Continuous Clearing Auction
The CCA Launch Strategy uses Uniswap's Continuous Clearing Auction mechanism for fair token launches.
Why CCA
Traditional token launches have problems:
| Problem | CCA solution |
|---|---|
| Sniping | All bidders get same clearing price |
| MEV/sandwich | No timing advantage |
| Information asymmetry | Price discovery is gradual |
| Whale dominance | Early participants rewarded |
CCA is an official Uniswap mechanism deployed on Base, Mainnet, and other chains.
How it works
Auction lifecycle
Clearing mechanism
All bidders above the clearing price receive tokens at the same price.
Token auctioned
The CCA strategy auctions ■TOKEN (wrapped vault shares), not TOKEN directly:
Why auction wrapped shares
- ■TOKEN is cross-chain capable (LayerZero OFT)
- Represents claim on diversified vault yield
- Price discovery for vault itself, not just underlying
- Raised ETH bootstraps LP liquidity
Bidding
Submit a bid
// Bid 1 ETH for ■TOKEN with max price of 0.001 ETH per token
auction.submitBid{value: 1 ether}(
maxPrice, // Max ETH/TOKEN you'll pay
amount, // Amount of TOKEN desired
owner, // Bid owner
prevTickPrice, // For ordering (0 for simple bids)
hookData // Optional hook data
);
Bid states
| State | Meaning |
|---|---|
| Active | Bid placed, may be filled |
| Filled | Above clearing price, will receive tokens |
| Unfilled | Below clearing price, ETH refundable |
| Claimed | Tokens/ETH claimed |
Claim tokens
After auction ends:
// If bid was filled
auction.claimTokens(bidId);
// If bid was unfilled
auction.exitBid(bidId);
Graduation
When the auction ends, it "graduates" to a Uniswap V4 pool:
Tax hook configuration
The strategy configures a 6.9% tax hook on graduation:
// Called automatically on graduation
ITaxHook(taxHook).setTaxConfig(
address(shareOFT), // Token
address(0), // ETH counter asset
feeRecipient, // GaugeController
690, // 6.9% tax rate
true, // Counter is ETH
true, // Enabled
false // Not locked (can update)
);
Configuration
| Parameter | Default | Purpose |
|---|---|---|
| Pool fee tier | 0.3% | V4 pool fee |
| Tax rate | 6.9% | Buy fee on V4 pool |
| Duration | 7 days | Auction length |
CCA uses Uniswap's official factory (0xcca1101...).
Post-graduation
After the auction ends:
- Final clearing price is set
- V4 pool is created with liquidity
- Tax hook is configured (6.9%)
- Trading begins on V4
See CCA Launch Strategy for contract API.
Related
- CCA Launch Strategy - Contract API
- Token model - Why ■TOKEN is auctioned
- Fee flow - What happens to raised funds