Continuous Clearing Auctions allow you to place a bid in token auctions.
Browsing auctions
- Open the Uniswap Web App Explore page.
- Select the Auctions tab.
- Select the auction you’d like to look at.
Note: Some auctions are verified, meaning they have met certain objective criteria establishing the identity of the token team. Verification is not an endorsement or recommendation of the token, the token team, or the auction. See more here.
Auction details
Each auction contains:
- Auction timeline: Start and end dates
- Floor price: Minimum price during pre-sale period and at the start of the auction
- Current clearing price: What people are paying right now (if the auction is live)
- Committed volume: Current sum of all bids placed
There are multiple graphs to show the price, demand, and distribution of tokens in the auction. To the right of the graph, you can place your bid.
Bidding in an auction
- Set your total budget. This is the maximum total amount you're willing to spend on this bid for the duration of the auction. You may create additional bids with different budgets and FDV values.
- Set your Max FDV. This is the highest price you’re willing to pay per token.
- Fully diluted valuation (FDV) is a representation of the maximum value of a cryptocurrency project, assuming all of its tokens are already in circulation. It is calculated as Fully Diluted Valuation = Token Price * Total Supply. To learn more, see here.
- During the pre-sale period, your max FDV must be at or above the floor price. Otherwise your bid won't be valid.
- During the active sale period, your max FDV must be above the current clearing price. If you set it below, you'll be "out of range" and won't receive any tokens.
- Select “Place bid” and confirm the transaction in your wallet. This requires a network cost.
Withdrawing funds
You can withdraw funds from an auction in two circumstances.
- During an auction: when your bid is no longer in range, you can immediately withdraw any of your unspent funds. If the auction is still running, you can use those funds to re-bid.
- When an auction has ended: you can only withdraw your tokens purchased at the end of the auction. When you claim your tokens, any unspent funds will be automatically withdrawn.
What is Fully Diluted Valuation (FDV)?
Fully diluted valuation (FDV) is an estimate of a token project’s value assuming all tokens in the token’s total supply are in circulation.
FDV is calculated as Fully Diluted Valuation = Token Price * Total Supply.
A token’s total supply can change over time (for example, due to minting of new tokens or burning of tokens), which can affect FDV.
In the CCA Interface, any displayed token price, FDV, or similar metrics are estimated values derived automatically from on-chain auction data (including current bids). These estimates may fluctuate as bids change and may not reflect the final clearing price or actual market value. FDV and token price are provided for informational purposes only and should not be relied upon in deciding whether to place a bid or otherwise participate in an auction. Uniswap Labs does not provide an independent valuation, recommendation, endorsement, or opinion regarding any token or token project.
During the auction
Once you submit your bid you don’t need to do anything. During this time:
- Tokens are released and sold block by block
- Your bid competes in each block automatically
- You accumulate tokens whenever the clearing price is at or below your max price
- Your unspent budget carries forward to the next block
- All successful bidders in the same block pay the same clearing price. No one gets a better deal than another person
During the auction, you can track:
- Current clearing price: What tokens are selling for right now
- Tokens allocated to you so far: Your running total
- Remaining budget: How much you have left to spend
- Your bid status: In range or out of range
Claiming your tokens and unspent budget
- When the auction completes, return to the auction page
- Select "Claim". This action requires a network cost.
- You'll receive:
- All tokens you were allocated during the auction
- Any unspent funds from your original budget
Claims never expire and you can claim at any time.
Disclaimer: Uniswap Labs does not endorse, recommend, or make any representations about any token, token team, or auction. You should independently evaluate whether to participate in token auctions.