Uniswap Unveils Token Sale System, Aztec Tests It

Decentralized financial 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 groups to bootstrap liquidity in Uniswap v4 and find the market price for new and low-liquidity tokens.” The company said this was just “the first of many tools” it is building to help projects launch and deepen token liquidity on the platform.

The announcement coincides with preparations for the first sale activated by CCA. The privacy-focused Aztec network opened its community-only AZTEC token sale on Thursday, with a public phase scheduled for December 2nd.

The Aztec team claimed which has “taken the community access that made the 2017 ICO era great and made it even better.” The team worked with Uniswap to develop the new protocol and “prioritize fair, permissionless, on-chain access to community members and the general public pre-launch.” The team said that the AZTEC token will be 100% community owned once the tokens unlock.

Uniswap and Aztec did not respond to requests for comment.

A new token sale system

Uniswap said in the press release that “liquidity formation often happens behind closed doors”, which leads to “information gaps, favors a few players”, and sometimes “thin and unstable” markets. With CCA, the two partners hope to implement a native onchain market creation with transparent pricing, bids and settlements, as well as gradual price discovery and automatic liquidity seeding at Uniswap. decentralized exchange (DEX).

“No gatekeepers or offchain transactions,” Uniswap said.

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The sale of CCA begins with projects that define the number of tokens for sale, the starting price and the duration of the auction. They can also support execution in tranches, verification tools such as ZK Passport (enhanced privacy, based on zero knowledge proof Know your Customer’s implementation), or entirely custom modules.

Users can then make their offers, specifying a maximum price and a total cost. Bids cannot be withdrawn while they are in range, but there is no limit to the number of bids. Each bid is automatically spread over the remaining blocks of the auction and is filled only if the clearing price of the block is at or below the threshold price.

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CCA’s price discovery mechanism

At the end of each block, the protocol sets the highest price at which the tokens were sold in that block. The highest bids are filled first, then bids at the maximum price; everyone who fills the block pays the same price.

Uniswap explained that as more bids divide the fixed bid per block, clearing prices may remain the same or increase. Early bidders are expected to get the best bids “since a larger portion of their bid can fill earlier and cheaper blocks.”

U decentralized finance (DeFi) Company announces that the CCA smart contract is now live and available to everyone. 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 token gained more than 38% following the proposal by Uniswap Foundation and Uniswap Labs to enable a protocol-level fee mechanism to burn Uniswap (UNI) tokens. The team also announced a plan to burn 100 million UNI – about 16% of the circulating supply of UNI – from the treasury.

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