A Dutch Auction to Discover A Fair Token Price
The Aion public sale will be a dutch auction; this kind of auction strategy was selected to allow efficient price discovery by the market and to keep the token offering fair for everyone. Any tokens left-over from the dutch auction will be redistributed, pro-rata, to all contributors in the pre-sale TRS, as described in the Token Sale Paper.
The Dutch Auction will have a fundraising hard cap, an elapsed-time cap and a mximum token cap (to be announced in advance of the Public Sale).
To learn more about the dutch auction mechanics, public-sale token re-distribution and the TRS, please read our Token Sale Overview paper.