How it works
A launch where the order you arrive in does not matter, no one can see an order book, and the result can be checked by anyone.
Sets the token, how many tokens are for sale, a reserve price, the bidding window and an optional cap per account. These are fixed from this moment, so no one can bend them after seeing the bids.
Chooses the most they'd pay per token and how many they want. The bid is encrypted so only the enclave can read it, and the most they could owe is locked in a payment check they control.
Bidding stops at the deadline. The public sees how many bids there are, never an amount. A buyer who changes their mind can withdraw their payment check, which only cancels their own bid.
Sorts the bids by limit price and fills them from the top until the supply is sold. The price of the last bid filled is the clearing price. Every winner pays it. Bids at that price share what is left pro-rata.
Sends tokens to winners, returns every unused amount to its bidder, and sends the proceeds to the creator. Nobody has to ask for a refund.
The code hash, the input hash, the attestation and the result are published. Anyone can recompute them and check the transfers on chain.
The auction rule
Worked example
1,000,000 tokens for sale, reserve $0.01. Computed here by the same rule, not typed in.
| Bidder | Limit | Wants | Gets | Pays |
|---|---|---|---|---|
| A | $0.05 | 400,000 | 400,000 | $12,000.00 |
| B | $0.04 | 300,000 | 300,000 | $9,000.00 |
| C | $0.03 | 300,000 | 300,000 | $9,000.00 |
| D | $0.02 | 200,000 | refunded | $0.00 |
Clearing price $0.03
A pays $12,000.00, not $20,000.00. Proceeds $30,000.00.