered before any token moves:

* **Who is eligible?** See [Eligibility & investor tiers](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/eligibility-and-investor-tiers) for how issuers commonly tier investors and map that to a KYC/KYB check.
* **How does the mechanism work?** A whitelist sale at a fixed price, an auction, or an off-chain subscription agreement that settles on-chain: the mechanism is a business decision, not something Lumia's docs prescribe.

Primary distribution (the first sale) and secondary distribution (holder-to-holder transfer afterward) typically carry different eligibility checks: a secondary buyer usually needs the same gate the primary buyer passed, enforced by the same transfer-restriction logic described in [Stage 1: Issue](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-1-issue).

### What Lumia provides today

{% hint style="warning" %}
Lumia provides the base transfer and mint mechanics, and a place (the contract's transfer function) to enforce whatever eligibility check the issuer has built, per [Compliance model overview](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/ecosystem/lumia/compliance/compliance-model-overview).
{% endhint %}

### What the issuer brings

* The distribution mechanism itself.
* KYB checks on institutional investors and KYC checks on individual investors before allocation: see [KYC (Know Your Customer)](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/ecosystem/lumia/compliance/kyc-know-your-customer) and [KYB (Know Your Business)](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/ecosystem/lumia/compliance/kyb-know-your-business).
* The eligibility-tier logic that decides who qualifies for which allocation.