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CCA Launch Strategy

Product role: Runs the fair-launch auction that sells vault shares for USDC at a clearing price before secondary trading — the vault’s public price-discovery step.

Uniswap Continuous Clearing Auction (CCA) integration for fair-launch price discovery on Uniswap V4.

Purpose​

The CCA Launch Strategy:

  • Runs CCA price discovery with explicit lifecycle tracking.
  • Supports deterministic failed-auction finalization and relaunch safety.
  • Migrates graduated auctions into a Uniswap v4 LP position.
  • Derives launch floor price onchain from oracle data (manipulation-resistant).
  • Exposes non-blocking backing telemetry (vault economics stay live).

Auction Flow​

On finalize (after the creator deposits creator coin and the batcher wraps into ■ ShareOFT), the batcher enforces a fixed four-way split of wrapped share supply. Constants live on DeploymentBatcher / DeploymentBatcherPhase2Module (AUCTION_PERCENT, VESTING_PERCENT, SOLANA_ALLOC_PERCENT, LP_RESERVE_PERCENT).

Creator deposits creator coin → wrapper mints ■ ShareOFT
   ↓
Batcher enforces 30/30/30/10 split (of wrapped ■ supply)
  - 30% fair-launch CCA auction (pending launch)
  - 30% creator linear vesting (365 days)
  - 30% LayerZero bridge to Solana (part of finalize; same ■ ticker)
  - 10% LP reserve held on CCA strategy for post-auction migration
   ↓
Fair-launch auction runs (30% auction leg + 10% LP reserve metadata)
   ↓
If graduated: sweepCurrency() → migrate() (Uniswap v4 LP migration)
   ↓
Hook config / alignment (separate step) before declaring launch complete
   ↓
If failed: finalizeFailedAuction() / sweepUnsoldTokens() clears strategy state for relaunch

Deposit bounds: first activation deposit must be 50M–100M creator coin (18 decimals). The split applies to wrapped share tokens minted from that deposit, not raw creator coin units 1:1.

What finalize does not do​

Phase 2 finalizePhase2 (batcher) only wraps the deposit and enforces the 30/30/30/10 split. It does not:

Deferred stepWhen it runsOnchain surface
Charm / Ajna strategy TVLDeploy-session Phase 3 (next UserOp after finalize)deployPhase3Strategies + vault deployToStrategies() at 45% / 45% / 10% idle
CCA graduation / migrate()After the auction runs and succeedsKeeper settlement: sweepCurrency() → migrate() on this strategy

Phase 4 launchDeferredAuction schedules the auction (30% leg + 10% LP reserve metadata) — it does not graduate or migrate. Public DEX trading starts only after graduation + migration succeed.

Auction timing​

The CCA strategy schedules auctions on the next Thursday 00:00 UTC weekly epoch (CCALaunchStrategy._deriveScheduledStartBlock). After Phase 2 finalize, the app typically calls launchDeferredAuction (Phase 4) with the 30% auction leg plus 10% LP reserve metadata.

PhaseMeaning
AuctionScheduledAuction created; bids not open until startBlock
AuctionLiveBids accepted until endBlock
GraduatedsweepCurrency() → migrate() eligible after delays
FailedfinalizeFailedAuction() / sweepUnsoldTokens() clears state for relaunch

Charm 99/1 bootstrap (not CCA): when the Charm strategy first seeds an empty LP, it targets ~99% creator coin / 1% USDC — this runs in Phase 3, separate from the fair-launch auction.

Key Functions​

// Launch auction with explicit LP reserve metadata.
// `floorPrice` is legacy/ignored; floor is derived onchain.
function launchAuctionWithReserve(
  uint256 amount,
  uint256 lpReserveAmount,
  uint256 floorPrice,
  uint128 requiredRaise,
  bytes calldata auctionSteps
) external returns (address);

// Legacy status (kept for compatibility).
function getAuctionStatus()
  external
  view
  returns (address auction, bool isActive, bool isGraduated, uint256 clearingPrice, uint256 currencyRaised);

// Rich lifecycle status for API/UI/keepers.
function getLifecycleStatus() external view returns (LifecycleStatus memory);

// Preview launch floor/tick from oracle data.
function previewLaunchPricing()
  external
  view
  returns (uint256 floorPriceQ96, uint256 tickSpacingQ96, uint256 creatorUsdPrice, uint256 ethUsdPrice);

// Trigger v4 LP migration after graduation/sweep readiness.
function migrate() external;

// Finalize failed auctions and unblock future launches.
function finalizeFailedAuction() external;

Migration Parameters​

  • positionManager: v4 position minter used for LP creation.
  • positionRecipient: recipient of the minted LP position.
  • operator: residual sweep operator after sweepBlock.
  • migrationDelayBlocks: delay from auction end to migration eligibility.
  • sweepDelayBlocks: delay from claim readiness to residual sweeps.

Launch Completion Caveat​

  • migrate() performs pool initialization and LP position migration, but does not itself finalize hook setTaxConfig.
  • Canonical launch completion should require:
    • sweep success,
    • migrate success,
    • hook config active and aligned to the intended tradeFeeCollector.

Launch pricing​

  • Launch floor is derived onchain from CreatorOracle (getCreatorPrice and getEthPrice), then converted to Q96.
  • Strategy applies a configurable launch discount (launchDiscountBps) and aligns floor to configurable spacing (launchTickSpacingBps).
  • Stale/invalid oracle data reverts launch (LaunchOracleStale, LaunchOracleInvalidPrice), so launch cannot proceed on unsafe pricing.
  • Frontend computeMarketFloorQuote is diagnostic/reference only and no longer trusted as an authoritative launch input.

Share Economics During Auction​

  • Vault economics are intentionally not frozen during auctions.
  • Strategy snapshots launch-time backing telemetry (totalAssets, totalSupply) when configured with backingVault.
  • API/UI expose drift fields for transparency (assetsDelta, supplyDelta), but these are warning-only and do not block settlement or migration.
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