Open Auctions Instead of Shadowy Token Launches
According to Uniswap, today’s token launches are messy: fragmented announcements, private deals, and insider pricing long before the market ever sees a chart. That lack of transparency leaves early buyers guessing.
CCA flips the script by moving the entire process — bidding, pricing, and settlement — fully onchain and out in the open. Tokens are distributed block by block, each with a single clearing price, so markets form gradually rather than through sudden volatility.
The structure helps reduce sniping and rewards early participation. Bids execute only when the clearing price sits below the user’s limit, making the process more predictable and fair.
Because CCA connects directly to Uniswap v4, all auction proceeds automatically flow into a liquidity pool at the final clearing price. So once the sale ends, the token immediately has active liquidity for secondary trading.
How the Bidding Flow Works
Projects set the foundation by choosing how many tokens to sell, the starting price, and the overall timeline. They can plug in extra modules — like tranche-based token unlocks or Aztec’s ZK Passport, which verifies participants without exposing their identities.
From there, the bidding begins.
Users place a bid by choosing the maximum price they’re willing to pay and the total amount they want to spend. CCA then spreads that bid across all remaining blocks, using the same limit for each portion. As long as the clearing price stays within the bidder’s range, the order remains locked in. If the market moves away from those conditions, the user can pull the bid.
At the end of every block, the protocol sets one price that clears the tokens available in that block. Higher bids fill first, followed by lower ones, until supply dries up. When multiple bids sit on the same level, the system allocates tokens proportionally. Everyone who fills inside a block pays the exact same price.
As demand shifts, clearing prices climb or stay flat. Typically, early bidders end up with better average prices, since early blocks clear cheaper. It’s a natural progression that leads straight into automatic liquidity on v4.
Aztec’s Role and What’s Coming Next
Aztec co-developed the protocol and will operate the first real auction. Together with Uniswap, they also introduced ZK Passport, adding private-yet-verifiable participation to an otherwise fully open auction format.
The CCA protocol is now live for any project ready to launch using the new system. Uniswap says more modules are coming soon, giving teams even more flexibility on how their token sales are structured.
The release fits into Uniswap’s broader push to strengthen the protocol’s economic layer. Earlier this week, Uniswap Labs and the Uniswap Foundation proposed turning on the fee switch. Meanwhile, recent data shows DeFi fees climbing again, with Uniswap and Aave generating about $600 million in September.
With CCA, Uniswap is bringing real on-chain transparency to early token markets — from block-by-block price discovery to automatic liquidity creation. And with Aztec in the mix and more modules on the way, the protocol is positioning CCA as the new standard for on-chain token launches.