At the floor
3d
670 STANDARD, the cheapest it gets this auction
Branch auction
Sold out
50 of 50 sold. The next 50 open in 9h 10m, at 16,807 STANDARD. Licences are bought on the protocol's own app, or here.
2 auctions a day12h each50 licences apiece3 per Charter per 24h
Sold out at
8,404
STANDARD · $1,906.19 at spot
Opened at 16,933 and cleared all 50 licences within 2.1 hours, well above the 670 floor. Waiting was never an option.
Next auction opens at
16,807
STANDARD, 2x the clearing price. In 9h 10m.
- Volume this auction
- 50 licences, all destroyed
- Payback at that price
- Dilution included
- At the next open
- If you buy the moment it opens
The curve
Each dot is a licence that cleared. They bunch at the left because the allocation goes early, so the cheap end of the curve is mostly theoretical. The 2-hour half-life v1.1 introduced steepens that: the price is down to the floor's neighbourhood well inside the 12 hours on the axis.
This auction, finished
What the hour costs you
Waiting is cheaper and risks the auction selling out, and so far the auction has always sold out. This one was gone by 2.1h, so rows below that never happened. At the floor a branch is priced at 2 days of its own issuance by design, which is why the bottom row lands close to that.
| Hour into the auction | Price | Pays back in | Ignoring dilution |
|---|---|---|---|
| 0h | 16,933$3,840.86 | 234d | 52d |
| 1h | 12,170$2,760.41 | 104d | 37d |
| 2h | 8,801$1,996.42 | 55d | 27d |
| 2.8hnow | 6,771$1,535.88 | 36d | 21d |
| 3h | 6,420$1,456.20 | 33d | 20d |
| 4h | 4,736$1,074.20 | 21d | 14d |
| 5h | 3,545$804.09 | 14d | 11d |
| 6h | 2,703$613.09 | 10d | 8d |
| 7h | 2,107$478.03 | 8d | 6d |
| 8h | 1,686$382.54 | 6d | 5d |
| 9h | 1,389$315.01 | 5d | 4d |
| 10h | 1,178$267.26 | 4d | 4d |
| 11h | 1,029$233.49 | 4d | 3d |
The three prices that matter
What a branch costs at the bottom of this auction, at the top of the next one, and what the last one actually went for.
At the next open
229d
16,807 STANDARD, 2x the last clearing price
Last cleared at
8,404
STANDARD. Sets what the next auction opens at.
What these numbers leave out
Payback is a gross figure
It counts issuance accruing to the Charter's ledger. Turning that into tokens costs the withdrawal fee, and selling costs the trading tax and the LP fee on top, all of which push the real break-even further out. A Charter page shows what a position actually nets.
Dilution is included, and it matters
A branch earns the daily pool divided by every open branch, buying one adds to that divisor, and the system sells up to 100 more a day across its 2 auctions. The projection assumes that cap keeps clearing, which it has been. The curve is the contract's own, verified against its live quote.