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License auction
After genesis, Licenses are sold in a Dutch auction every sales cycle, in ETH, in a fixed 12-hour window from 00:00 to 12:00 UTC.
License auction price through one window
06:00 UTCLicense 1.354 ETHFractional License 0.1354 ETH
| Setting | Value |
|---|---|
| Who can buy | Anyone; no referral code needed, no limit per wallet |
| Paid in | ETH |
| Window | 12 hours, 00:00 to 12:00 UTC, one auction each epoch (fixed) |
| Licenses per auction | 1 to 1,000 (100 at launch) |
| Fractional Licenses per auction | 1,000 at launch, a policy the team can raise, lower or set to unlimited; no per-wallet limit |
| Opening price | 2x the last price paid, or 2x the floor only if nothing sold at all |
| Decay | Continuous; the gap to the floor halves every 4 hours |
| Floor | 1 ETH, bounded 0.5 to 2 ETH, behind the 48-hour timelock, at most once per 7 epochs |
| Fractional price | 0.1x the live price |
- The first License auction opens at 2 ETH, twice the floor. Formula: How the auctions work.
- Unsold Licenses are never minted and never carry over.
- When the Licenses sell out, the price stops at the last sale; Fractional Licenses keep selling at a tenth of it until the window closes or they sell out. See Fractionals.
- Your License is minted with its first Printer in the same transaction. The Printer earns from the next epoch.
- Each Fractional License comes with one Fractional Printer.
Where the ETH goes
70% pool liquidity, 14% Contraction Vault, 6% Reserve Vault, 10% team, like every ETH sale. A License sale pays no referrer. See Licenses.