Uniswap V3 CCA First Auction Concludes, Total Bids Reach $59 Million, Funds to Be Used to Provide Initial Liquidity for v4 Pool

BlockBeats News, December 8th, Uniswap founder Hayden Adams announced yesterday that "Uniswap's first CCA auction has ended with a total of $59 million in bids. No sniping, no bundling, no time games.

It was just a slow, transparent, and fair price discovery process, with the final price 59% higher than the floor price — and bidders actually had several days to bid earlier and get a better average price. Even if you bid $10 billion in FDV on the first day, you wouldn't have "overpaid," but instead would have obtained a compromise DCA transaction price between the floor price and the final clearing price.

Now, most of the funds raised from this auction and the ef="/wiki/article/token-259">token reserves will be used to provide initial liquidity to the Uniswap v4 pool, becoming the primary secondary market liquidity source."

BlockBeats previously reported that on November 13th, Uniswap launched the Continuous Clearing Auction (CCA) protocol for providing liquidity at the launch of Uniswap v4 and token issuance.