Auctions
Auctions are live on Base. Stellar auctions are part of the network expansion and follow the same product rules below.
An auction lets participants state the price they are willing to pay for the launch token. Higher-priced bids receive priority when demand exceeds the available allocation.
What the creator defines
The launch publishes the auction allocation, quote asset, opening and closing times, minimum price if used, eligibility criteria, and the token distribution schedule. It must also publish the bid payment rule and the treatment of partial fills, tied bids, cancellations, and unallocated funds.
On Base the quote is USDC. On Stellar it is XLM or USDC.
An auction starting price is a bid constraint or reference price. It is not the bonding curve's virtual-reserve ratio.
Participant flow
Review the project, auction terms, eligibility, and claim schedule.
During the auction window, submit a price and requested quantity with the required quote-asset commitment.
After close, the settlement process ranks eligible bids by price and calculates final allocations.
Winners pay according to the published payment rule and receive a claim or vesting entitlement.
Unaccepted quote tokens are returned or made claimable under the published refund rules.
Bidding does not guarantee a fill. The final accepted quantity can be smaller than the requested quantity.
Example: priority by bid price
Suppose 100,000 tokens are available:
| Participant | Bid price in USDC | Requested tokens | Illustrative allocation |
|---|---|---|---|
| Alice | 0.15 | 60,000 | 60,000 |
| Ben | 0.12 | 60,000 | 40,000 |
| Cora | 0.10 | 20,000 | 0 |
This example illustrates price priority and a partial fill at the cutoff. It does not select a settlement price. Whether winners pay their own bid or a shared clearing price is stated on the live launch.
Settlement details
The live Base auction publishes whether bids are public or sealed, whether payment is pay-as-bid or uniform-price, how equal bids are handled, and whether participants can replace or withdraw bids. Read those terms on the launch page before bidding.
Reputation can define access criteria. Any extra effect on auction ranking must be published on that launch; it should not be assumed from the presale policy.