Craft's sealed bid auctions

How Google's IPO worked. How every serious financial market discovers price.

Commit to raise
62:58:27
Commit Amount
$
Max Valuation Bid$6M FDV
$5M$8M
Accept MarketAuto-accept the calculated clearing price
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How much USDC you commit
Your highest acceptable valuation
Or just accept the clearing price
01 · Commit Phase

Bids stay private

Users submit encrypted bids: USDC amount and max FDV they'd accept.

02 · Clear Phase

One price emerges

The market-clearing price is calculated on-chain, directly on the encrypted bids.

03 · Settle Phase

Everyone pays the same

All bids above clearing are filled at the same uniform price. Below gets refunded in full.

42 bidders. One clearing price

A startup offers 10% equity between a $5M and $8M valuation

Equity offered10%
FDV range$5M – $8M
Bidders1 named + 41 across 5 archetypes
Ava× 1
Bid the top of the range. Wants the spot, willing to pay up to it.
$120,000
≤ $8.0M
Pays clearing
Bulls× 8
High conviction. Want in at almost any price.
$200,000
≤ $7.5M
Pays clearing
Whales× 3
Whale-sized checks. Fewer of them, larger commits.
$250,000
≤ $7.0M
Pays clearing
Realists× 12
Fair-price, mid-market. Only in at honest valuations.
$80,000
≤ $6.5M
Pays clearing
Clearing · $6.5M FDV · 24 of 42 filled
Bargain hunters× 10
Want a discount. Will sit out unless the price drops.
$130,000
≤ $6.0M
Refunded
Newcomers× 18
First-time backers, dipping a toe in at the bottom of the range.
$90,000
≤ $5.7M
Refunded
Final valuation
$6.5M FDV
The lowest “yes” that fills the offer.
Total raised
$650,000
24 bidders cleared, all at the same price.
Ava's outcome
Bid $8M. Paid $6.5M.
Bidding above clearing guaranteed her spot.
→
Why $6.5M?At a $6.5M valuation, the 10% on offer is worth $650K — exactly what Ava plus the Bulls, Whales, and Realists committed together. The Bargain hunters and Newcomers capped lower, so they fall below the clearing line and get refunded. None of these bidders ever talked to each other; the price emerged from their independent ceilings.

Common questions

Can I change my bid after committing?

You can increase your commitment or raise your max valuation any time before the auction closes. You can't decrease or withdraw. Funds stay locked in the smart contract until the auction clears.

What if my bid is below the clearing price?

Once the auction settles, you can claim your USDC back in one click. No fees, no penalties, no waiting. Bidding low only risks missing allocation, never your funds.

What does “Accept Market” do?

Skip choosing a max valuation. Your bid will accept whatever clearing price emerges from the market. Useful when you trust the auction to find a fair number for you.

Who can actually see my bid?

No one. Not other bidders, not the project, not Crafts. Bids are encrypted on your device using Arcium's MPC network. The math runs on encrypted data, never decrypted.

What should I bid as my max valuation?

The highest valuation you're still willing to pay at, based on your investment thesis and risk appetite. Think like a VC: weigh the team, the market, the traction, and your conviction. You'll pay the clearing price, not your bid, so set this at the ceiling you'd genuinely still be comfortable with.

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