Current Testnet Parameters
How the current Activity Markets test configuration is set up. Specific numbers are decided at launch and, over time, by governance.
Snapshot of the current test configuration
Genesis
| Current testnet setting | |
|---|---|
| Auction mechanism | Continuous clearing auction. Every winning bid pays one clearing price. |
| Duration | Fixed before the auction opens and set in the contract. |
| Indicative supply | A fixed slice of the total supply. |
| Settlement | Winning bids pay the clearing price and are refunded any difference. Lower bids are refunded in full. Unsold tokens burn. |
Genesis market
Reserve
Wallets reserve a spot before launch. The first Miners are picked.
Genesis 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
Most of the raise seeds a Uniswap pool, locked forever.
Genesis Miners
The rest pays the first 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.
Season
| Current testnet setting | |
|---|---|
| Number of rounds | One auction a day for the length of the season. |
| Auction duration | A short window at a fixed time each day. |
| Miner selection | Ranked by activity, with a draw to broaden participation. |
| Issuance logic | Each day's supply follows that day's activity. |
Season market
Rank
Every wallet is scored on the market's activity. The board's hash is posted.
Daily 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.
Miners
A share, in USDC.
Locked liquidity
A share deepens the pool, locked forever.
Zeru
The rest is the fee.
Burn
Unsold tokens burn the same day. Nothing rolls over.
Season ends
Auctions stop. The rest of the supply burns. The pool keeps trading.
Economics
| Current testnet setting | |
|---|---|
| Miner proceeds | A share of every auction, paid in USDC. |
| Liquidity | A share of every auction deepens the pool, locked forever. |
| Protocol fees | The rest of each season auction. |
Market
| Current testnet setting | |
|---|---|
| Canonical DEX | Uniswap |
| Burn behavior | Unsold tokens burn. When the season ends, unissued supply burns. |
| Liquidity configuration | Two sided, locked forever. |