Liquidity & Settlement

This section explains what happens when a Gavel auction ends: how allocations finalize, how claims/refunds work, and how liquidity gets created on Uniswap v4.

1) What “settlement” means on Gavel

At the end of a CCA auction, the protocol finalizes the outcome:

• Final allocations: how many tokens each bidder receives

• Final payments: how much of each bid was actually spent

• Refunds (if any): any unspent/returned funds become claimable

• Liquidity seeding: proceeds are used to create liquidity at the discovered price

Everything is computed and recorded onchain.

2) Claims: tokens and refunds

After settlement, bidders typically have two claim actions:

Claim tokens

You receive the amount of tokens you were allocated based on:

• which blocks you filled in

• the clearing prices of those blocks

• your bid limits (max price)

Claim refunds (if applicable)

Refunds can come from:

• unspent bid amount (you didn’t fill fully)

• launch-specific refund conditions (if configured)

Your UI will show:

• spent vs remaining

• claimable tokens

• claimable refunds

3) Liquidity seeding on Uniswap v4

Once the auction is settled, proceeds seed liquidity programmatically on Uniswap v4 at the discovered price.

In plain English:

• the auction ends

• a pool is created/initialized (if needed)

• liquidity is added using the sale proceeds (and launch-defined parameters)

• trading can start immediately at a price derived from the auction outcome

This avoids the common presale failure mode where: fundraise succeeds → liquidity is “promised later” → market opens thin and unstable.

4) “Via Gavel or Clanker” routing

Depending on the launch configuration, liquidity seeding can happen through:

• Gavel settlement routing, or

• Clanker routing

The goal is the same: liquidity creation is part of the settlement path, not a manual promise.

Your launch page should clearly indicate:

• the DEX venue (Uniswap v4)

• which routing path is used

• any lock/ownership rules (if applicable)

5) What is enforced vs what is optional

Enforced by the mechanism

• onchain allocation + clearing price accounting

• settlement rules

• liquidity seeding path (when configured)

Launch-dependent / optional

• allowlists and private bidding (curated presales)

• per-wallet caps

• unsold token handling policy (burn/return/treasury)

• any extra modules or constraints

6) How the “final listing price” is determined

Gavel doesn’t “pick” a listing price.

The initial trading price is anchored by:

• the auction’s final clearing outcome, and

• the liquidity seeding parameters used to create the Uniswap v4 pool

In other words: the pool starts at a price the auction discovered, not a fixed market cap chosen beforehand.

7) Common questions

Q: Is liquidity guaranteed? Liquidity seeding is programmatic when enabled for the launch. Always verify the launch page parameters and settlement rules.

Q: What if I don’t claim immediately? Your claimable balances remain onchain. Claim timing depends on launch configuration and UI support.