Uniswap Launches CCA for Better Price and Token Liquidity

• Uniswap’s CCA introduces block-level auctions that shape early token prices onchain.
• Bidders use max-price orders that fill only when clearing prices move within their limits.
• Aztec supports CCA’s launch and provides the optional ZK Passport for private bidding.

Uniswap introduced its Continuous Clearing Auctions system on Thursday to change how early token markets form onchain. The multi-chain exchange released the protocol on Uniswap v4 to improve price discovery and strengthen liquidity for new assets. The launch involved Aztec, which helped build the system and will run the first auction.

Open Auctions Replace Opaque Token Launch

Uniswap described current token launches as fragmented and often controlled through private deals, which shape prices before markets open. The team said information gaps and closed-door agreements create uncertainty for early buyers. 

However, CCA changes these steps onchain, where pricing, bidding, and settlement occur in public view. This structure sets the groundwork for the following process, which distributes tokens block by block. 

Each block shows a single clearing price, creating gradual market formation rather than sharp price jumps. Notably, the approach limits sniping and encourages early participation because bidders receive fills only when the clearing price stays below their limit.

CCA also links directly to Uniswap v4. When an auction ends, all proceeds are automatically deposited into a liquidity pool at the final clearing price. This step creates ready liquidity for secondary trading, which connects the launch phase to early market activity.

How Bidding Works Across the Auction Timeline

Projects start by selecting the token amount to be sold, a starting price, and an event timeline. They can add modules, such as tranche releases or Aztec’s ZK Passport tool, which verifies participants while keeping their identities private. This setup introduces the next phase, which focuses on how bidders interact with the system over time.

Users place bids by setting a maximum price and total spend. CCA spreads each bid across the remaining blocks, using the same limit for every portion. Bids remain locked while the clearing price stays within range. However, users can withdraw if the market moves outside their set conditions.

At the end of each block, the protocol sets a single price that clears all tokens for that block. Higher bids fill first, then lower bids fill until the supply runs out. If multiple bids hit the same level, the system allocates tokens proportionally. Everyone who fills in a block pays the same price.

As demand shifts, clearing prices can stay flat or rise. Early bidders usually receive better averages because earlier blocks often clear at lower prices. This maintains a consistent flow from early bidding to final pool creation on Uniswap v4.

Related: Uniswap Crosses $1T Annual Volume as Q3 2025 Nears $300B

Aztec’s Role and Future Module Plans

Aztec worked with Uniswap to build the protocol and will run the first live auction. The collaboration also produced the optional ZK Passport module, which brings private participation without removing onchain verification. This addition helps connect identity-verified users with a transparent auction model.

The protocol is live now for any project that wants to run an auction through CCA. Uniswap said more modules will be released in the coming months to expand customization options for projects launching on v4. These tools aim to support deeper liquidity formation and simplify setup steps for communities that choose CCA.

Uniswap noted that the release aligns with its ongoing focus on strengthening core economics. Earlier in the week, Uniswap Labs and the Uniswap Foundation proposed activating a fee switch. Moreover, recent data showed a rebound in protocol fees across DeFi, with Uniswap and Aave accounting for roughly $600 million in activity in September.

Meanwhile, Uniswap’s introduction of CCA brings onchain transparency to early token markets through block-level pricing and automatic pool creation. The system connects gradual price discovery with immediate liquidity on Uniswap v4. Its collaboration with Aztec and plans for more modules show how the protocol aims to reshape onchain launch mechanics.