The first CCA auction is live and clearing orders We put a lot of thought into what is the ideal auction model for quality projects and teams to bootstrap liquidity, with healthy market behavior and true price discovery Sharing a simple mental model for participants: Buyers specify their total budget and max price they would pay for a token Orders are spread across all remaining blocks and executed over time (like a TWAP) Auction starts at a floor price and goes up over time, with each block clearing at the highest price where demand exceeds supply Each block where the clearing price is lower than your max price, you will receive tokens for a portion of your budget. if your max price is exceeded, the remainder of your twap is cancelled What is the game theory? Bid early with your real max budget and your real max price Your max price ensures you will not buy a single token above what you are willing to pay, and orders TWAP over the remaining duration so waiting only gets you a worse average price With a well parameterized auction (ie not too fast), there are no crazy timing games, sniping, bundling, sandwiching, etc Everyone has equal access to buying at the same rates No advantages for advanced users or MEV bots Just real price discovery(Hayden Adams 🦄)