Every buyer pays
the same price.
Candela launches tokens through one sealed moment of price discovery. Bids collect into a book, the book clears once at a single price, and whatever you didn't spend comes back. No first-block snipers, no gas wars, no bonding-curve ladder.
Four steps, one price
The book is open and visible the whole time, so everyone sees the same indicative price. What nobody controls is the exact moment it closes.
Budget + limit
You commit USDG and the highest price you'd accept. Order of arrival doesn't matter.
bid(budget: 500, maxPrice: 0.008)Live demand curve
All bids form one curve. Its crossing with the fixed supply is the indicative price, updated with every bid.
demand(p) = Σ budget / pThe candle goes out
After the scheduled end, the round closes at a hidden moment within 5 minutes. Last-second games stop paying.
close = end + H(seed) mod 300sOne price, refunds
Bids above the price fill in full, the marginal level fills pro-rata, the rest is refunded. The pool opens at the same price.
tokens = spent / p*An auction that ends when the flame does
Candela is Latin for candle. In 17th-century England, ships and goods were sold "by the candle". An inch of candle was lit when bidding opened, and the last bid standing when the flame died won. Nobody could tell the exact moment it would go out, so waiting for the final second was a gamble, not a strategy.
Candela brings that rule on-chain: every round has a scheduled end and then a hidden close somewhere in the next five minutes. Combined with one uniform price for every filled bid, there is no first block to snipe and no last block to game.
The two rules
- Price
- one for everyone
- Order of arrival
- irrelevant
- Scheduled end
- public
- Actual close
- hidden, +0–5 min
- Bids after the close
- refunded
- Cancels
- locked last 10 min
What a bonding curve does to the same crowd
—
Replay of one round
- Clearing price (everyone)
- —
- Bonding curve · first buyer avg
- —
- Bonding curve · last buyer avg
- —
- Last vs first
- —
- Sniper edge on a curve
- —
- Sniper edge on Candela
- —
The bot buys 6% of the raise in block 1 of the curve and is valued at the clearing price. In a batch auction it would pay the same price as everyone else.