CCA Launch Strategy
Fair launch strategy using Uniswap's Continuous Clearing Auction mechanism.
Source
| Contract | Path |
|---|---|
| CCALaunchStrategy | contracts/vault/strategies/CCALaunchStrategy.sol |
Purpose
CCALaunchStrategy enables fair token launches by auctioning ■TOKEN via Uniswap's CCA. The mechanism eliminates common launch problems:
| Problem | CCA solution |
|---|---|
| Sniping | All bidders get same clearing price |
| MEV/sandwich | No timing advantage to exploit |
| Information asymmetry | Price discovery is gradual |
| Whale dominance | Early bids naturally get better prices |
This is a launch-only strategy: it runs once to bootstrap liquidity, then the vault transitions to yield strategies.
System role
Key behaviors
Auction lifecycle
- Setup: Creator deposits TOKEN, receives ▢TOKEN, wraps to ■TOKEN, transfers to strategy
- Auction creation: Strategy creates CCA auction via Uniswap factory
- Bidding period: Users bid ETH for ■TOKEN with max prices
- Clearing: All bids above clearing price get filled at clearing price
- Graduation: Auction ends, V4 pool created with raised liquidity
- Post-launch: Tax hook configured, trading begins
Clearing price mechanism
The clearing price is where cumulative demand meets supply. All filled bidders pay this price, regardless of their max bid.
V4 graduation
After the auction ends, the strategy:
- Creates a Uniswap V4 pool
- Adds raised ETH + unsold ■TOKEN as liquidity
- Configures the 6.9% tax hook
- Updates the oracle with initial price
Invariants
| Invariant | Description |
|---|---|
| Single clearing price | All filled bids pay same price |
| No partial fills | Bids either fill completely or refund |
| Tax hook required | V4 pool must have tax configured |
| Factory validation | Only uses official Uniswap CCA factory |
Configuration
| Parameter | Default | Description |
|---|---|---|
| Pool fee tier | 0.3% | V4 pool swap fee |
| Tax rate | 6.9% | Buy fee on V4 pool |
| Duration | 7 days | Auction length |
| Min price | Configurable | Floor price per token |
| Max price | Configurable | Ceiling price per token |
Integration points
| Integrates with | Purpose |
|---|---|
| Uniswap CCA Factory | Creates auctions |
| Uniswap V4 | Post-graduation trading |
| Tax Hook | Fee collection |
| GaugeController | Fee recipient |
Implementation details
For function signatures and events, see the source code.
Key implementation notes:
- Uses official Uniswap CCA factory at
0xcca1101... - Strategy holds ■TOKEN during auction
- Keeper triggers checkpoints to update clearing price
- Post-graduation sweep functions recover funds
Related
- Auction Concepts - How CCA works
- Token Model - Why ■TOKEN is auctioned
- Fee Flow - Post-launch fee distribution