We believe that users should determine the selling price of token rather than us. The Dutch Auction mechanism achieves this fairness for two main reasons. First, at every auction everyone who buys tokens buys them at the same price. Second, the market determines that price.
How it works
At the onset of a dutch auction, a fixed supply of tokens are offered for a fixed amount of time. During the auction, the starting price per token decreases constantly over time until either 1) demand for the total token supply is met or 2) the auction period ends.
How to make a bid
During the auction, you determine how much money you want to spend in USD and can pay in the currency of your choice- USDC, Ether, or DAI. The price per token that you ultimately pay will be less than or equal to the quoted price at the time (since token price decreases constantly).
Arriving at a final price per token
Demand for tokens is calculated as the sum of payments received from users divided by the current price per token. Once demand equals the total amount of tokens available, the auction ends and the token price is locked in.
Once the auction ends, users are sent their tokens. The amount you're owed is calculated as your payment amount divided by the final price per token.