the mathematics
of fair price.
Continuous Clearing Auctions replace guesswork with game theory. A mechanism where bidding your true valuation is a reasonable strategy that protects against overpaying.
Runner uses a uniform-price batch auction to discover the fair market value of new tokens. Every participant is treated equally, every price is verifiable on-chain, and no one—not even the protocol—can manipulate the outcome.
token launches are broken.
Most
Bot-Dominated Launches
The vast majority of token launch allocations go to automated sniping bots that exploit millisecond latency advantages over human participants.
Billions
MEV Extracted Annually
Validators and searchers reorder transactions to extract enormous value from regular users through front-running and sandwich attacks.
Seconds
Decision Window
Traditional launches force decisions in seconds, creating FOMO and panic buying. Thoughtful valuation is impossible under these conditions.
continuous clearing auctions.
A CCA collects all bids over a defined window, then calculates a single clearing price where supply meets demand. Every winning bidder pays the same price. No exceptions.
The Core Mechanism
In a uniform-price auction, the clearing price is the highest price at which the total quantity demanded is greater than or equal to the total supply. All bids at or above this price are filled. All bids below are refunded.
This mechanism encourages truthful bidding: bidding your true valuation is a reasonable strategy that protects against overpaying. Gaming opportunities are significantly reduced, speed advantages are minimal, and honesty is rewarded.
Aggregate Demand
All bids are sorted by price to form a demand curve.
Intersect Supply
The fixed supply line intersects the demand curve at the clearing price.
Uniform Settlement
Winners pay the clearing price. Losers receive full refunds.
how it works.
Project Lists Tokens
A project defines the token supply, auction duration, and reserve price. All parameters are published on-chain before the auction begins—fully transparent from the start.
Bidders Submit Orders
Participants place bids specifying the maximum price they are willing to pay and the quantity they want. While bids are public on-chain and visible demand helps participants make informed decisions, everyone pays the same clearing price—you cannot undercut others.
Auction Runs to Completion
The auction runs for a predetermined duration. There is no advantage to bidding first or last. No sniping, no front-running, no timing games. Every participant has equal access.
Clearing Price Calculated
When the auction closes, all bids are sorted by price. The algorithm finds the price at which cumulative demand equals available supply. This is the single, uniform clearing price.
Settlement & Refunds
Every winning bidder pays the same clearing price—regardless of their original bid. Bidders who bid below the clearing price receive a full refund. No one overpays.
mathematical guarantees.
CCA fairness is not a promise—it is a provable property of the mechanism. These guarantees hold regardless of who participates or how much capital they deploy.
Minimal
Front-Running Advantage
Uniform pricing and batch settlement significantly reduce transaction ordering advantages.
1
Uniform Price
Every winning bidder pays the exact same clearing price. No exceptions.
100%
On-Chain Verifiable
Every bid, every calculation, every settlement is recorded and auditable on Solana.
traditional vs. CCA.
Price Discovery
First-come, first-served. Price spikes immediately.
Aggregated demand curve. Single fair price.
Bot Advantage
Bots with lower latency dominate allocations.
Reduced latency advantage. Minimal execution-order advantage.
MEV Extraction
Validators and searchers extract value via reordering.
Batch settlement and uniform pricing significantly reduce ordering-based exploitation.
Pricing Fairness
Early buyers pay less, late buyers pay more.
Uniform clearing: everyone pays the same price.
Post-Launch Stability
Massive volatility as the market seeks real value.
Price discovered before trading begins. Stable from block zero.