What is a Continuous Clearing Auction?

A Continuous Clearing Auction is an onchain token sale that releases supply across a fixed window and computes one clearing price per block from active bids, so accepted bidders in the same block receive the same price while demand can move later clearing blocks higher.

A bidder declares how much quote currency they will spend and the highest price they accept. The auction allocates a scheduled share of supply through the window. Within each clearing block, accepted demand receives that block's single clearing price; later demand can move later blocks higher, but one bidder does not receive a private price inside a block.

A maximum price is a constraint, not a promise of a fill. Timing, competing demand, the auction's issuance schedule, and the declared limit determine whether and how much a bid receives.

Hookr's current Auction Launch discloses its floor valuation, minimum successful raise, duration, and reserved supply before bidding. If the raise meets the threshold, migration is permissionless: anyone can trigger it after the auction's timing gate, and the Uniswap v4 pool opens at the final clearing price with the selected hook attached.

The reserved tokens and the share of the raise they absorb become one locked full-range position. A smaller reserve can leave disclosed creator proceeds; the maximum reserve locks the whole raise. Any reserved supply the position cannot absorb is burned.

If the auction ends below its disclosed minimum successful raise, every bid is refundable through the auction, the token supply is burned, and Hookr opens no pool. A partially filled sale below the threshold is not silently promoted into a thinner market.

An interface animation is not settlement. The auction state, migration transaction, refund path, and resulting pool must be checked from the deployed contracts and confirmed receipts.