Uniswap has launched its first-ever Continuous Clearing Auction (CCA) with the $AZTEC token sale completed on 6th Dec 2025.
Author: Sahil Thakur
7th Dec 2025 – Uniswap has launched its first-ever Continuous Clearing Auction (CCA) with the $AZTEC token sale, developed in collaboration with Aztec Network. The on-chain auction ran from December 2 to 6, 2025, and introduced a new permissionless method for fair price discovery and liquidity bootstrapping on Uniswap v4.
The sale was designed to solve common launch issues like sniping bots, last-minute bidding, and low liquidity after listing. It allowed gradual price formation in real time, offering equal access and full transparency.
CCA is a new modular auction protocol built for Uniswap v4. It enables projects to sell tokens in blocks of time rather than all at once. Bidders submit ETH with a maximum price they’re willing to pay. The system then spreads bids across auction blocks.
Each block clears at a single price. This method prevents manipulation and encourages early participation. It also avoids gas wars and incentivizes long-term liquidity.
At the end of the auction, the protocol injects both the auction proceeds and unsold tokens into a Uniswap v4 liquidity pool at the final price.
The $AZTEC sale was the first to use this system. It distributed 14.95% of Aztec’s total supply. Aztec is a privacy-focused Ethereum Layer 2 network with over $8 million in TVL.
The auction raised more than 19,000 ETH, or about $59 million. The fully diluted valuation rose 59.65% from the floor price, ending at approximately $557 million. A total of 16,658 unique participants received allocations. Early bidders paid about 59% less than last-day buyers.
The final result created a ~$26 million Uniswap v4 liquidity pool seeded with 4,234 ETH and 273 million $AZTEC.
The auction followed a clear five-stage process:
The auction also featured Aztec’s ZK Passport, a zero-knowledge module for anonymous eligibility checks. This maintained compliance without exposing personal data.
The auction was hailed as a success by the community and developers. It saw over 19,000 ETH in bids from nearly 17,000 users, with no major disruptions. Uniswap founder Hayden Adams called it “beautiful” and praised its transparency.
Aztec co-founder Zac Williamson stated, “CCA changes what fair access means in crypto – no special deals, no hidden allocations.” The project also confirmed that the sale had no VC pre-allocations beyond its previous equity rounds.
Following the event, the $AZTEC pool went live on Uniswap v4, ensuring price discovery continues in a liquid and open market.
Uniswap plans to expand CCA to more projects in the coming months after the $AZTEC auction. Developers can already integrate the protocol. Future upgrades may include new auction styles and more privacy-focused features.
With this launch, Uniswap has positioned itself at the forefront of fair, on-chain token distribution. Aztec’s successful rollout provides a strong proof of concept for how auctions can evolve in decentralized finance.
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