Decentralized blockchain heavyweight uniswap has introduced continuous clearing auctions (CCA), a new protocol that aims to facilitate token offerings through its infrastructure.
According to a Thursday announcementUNISWAP’s CCA “helps teams bootstrap liquidity in UNISWAP V4 and find the market price for new, low-liquidity tokens.” The company says it is “the first of several tools” it is developing to help projects launch and deepen token liquidity on the platform.
The announcement coincides with preparations for the first sale enabled by CCA. The privacy-focused Aztec Network opened its community-only Aztec Token Sale on Thursday, with a public phase scheduled for December 2.
The Aztec team claimed That it “took the community access that was great during the 2017 ICO and made it even better.” The team reportedly worked alongside UNISWAP to develop the new protocol and “prioritize fair access, permissionless, on-chain access to community members and the general public pre-launch.” The team said that the Aztec token will be 100% owned by the community once the tokens are unlocked.
Uniswap and Aztec did not respond to requests for comment.
A new token sale system
Uniswap said in a press release that “liquidity generation often happens behind closed doors,” leading to “information gaps, privileged few players,” and sometimes “thin and unstable” markets. With the CCA, the two partners hope to implement a creation of an indigenous market with transparent pricing, bidding and settlement, as well as incremental price discovery and automatic liquidity seeding on Uniswap’s decentralized exchange (DEX).
“There are no gatekeepers or offchain deals,” Uniswap said.
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CCA sales begin with projects that specify the number of tokens to be sold, the starting price, and the duration of the auction. They can also support running on branches, verification tools like ZK Passport (an enhanced privacy, ZERO-Knowledge Proof-based Know your customer’s implementation), or completely custom modules.
Users can place their bids, specifying a maximum price and a total spend. Bids cannot be withdrawn while in range, but there is no limit to the number of bids. Each bid is automatically spread over the remaining auction blocks and filled only if the block’s clearing price is at or below the limit price.
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CCA price discovery mechanism
At the end of each block, the protocol sets the maximum price at which the tokens in that block are sold. Fill bids first, then bid the maximum price; Everyone who fills the block pays the same price.
Uniswap explains that as more bids divide the fixed per-block supply, clearing prices can stay the same or increase. Early bidders are expected to get better deals “because a larger portion of their bid can be filled in earlier, cheaper blocks.”
The decentralized finance (defi) The company announced that the CCA Smart Contract is now live and available to anyone. In the coming months, UNISWAP also expects to release additional modules for the new token sale system.
The report came a few days later Uniswap’s token rallies more than 38% Following the UNISWAP Foundation and UniSwap Labs’ proposal to activate a payment mechanism at the protocol level to burn UNISWAP (Uni) tokens. The team also announced a plan to burn 100 million uni – roughly 16% of the circulating UNI supply – from the Treasury.
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