> ## Documentation Index > Fetch the complete documentation index at: https://docs.mystockline.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Uniswap > Where STK is auctioned and trades. STK is sold through a Uniswap Continuous Clearing Auction, quoted in ETH, and then trades in a STK/ETH Uniswap v4 pool. Stockline does not write a custom sale contract. The auction, the settlement split, and the pool are Uniswap's. Stockline deploys STK, sends the auction slice to the auction, and reads the results afterwards. Many launches sell along a price curve or in a private round. A Continuous Clearing Auction gives every buyer the same price and seeds a public pool at that price in the same step. ## The Continuous Clearing Auction in plain words The auction runs block by block. A buyer submits a bid with two numbers: the highest price they will pay per STK, and how much ETH they commit. Bids can arrive during the whole window. At each block, the auction finds one clearing price: the highest price at which every unit for sale can be matched to bids at or above that price. Every bid that clears buys at that clearing price, not at its own maximum. Someone who bid high does not overpay. Someone who bid below the clearing price gets nothing and takes their ETH back. When a bid exits, any ETH that did not buy STK is refunded. The amount of STK a bid won is recorded onchain. Stockline reads those won amounts to build the merkle root for [AuctionYield](/smart-contracts/auction-yield), so the yield to auction participants is tied to exactly what each buyer won. Read Uniswap's own explanation at [cca.uniswap.org](https://cca.uniswap.org). Live and past auctions are listed under the [Auctions tab on app.uniswap.org](https://app.uniswap.org/explore/auctions).
ETH bids enter a Uniswap auction and buyers receive STK at one clearing price; 25% of ETH seeds the STK/ETH pool and 75% goes to the treasury, is converted to USDG, and becomes protocol-owned supply in the lending pool, locked twelve months; interest above principal flows to auction buyers who stake their STK; after mainnet, fees buy and burn STK. ETH bids enter a Uniswap auction and buyers receive STK at one clearing price; 25% of ETH seeds the STK/ETH pool and 75% goes to the treasury, is converted to USDG, and becomes protocol-owned supply in the lending pool, locked twelve months; interest above principal flows to auction buyers who stake their STK; after mainnet, fees buy and burn STK.
ETH bids enter a Uniswap auction and buyers receive STK at one clearing price; 25% of ETH seeds the STK/ETH pool and 75% goes to the treasury, is converted to USDG, and becomes protocol-owned supply in the lending pool, locked twelve months; interest above principal flows to auction buyers who stake their STK; after mainnet, fees buy and burn STK. ETH bids enter a Uniswap auction and buyers receive STK at one clearing price; 25% of ETH seeds the STK/ETH pool and 75% goes to the treasury, is converted to USDG, and becomes protocol-owned supply in the lending pool, locked twelve months; interest above principal flows to auction buyers who stake their STK; after mainnet, fees buy and burn STK.
## What happens at settlement Uniswap `LBPStrategy` splits the raised ETH in one transaction: | Share of raised ETH | Where it goes | Why | | ------------------- | --------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | | 25% | STK/ETH v4 pool, seeded at the clearing price | Creates the spot market on day one. | | Remainder | Treasury wallet | Converted to USDG in published tranches and deposited as [protocol-owned supply](/concepts/protocol-owned-supply). A small slice seeds the reserve. | The exact split, the tranche sizes, and the reserve seed are on [STK](/ecosystem/stk). Null values there read "to be published" until the launch parameters are final. ## The STK/ETH v4 pool The pool is a standard Uniswap v4 pool. Its pool key (the two currencies, fee, tick spacing, and hooks address) is stored in `RiskRegistry` behind the Timelock. Two Stockline paths use it: 1. **Buy-and-burn.** `FeeCollector.buyAndBurn` swaps treasury USDG to ETH along the registry route, then ETH to STK on this pool, then burns the STK. The STK leg is bounded by a TWAP quote with `maxSlippageBps`, and each call is capped by `maxPerCall`. See [Reserve and fees](/concepts/reserve-and-fees). 2. **Price reference.** The pool is the only onchain market Stockline reads for STK. It is not a protocol oracle. Nothing in the lending core depends on the STK price. Stockline does not make a market in STK and does not hold the pool position. The liquidity seeded at settlement belongs to the auction strategy per Uniswap's rules. The v4 pool key in `deployments/mainnet.json` is still zeroed. This section will be completed when the auction settles and `PostAuction.s.sol` records the pool in the registry. ## What Uniswap is not Uniswap is the launch venue and the spot market. It is not a Stockline module. If the pool or the route changes, governance updates the registry behind the [Timelock](/concepts/governance). The lending core never calls Uniswap. Related: [STK](/ecosystem/stk), [Protocol-owned supply](/concepts/protocol-owned-supply), [Reserve and fees](/concepts/reserve-and-fees), [FeeCollector](/smart-contracts/fee-collector).