The Auction
How a market token is sold. One genesis auction, then one short auction a day for thirty days, one clearing price for everyone, and unsold supply burnt.
Coming soon
A market token is sold in two ways only: one genesis auction, then one short auction every day for thirty days. Nobody is ever given a free token. Miners are paid in cash from the auctions, not in the token.
One bid
Place a bid
Say how much you will spend and the most you will pay per token.
Auction closes
At a time fixed before it opens. Nobody can extend it.
One clearing price
Set where the bids meet the supply. Every winner pays it.
Your max is at or above it
You win at the clearing price. Anything extra is refunded.
Your max is below it
Your whole bid is refunded.
Unsold tokens burn
Nothing rolls over to the next auction.
One price for everyone
Every sale is a Uniswap continuous clearing auction. You place a limit bid: how much you want to spend, and the highest price you will pay. When the auction ends, one clearing price is set where the bids meet the supply, and every winning bid pays that same price. Bid above it and you are refunded the difference. If the price clears above your limit, your whole bid is refunded.
Being first buys nothing, so there is nothing to snipe. A large bid fills at the clearing price with no slippage.
Genesis
Genesis market
Reserve
Wallets reserve a spot before launch. The first 25 Miners are picked.
72 hour auction
A fixed slice of supply is sold. The end is set in the contract.
One clearing price
Every winning bid pays the same price. Nobody pays above their max.
Locked pool
Nine tenths of the raise seeds a Uniswap pool, locked forever.
Genesis Miners
One tenth pays the first 25 Miners in USDC at settlement.
Burn
Tokens the auction does not sell are burnt.
Trading opens
The pool is live, and the season starts the next day.
- A fixed slice of the total supply, 150 million of 1 billion tokens, is sold in one 72 hour auction. Its end is set in the contract and cannot be extended.
- There is no minimum raise. The auction settles at whatever price the bids reach, down to a floor set before it opens.
- Nine tenths of the raise, paired with tokens from the reserve, seeds a full range Uniswap v4 pool at the clearing price. That liquidity is locked forever.
- The other tenth pays the first 25 Miners in USDC at settlement. Zeru takes nothing from genesis.
- Unsold tokens burn.
The season: every day for thirty days
Season market
Rank
Every wallet is scored on the market's activity. The board's hash is posted.
2 hour auction
The day's slice of supply goes on sale. Busy activity days release more.
One clearing price
Every winning bid pays the same price, never below the pool price.
Referrers
A small share of every referred bid, paid first. One level only.
25 Miners
Just under half, in USDC: the top 10 plus fifteen drawn.
Locked liquidity
Close to a third deepens the pool, locked forever.
Zeru
The rest is the fee.
Burn
Unsold tokens burn the same day. Nothing rolls over.
Day 31
Auctions stop. The rest of the supply burns. The pool keeps trading.
- At a fixed time each day, a two hour auction opens for that day's slice of the miner pool.
- The slice grows or shrinks with how much of the market's activity happened that day, compared with the week before.
- The floor price is anchored to the pool's recent trading, so a dump just before the auction cannot buy a cheap tranche.
- Unsold tokens burn the same day. Nothing rolls over.
First, a small share of every bid that came through a referral link goes to the member who shared it, one level only. Of the rest, just under half pays that day's Miners in USDC. Close to a third goes into locked two sided liquidity, so the pool under every holder gets deeper as the season runs. The rest is Zeru's fee.
Day 31
The auctions stop. The remaining miner pool and reserve burn. The Uniswap pool and its locked liquidity stay, and the token keeps trading.
Why an auction and not a curve
A bonding curve is a fixed price schedule. Buying at minute one beats minute thirty, and the first thing the open market sees is the sniper's dump. A clearing auction finds the price where real bids for the whole tranche meet, and everyone pays it.