The $WHUF sale is an English auction with a uniform clearing price, run on Sonar from September 1, 8:00am CDT to September 4, 12:00pm CDT.
Placing a bid
You submit two things:
The maximum price per token you're willing to pay
Your total USDC commitment
Minimum bid: $100 USDC. Bid prices start at $0.10 per token (a $1m fully diluted valuation) and are capped at $9.90 per token ($99M FDV).
Maximum bid: $2,500,000 USDC
The clearing price
When the auction closes, Sonar determines the single price at which total demand fills all 2,000,000 tokens. That's the clearing price, and every successful bidder pays it, regardless of what they bid.
If you bid $8.00 and the auction clears at $5.00, you pay $5.00. Your full USDC commitment buys tokens at the clearing price, so a lower clearing price means you receive more tokens.
If your maximum bid is below the clearing price, you receive no tokens and your USDC is returned in full.
During the auction
Sonar continuously publishes the estimated clearing price, so you can see where demand stands in real time. Bids are visible to all participants.
Why this format
Nobody gets a better price than you. The market sets one price and everyone pays it. Bidding your true maximum carries no penalty, because you'll only ever pay what the auction clears at.