What is a Continuous Clearing Auction (CCA)?
Umia Finance uses a Tailored Auction based on Uniswap's Continuous Clearing Auction (CCA) design. Instead of selling the entire $SLOP auction allocation at one static price, the system releases supply gradually across a predetermined series of blockchain blocks.
In each clearing moment, eligible active bids compete for the available token supply. Higher maximum-price bids are prioritized, while bids at the clearing price may receive proportional fills. Everyone clearing in the same moment pays that moment's clearing price.
Essential $SLOP auction terms
- Bid budget
- The amount of USDG committed to a bid.
- Maximum price
- The highest clearing price per $SLOP that the bid permits.
- Clearing price
- The price formed by demand and available supply in each clearing period.
- Partial fill
- An outcome where only part of the budget buys tokens.
- Graduation threshold
- Minimum auction proceeds required for successful settlement.
Do earlier bids pay less?
Joining earlier can provide exposure to additional, potentially lower-priced clearing blocks. It does not guarantee a fixed discount. A participant's realized average price is determined by the portions of their bid that clear over time. This is different from a traditional first-come-first-served presale.
How does the clearing price move?
As the auction progresses, released tokens and active bids determine the clearing level. In Umia's standard CCA design the clearing price does not decline during the auction: it holds steady when no additional demand raises it. A bid stops clearing if the price rises above its selected maximum.
What happens to my unspent USDG?
After finalization, unused funds from a partially filled or unfilled bid can be reclaimed through the official claiming or refund flow. If the auction does not meet the configured graduation threshold, bids follow the unsuccessful-auction refund terms rather than receiving tokens.
How does Uniswap v4 liquidity start?
After successful close, a portion of auction proceeds and a separately allocated token reserve are used to seed a treasury-owned Uniswap v4 liquidity pool at the discovered price. For the Slop Cash design, the project says 20% of auction proceeds support market liquidity.