Auction

Tessera Token Auction: Leveraging Alpha Vault Pro-Rata Mode

Disclaimer: This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at https://terms.tessera.pe, which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors.

Tessera is committed to providing a fair and accessible launch mechanism for new tokenized private equity assets.

To achieve this, Tessera utilizes Meteora’s Alpha Vault, specifically operating in the Pro-Rata mode, to conduct its token auctions.

This strategy is designed to democratize access, mitigate the impact of front-running bots, and ensure a level playing field for all community members.

The Tessera Fair Launch Principle

The core of Tessera's auction philosophy is the Pro-Rata distribution model.

This means that a participant's final token allocation is directly proportional to their contribution to the total capital deposited in the vault.

This eliminates the need for speed, rewarding commitment over rapid execution, and is a fundamental component of our anti-sniper strategy.

Key Advantages of Tessera's Auction Model

Feature	Description	Benefit to User
Pro-Rata Allocation	Allocation is based on the percentage of total funds contributed, not speed.	Eliminates "gas wars" and front-running by bots.
Uniform Pricing	All participants receive tokens at the same average entry price.	Ensures fairness and prevents early buyers from gaining an unfair price advantage.
Bot Mitigation	The Alpha Vault mechanism is whitelisted to purchase tokens before the public pool opens.	Safeguards the launch from malicious sniper bot activity.
Community Alignment	Configurable lock-up and vesting schedules encourage long-term holding.	Promotes a stable token ecosystem supported by genuine project supporters.

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The Tessera Auction Lifecycle

Tessera's token auction process is structured into three clear and transparent phases, managed by the Alpha Vault smart contract.

You can monitor the progress of any live auction, such as the tSpaceX Liquidity Auction, directly on the Tessera platform interface.

Phase 1: Deposit Period (Pro-Rata Contribution)

This is the window during which users can commit their capital (SOL or USDC) to the auction.

• Mechanism: The Alpha Vault accepts deposits from whitelisted or permissionless addresses, depending on the specific launch configuration.

• UI Reference: The Auction Status panel displays the countdown until the auction ends, marking the close of the Deposit Period. The Auction Progress graph visually tracks the Total Raised amount against the target raised.

• Your Position: In the Deposit USDC panel, you can enter your contribution and click Confirm Deposit. The My Position card will immediately update to show your Deposited amount.

Phase 2: Token Acquisition (Uniform Price Execution)

Immediately following the Deposit Period, the Alpha Vault executes the token purchase.

• Timing: The Auction Status panel provides a separate countdown for when the Pool starts trading, which occurs shortly after the Deposit Period ends. The Alpha Vault uses this brief window to execute the purchase before the public market opens.

• Oversubscription Handling: The Pro-Rata model is designed to handle oversubscription, as indicated by the [X]x Oversubscribed label. If the total funds raised exceed the maximum buy cap, your contribution is scaled down proportionally.

• UI Reference: The My Position card provides real-time estimates:

  • Est. Alloc: Your estimated token allocation based on the current total raised.

  • Est. Refund: The estimated amount of your deposited capital that will be refunded if the auction remains oversubscribed.

Phase 3: Token Claiming and Vesting

Once the tokens are secured by the Alpha Vault, they are prepared for distribution to participants.

• Tessera's Configuration: Tessera may implement a Lock-up (a period before claiming begins) and a Vesting Schedule (a gradual release of tokens) to promote market stability and long-term investment.

• Claiming: After the lock-up period, participants can claim their allocated tokens via the Vesting tab on the Tessera platform interface, according to the pre-defined schedule.

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How to Participate in a Tessera Auction

1. Navigate to the Auction Tab: Select the Auction tab from the left-hand navigation bar.

2. Review Auction Status: Check the Auction Status panel for the remaining time in the Deposit Period and the current Total Raised amount.

3. Deposit Funds: In the Deposit USDC panel, enter the amount you wish to contribute and click Confirm Deposit.

4. Monitor Your Position: Use the My Position card to track your deposited amount and monitor the Est. Alloc and Est. Refund as the auction progresses.

5. Claim Tokens: Once the Claiming Period begins, navigate to the Vesting tab to claim your vested tokens.

Tessera is committed to leveraging best-in-class DeFi infrastructure like Meteora's Alpha Vault to ensure our token launches are secure, fair, and accessible to our global community.