How Veil works
- A creator opens a round for a coin that does not exist yet and puts 10 to 30% of its supply up for it.
- For a few minutes anyone bids: the HYPE is public, the top price is sealed with drand until the bidding is over.
- Then anyone opens the bids. The round clears at one price for everyone, the highest step at which the bids take the whole share.
- The coin is born at that price. The round's HYPE becomes the pool's first buy, so the bidders can always sell back into it.
- Bidders claim their coins and the HYPE they did not spend. Below the round's minimum, every bid comes back.
Rounds
Veil opens with its contract.