As the largest DEXs for EVM and Sol, Uniswap and JupiterExchange have both launched their own ICO platforms. Uniswap's is called CCA (Continuous Clearing Auctions), and JupiterExchange's is called DTF (Decentralized Token Formation). CCA Features: Auctions lasting up to half a month, with the protocol automatically slicing each user's bid according to the remaining number of blocks. For example: 4 days left in the auction ≈ N blocks. If you bid 10 ETH, the funds will be evenly distributed across each subsequent block for queuing. Within any given block, your slice will only be filled if the liquidation price of that block is less than or equal to your bid limit. After the auction, the funds are directly injected into the Uniswap v4 pool, ensuring no further transactions. In summary, CCA's main function is to help users avoid relying on a "fixed price + speed-based" approach, but rather allow the market to gradually "negotiate" the price over several days through continuous clearing auctions. DTF Features: Fixed-price transactions, no continuous auctions, but provides a standardized token issuance/sale interface on Jupiter that cannot be easily modified, including: 1. Total token supply & FDV/valuation settings 2. Mandatory disclosure of the destination of all token supply – all on-chain and stored in clearly marked wallets 3. Smart contracts locking token unlocking time, amount, rules, etc. In summary, CCA's main function is a more secure ICO, not only raising funds but also directly locking up much of the previously uncertain information on Jupiter, preventing malicious actions by project teams and protecting investors. CCA's initial offering is currently underway at @aztecnetwork, and DTF's initial offering is on December 3rd at @humidifi. This is not an advertisement, no endorsement, profit and loss at your own risk, DYOR. PS: Various auction mechanisms cannot fundamentally solve the possibility of malicious actions by project teams, but Jupiter's ICO mechanism at least theoretically provides the possibility of endorsement by a third-party platform and on-chain locking. So, whether from the perspective of cypherpunk or from the perspective of protecting user assets, I prefer Jupiter's new toy.