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How to Place a Bid

Placing a bid in a Continuous Clearing Auction lets you participate in a token launch at a fair, market-determined price.

From the main auctions page, find an auction with an Active status badge. Click on it to open the auction detail page.

Understanding the Auction Page​

Before placing your bid, review the key information displayed on the auction page:

  • Current Clearing Price -- The price at which all available supply would be sold right now. This updates as new bids arrive.
  • Time Remaining -- How long the auction will continue accepting bids.
  • Supply Released -- How many tokens have been released so far according to the supply schedule.
  • Bid Distribution -- A chart showing how bids are distributed across price levels.

Setting Your Max Price​

Your max price is the highest price per token you are willing to pay. This is not necessarily what you will pay -- it is your ceiling.

You may pay less than your max price

In a CCA, all winning bids fill at the same clearing price. If the clearing price ends up below your max price, you pay the clearing price, not your max. Setting a higher max price increases your chance of being filled, without overpaying.

Choose a max price based on what you believe the token is worth to you. Bids with a higher max price are filled first. If many bidders compete, the clearing price rises, but it will never exceed your max price.

Setting Your Bid Amount​

Your bid amount is how much quote currency (e.g., USDC or SOL) you want to commit to this auction. This is your total budget, not a per-token amount.

The number of tokens you receive depends on the final clearing price:

Tokens received = Bid amount / Clearing price (subject to pro-rata allocation if partially filled)

Confirming the Transaction​

  1. Enter your max price and bid amount in the bid form
  2. Review the summary showing your parameters
  3. Click Place Bid
  4. Approve the transaction in your wallet

Your wallet will prompt you to sign a single Solana transaction. Transaction fees are minimal (fractions of a cent).

What Happens After Your Bid​

Once confirmed on-chain, your bid is live in the auction:

  • If your max price is at or above the current clearing price, your bid is in-range and actively contributing to the auction
  • If your max price is below the clearing price, your bid is out-of-range and will only activate if the clearing price drops
  • Your committed funds are held in a program-controlled escrow (PDA) -- not by any person or company
  • You can monitor your bid status on the Portfolio page

The clearing price can change as other participants place or withdraw bids. Your bid remains active for the duration of the auction.