Aztec Network raises over $60 million in ETH with community-first token sale, testing new auction model
Aztec Network successfully raised $61.3 million in ETH through a novel Continuous Clearing Auction, prioritizing community participation.Summary
Privacy-focused Ethereum Layer 2 developer Aztec Network concluded its public AZTEC token sale, raising approximately $61.3 million (19,476 ETH) from over 16,700 participants. The sale utilized a novel Continuous Clearing Auction (CCA) mechanism built with Uniswap Labs, designed to move away from insider-dominated launches. Aztec stated that half the capital came from its existing community members, such as testnet operators and early users. The auction started at a floor price corresponding to a $350 million fully diluted valuation, which was a 75% discount to its equity valuation, and included per-user caps to limit concentration. Uniswap founder Hayden Adams praised the sale for its fair price discovery. The purchased AZTEC tokens will be non-transferable until at least February 11, 2026, pending a governance vote. This follows the mid-November launch of Aztec's Ignition Chain mainnet, their privacy-focused L2.
(Source：The Block)