BlockchainFX BFX Auction Ends as Token Jumps 1,400% on Just $1,591 in USDC Liquidity

BlockchainFX's BFX token began trading through its first Uniswap pool on September 1 after its BFX/USDC auction ended with a final clearing price of $0.294.

BFX was trading at $3.75 at the time of writing on September 2, after reaching an all-time high of $4.49, more than 1,400% above its auction clearing price and nearly 9,000% above the $0.05 launch price. The BFX/USDC pool had generated $24,000 in trading volume across 310 transactions during its first 22 hours.

The initial liquidity BlockchainFX deposited to the pool was much smaller, especially compared with the amount BlockchainFX says it raised during the presale. At the start of trading, the BFX/USDC pool contained 5,413.27 BFX and just 1,591.5 USDC, while BlockchainFX claims its presale raised more than $15 million. The pool had grown to $12,000 in total liquidity by September 2 as trading continued.

Meanwhile, BFX showed strong upward momentum during the opening trading period, moving above $4 before falling below $2.50 and subsequently recovering to $4.49.

The increase comes as presale investors remain unable to sell their BFX tokens, which have not yet been released. The first presale tokens are expected to become available at the end of September, which would introduce additional BFX supply to the market for the first time.

BFX Auction Sold 20,000 Tokens Before Trading Opened

The BFX/USDC Continuous Clearing Auction (CCA) started on August 31 and ended at 4 PM UTC on September 1, according to Uniswap's auction timeline. BFX became available to trade when the auction ended.

All 20,000 BFX offered through the auction were sold, with the final clearing price reaching $0.294 USDC. That was 488% above the auction's $0.05 floor price, while total bid volume reached just $4,104. The clearing price implies a $1.03 billion fully diluted valuation (FDV) based on BFX's 3.5 billion-token total supply.

The auction used Uniswap's Continuous Clearing Auction system, which releases tokens in batches over time. Participants set a maximum budget and price, and eligible bidders receive tokens as batches are released. Participants within each batch pay the same clearing price, while unused funds can be reclaimed after the auction.

The auction's size was considerably smaller compared with BFX's total supply. The 20,000 tokens sold represented just 0.00057% of the 3.5 billion BFX supply, meaning the auction clearing price was established using only a small fraction of the tokens that could eventually enter circulation.

Second BFX Auction Continues for ETH Pair

BlockchainFX is also running a separate BFX/ETH Continuous Clearing Auction on Uniswap. The 30-day auction is scheduled to end at the end of September.

The second auction is considerably larger, with 666,670 BFX allocated for sale. At the time of writing, the auction had a clearing price of $0.05032, with $430.29 in bids and just 0.01% of the available supply sold.