My Attempt at Breaking Uniswap's New Auction Protocol

Uniswap has launched Continuous Clearing Auctions (CCA), and the author concludes that CCA does not entirely remove skill and technology from the auction process, though the right post-auction pool design could significantly mitigate sniping. The Whitepaper claims the mechanism could replace how IPO launches happen in the future, and the Aztec team is using it to launch the $AZTEC token. Under CCA, each block has a single clearing price, and each bid is spread across the auction's future blocks, which the author says makes late and early sniping impossible. The author notes remaining risks, including under-bidding, secondary markets, and pre-pool sniping after the auction converts into a Uniswap v4 pool.