a comparison between token sales of privacy bulls Aztec and Zama
their auction models are very different
> Aztec ran a Continuous Clearing Auction (CCA)
> Zama will run a sealed-bid Dutch auction
they enable community participation and discover a fair market price but the execution differs
<auction mechanics>
CCA: real-time clearing price updates, adjustable bids and per-user caps to prevent whales
Dutch: hidden bids submitted once with tokens allocated from highest to lowest until supply is gone
<outcome>
@aztecnetwork participants saw the live price, could adjust bids and competed transparently on equal footing
@zama bids will stay hidden until the end creating uncertainty for smaller bidders and giving larger bids more influence
so I would have to go with CCA because its per-user bid caps and dynamic clearing price prevent whales from dominating and giving small participants chance