How the auctions work

Licenses and Printers are sold in the same kind of Dutch auction: the price opens high and falls continuously toward a floor.

License auction price through one window

06:00 UTCLicense 1.354 ETHFractional License 0.1354 ETH

Price at each moment of the window, from the formula below. License: the first auction after genesis. Printer: the launch illustration.

One auction cycle (UTC)

1. 00:00OpenTwice the last price paid. Supply and limits reset.
2. falls continuously04:00CheckpointThe gap to the floor is half the opening gap.
3. falls continuously08:00CheckpointThe gap is a quarter of the opening gap.
4. falls continuously12:00CloseOr sooner on sell-out. Unsold units are never minted.
5. closed00:00Next cycleClosed for 12 hours in between.

Each auction cycle is one epoch. Limits reset at 00:00 UTC, not at your local midnight.

Rule	License auction	Printer auction
Paid in	ETH	UNITED
On sale at launch	100 Licenses, 1,000 Fractional Licenses	300 Printers, 3,000 Fractional Printers
Supply policy	1 to 1,000 Licenses	1 to 3,000 Printers
Who can buy	Anyone; no referral code needed	License holders; Fractional Printers: Fractional License holders
Limit	None per wallet	3 per License each cycle, 10 per License in all
Opens at	2x the last price paid, or 2x the floor if nothing sold at all	Same rule; after a cycle with no sales, 60 days of one Printer's emission
First opening after genesis	2 ETH
Floor	1 ETH (team setting, 0.5 to 2 ETH)	30 days of one Printer's emission (team setting, 15 to 60 days)
Fractionals	A tenth of the live price	A tenth of the live price
What you get	A License with its first Printer, in the same transaction	A Printer that earns from the next epoch
Proceeds	70% pool liquidity, 14% Contraction Vault, 6% Reserve Vault, 10% team	80% burned, 20% Incentive Vault

• The price falls continuously; its gap to the floor halves every four hours, never below the floor.
• You pay the price at the moment you buy, first come, first served. No sealed bids, nothing in escrow.
• Printers can also be bought by auto-bid from the License's unminted balance.
• Unsold units are never minted and never carry over. The last price paid sets the next opening, so it can rise or fall.
• If Licenses sell out, Fractional Licenses keep selling at a tenth of the last price until 12:00 UTC.
• Floors change only behind the 48-hour timelock.
• Waiting lowers the price but risks a sell-out; the floor stops the price falling to nothing.

The price formulas

$$\begin{array}{rl}{V}_{\text{open}}& =2\cdot V_{d-1}\\ V_{\text{floor}}& =30\cdot p(d)\\ V(t)& =V_{\text{floor}}+(V_{\text{open}}-V_{\text{floor}})\cdot {0.5}^{t/4\text{h}}\end{array}$$

Printer auction, in UNITED. V_d-1 the previous auction's closing price, or the floor if nothing sold. p(d) one Printer's daily emission. t time since the auction opened, 0 to 12 hours.

$$\begin{array}{rl}{L}_{\text{open}}& =2\cdot L_{d-1}\\ L_{\text{floor}}& =1\text{ETH}\\ L(t)& =L_{\text{floor}}+(L_{\text{open}}-L_{\text{floor}})\cdot {0.5}^{t/4\text{h}}\\ L_{\text{frac}}& =\frac{L(t)}{10}\end{array}$$

License auction, in ETH, on the same rule. A Fractional License costs a tenth of L(t); a Fractional Printer a tenth of V(t).