Uniswap pioneers the CCA mechanism; Aztec's public sale launches a new auction model.
TL;DR
On November 13, 2025, Uniswap launched the Continuous Liquidation Auction (CCA) mechanism, a fully on-chain token sale protocol deeply integrated with Uniswap V4. The Aztec network became the first project to adopt CCA, with its AZTEC token public sale scheduled for December 2-6, with an initial FDV of $350 million. Privacy compliance verification was implemented through ZK Passport, representing a significant innovation in token distribution methods.
Core Analysis
Uniswap CCA Mechanism Explained
Technical Architecture
- CCA is a core component of the Uniswap liquidity launchpad framework, designed for fair price discovery of new or low-liquidity tokens. (uniswap blog)
- A fully on-chain, permissionless protocol eliminates the involvement of intermediaries and gatekeepers . cca.uniswap.org
- Natively integrated with Uniswap V4, supporting advanced features such as custom fee tiers, tick intervals, and dynamic fees. (uniswap whitepaper)
Auction Mechanism
- The project team sets key parameters: auction token supply, release schedule Q(t), reserve price, duration, and validation hook (uniswap whitepaper).
- Bidders submit their highest price and total expenditure; bids are distributed proportionally across the remaining blocks, and once within the range, they cannot be withdrawn. (uniswap blog)
- Uniswap docs : The highest price sells the entire supply; higher-priced transactions have priority, then the supply is allocated proportionally according to the liquidation price.
- After the auction ends, if the graduation threshold is reached, the proceeds plus reserves will be used to provide seed funding for the Uniswap V4 pool at the final price.
Core advantages
- Early Bidding Rewards: As prices remain stable, early bidders receive exposure to more cheap blocks (uniswap whitepaper).
- Anti-MEV and Manipulation: Immutable Bids, No-Time Game Uniswap docs
- Liquidity from Day 1: Deep V4 pools prevent a thin market after launch . cca.uniswap.org
Aztec token public sale implemented.
Sales Schedule
- Contributor Track Bidding: November 13 - December 1, 2025 (9:00 AM ET) aztec.network
- Open bidding for rails: December 2-6, 2025 (9:00 AM ET) aztec.network
- The tokens can be claimed and staked after the auction on December 6th at aztec.network.
Token Economics
- Initial total supply: 10.35 billion AZTEC tokens (aztec.network)
- Public auction supply: 1.547 billion AZTEC (14.95% of the initial supply) aztec.network
- The initial floor price is based on a fully diluted valuation (FDV) of $350 million, representing a discount of approximately 75% to the valuation in Aztec Labs' latest equity financing. (aztec.network )
| Assignment Category | Token quantity | percentage | Remark |
|---|---|---|---|
| Public auction | 1.547 billion | 14.95% | Unsold items can be recycled by the foundation. |
| Core Team | 2.178 billion | 21.06% | 36-month vesting period |
| Investors/Early Supporters | 2.822 billion | 27.26% | Each has its own ownership plan |
| Other allocations | 3.753 billion | 36.73% | See the white paper for details. |
Compliance and Access
- Age requirement: 18 years or older, not on the sanctions list (aztec.network)
- Geographic restrictions: Excludes residents of the UK, Malta, and Myanmar. aztec.network
- Verification methods: ZKPassport (ZK proof of ICAO-compliant documentation via Noir circuitry) or Predicate KYC (aztec.network)
- Contributor whitelist: Approximately 300,000 addresses, including testnet validators, independent ETH stakers, zk.money users, etc. (aztec.network )
Community sentiment analysis
Positive response
- Community discussions highlighted CCA's innovation in providing permissionless, on-chain token distribution, resisting sniping and bundling attacks .
- Uniswap founder Hayden Adams describes CCA as a highly configurable and powerful price discovery tool for fair markets of low-liquidity tokens . (x.com)
- Influencers are excited about Aztec's privacy-focused L2 utilization of CCA, seeing it as a resurgence of programmable privacy with strong VC backing and real-world utility potential .
Questions and criticisms
- Critics argue that the sales structure favors venture capitalists who acquire tokens at lower valuations and positions community participants as potential exit liquidity.
- Even with the ZK option, KYC requirements seem ironic for a privacy blockchain and are seen as disrespectful to early contributors . (x.com)
- The auction format has been criticized for non-refundable bids and the risk of whale manipulation . (x.com)
Pre-sale commitment status : As of December 1, 2025:
- Contributor Track: 5,500 ETH committed from 10,000 bids on x.com
- Coinlist integration provides access to x.com to over 4 million users starting December 2nd.
Technical Analysis
Comparison with traditional auction methods
| Auction type | Price discovery | MEV resistance | Liquidity guidance | Fairness |
|---|---|---|---|---|
| CCA | Continuous Unified Settlement | high | Automatic V4 pool creation | Early reward mechanism |
| Dutch auction | Decreasing price | Low | Manual settings are required. | Time advantage |
| Fixed-price IDO | Preset price | Low | External liquidity | First come, first served |
| Union curve | Dynamic pricing | Low | Built-in AMM | Risk of rushing ahead |
CCA's technological innovations
Example of bidding mechanism
- Bid: 3 ETH, maximum 0.01 ETH/token; early bids will be allocated 1/3 of the Uniswap whitepaper across 3 blocks.
- Liquidation Example: 1000 tokens/block; Request {600@0.010, 1000@0.008, 2000@0.005} to liquidate Uniswap Whitepaper at 0.008 ETH/token.
Gas optimization
- Use Permit2 for approval and multiple calls; use UERC20Factory uniswap docs for new tokens.
- The contract has been deployed on the Ethereum mainnet (LiquidityLauncher: 0x00000008412db3394C91A5CbD01635c6d140637C) and in the Unichain uniswap docs.
Risks and limitations
Technological risks
- Bidding shadow probability, network friction (MEV); configurable to mitigate impact Uniswap whitepaper
- Token transfer restrictions: aztec.network cannot be fully transferred until at least February 11, 2026 (TGE).
Market risk
- Maximum total bid per account: 240 ETH (approximately $850,000 as of November 12, 2025) aztec.network
- Core team/investors: 12-month staking/governance exclusion period; 36-month vesting period . cryptorank.io
in conclusion
The launch of Uniswap's CCA mechanism and Aztec's initial implementation mark a significant innovation in token distribution. This new auction model addresses many pain points of traditional token sales through continuous liquidation, automated liquidity bootstrapping, and manipulation-resistant design. Despite some community skepticism, CCA offers a fairer and more transparent alternative for future token launches, particularly with its deep integration with Uniswap V4, providing projects with a one-stop solution from price discovery to liquidity bootstrapping. Aztec, as the first adopter, will use its public sale from December 2nd to 6th as a crucial test of this innovative mechanism.