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FAQ

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1) What is a Continuous Clearing Auction (CCA)?

A CCA is a token sale that runs over time instead of all at once. Supply is released gradually, and the auction clears continuously (per block).

You bid with a spend amount and a max price. If the auction’s clearing price is at or below your max price, you fill.

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2) What is the clearing price?

Clearing price = the single price where that block’s available supply can be sold.

At the end of each block:

  • the protocol finds one clearing price

  • bids fill from highest max price downward

  • everyone who fills in that block pays the same clearing price

If the clearing price rises above your max price, your bid stops filling until it’s back in range.

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3) After the auction ends, what price does it list at?

Gavel does not “pick” a listing price.

When the auction ends:

  • allocations settle

  • proceeds seed liquidity on Uniswap v4 (via Gavel or Clanker routing depending on the launch)

  • trading starts at a price anchored by the auction outcome (the discovered clearing price + seeding parameters)

In short: the market discovers the price during the auction, and liquidity starts at that discovered price.

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4) How does gasless funding via x402 work?

When enabled, x402 lets users fund participation without needing native gas on the destination chain.

It’s designed to remove friction:

  • fewer failed transactions

  • less wallet juggling

  • easier participation (especially cross-chain)

x402 changes the deposit experience, not the auction rules — clearing, allocation, and settlement remain onchain and verifiable.

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Glossary

CCA (Continuous Clearing Auction) A token sale that releases supply over time and clears continuously with a shared price per block.

Clearing price The single price for a given block where that block’s supply can be fully sold. Everyone who fills in that block pays this price.

Max price Your personal price limit. You only fill when the clearing price is ≤ your max.

Spend How much you’re committing in the raise asset (ETH/USDC/USDT).

In range / Out of range (Outbid) Whether your max price is high enough to fill at the current clearing price.

Pro-rata If there isn’t enough supply to fill everyone at the clearing price, fills are split proportionally among bids at that price.

Settlement The end-of-auction finalization: allocations finalize, claims/refunds become available, and liquidity seeding occurs.

Liquidity seeding Using proceeds to create liquidity on Uniswap v4 at the discovered price so trading starts with depth.

Allowlist A list of eligible addresses allowed to participate in a curated presale.

Private bidding An optional mode where bid details aren’t publicly visible during the auction (launch-dependent).

x402 A standard used to enable gasless funding flows, reducing the need for participants to hold native gas on the destination chain.

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