Auction (CCA)
4626 uses a Uniswap CCA-style auction as the default launch/distribution mechanism for a new vault.
At a high level:
- The vault mints share tokens (shareOFT)
- A portion of shares is sold via auction to discover a market-clearing price
- The resulting price becomes the initial market anchor for the vault/share pair
This is the Market primitive because it is where price discovery, liquidity formation, and launch-time attack surfaces concentrate.
Why CCA
- Fair distribution: public price discovery instead of private allocations
- Composable: downstream integrations can assume a price-bearing pool exists
- Auditable: auction parameters and resulting clearing price are onchain facts