On February 2, 2026, at 8:00 AM UTC+8, the Rainbow wallet will initiate a public auction for the RNBW token on Uniswap through the Competitive Continuous Auction (CCA) mechanism, followed by the official issuance and trading opening on February 5. This issuance has two key highlights: first, it employs a "Competitive Continuous Auction" (CCA) for price discovery, with the market bidding collectively determining the issuance price; second, it promises that 100% of the auction proceeds will be automatically injected into the on-chain Uniswap liquidity pool, rather than entering the project treasury. Regarding these two innovations, compared to traditional ICOs and fixed-price sales, the most concerning question from the outside world is whether this structure can truly lead to a fairer token distribution, more robust price discovery, and the overlooked operational and selling pressure risks behind it.

Evolution of Chips from CoinList to CCA Auction

● Early Sales Signal: In December 2025, Rainbow sold 3% of the total supply of RNBW at $0.1/token on CoinList, which was viewed by the market as the earliest public pricing reference and subconsciously established a "psychological anchor" for the secondary market. Regardless of the average transaction price in subsequent CCA auctions, this historical price of $0.1 may become a reference line frequently compared by bulls and bears in secondary market games.

● Supply Structure Overview: The total supply of RNBW is 1 billion tokens, and the currently disclosed early distribution paths mainly include three parts: 3% from CoinList sales, a one-time 15% airdrop at TGE, and the upcoming CCA auction. Together, these three components form the basis of RNBW's circulating chips at the initial launch, providing a framework constraint on market liquidity, holder structure, and trading behavior.

● Cost Differences and Behavior: Early CoinList participants hold tokens at a cost of $0.1, while CCA participants will purchase at the market price formed during the auction. New entrants in the secondary market may face further deviations in price ranges. This layered cost structure will affect the bidding ceiling during the auction phase (older investors may be more willing to lock in profit expectations near $0.1) and will amplify the contradictions of "low-cost chip realization" and "new funds taking over" after listing.

Mechanism Game of CCA Auction

● Transfer of Pricing Power: Unlike traditional ICOs or fixed-price sales where the project party sets a single issuance price, CCA is a process where bidders continuously quote under public rules to collectively form the final clearing price. Rainbow's choice to conduct the CCA auction on Uniswap means that the first round of large-scale distribution price for RNBW will no longer be unilaterally decided by the project, but will be completed through the collective game of market participants, theoretically closer to the true distribution of "willingness to pay."

● Meaning of Democratic Distribution: Rainbow officially refers to CCA as a mechanism that makes token distribution "more democratic," primarily aimed at weakening the advantages of large pre-purchases and small-scale private negotiations. The open and continuous bidding process reduces the possibility of opaque pricing and internal discounts to some extent, allowing small and medium investors to compete in the same auction environment and have the opportunity to acquire chips at the same clearing price, thereby improving the traditional model's asymmetric pattern of "first come, first served, large holders first."

● Rational Boundaries under Uncertain Parameters: Current public information has not disclosed the specific auction parameters for this CCA, such as price range, bidding increments, and individual subscription limits, making it impossible to make any reliable inferences about the specific fundraising scale or transaction price range. Under this premise, analysis can only remain at the mechanism level: CCA typically implies that the bidding process may be accompanied by high volatility, strategic bidding, and collective price increases or decreases at the end, with participation thresholds more dependent on users' understanding of the mechanism and proficiency in on-chain operations, rather than purely on capital volume.

100% Auction Proceeds into Pool Liquidity Experiment

● Direct Consequences of Fundraising Not Entering Treasury: Rainbow announced that 100% of the auction proceeds will be automatically injected into the on-chain Uniswap liquidity pool, rather than entering the project treasury, which is uncommon in token issuance. The direct result is that, on one hand, the funds generated from the auction will be bound to the corresponding amount of RNBW to create initial liquidity, forming the main source of depth for RNBW when it opens in the secondary market; on the other hand, the cash available for the project party to freely allocate is significantly reduced, relying more on the tokens held or subsequent financing to meet operational needs.

● Positive Effects of High Initial Liquidity: Theoretically, a higher proportion of initial liquidity helps reduce trading slippage, improve price stability during large buy and sell transactions, and increase the difficulty of market making, thereby raising the threshold for a single entity to manipulate prices with small funds. For early projects, sufficient on-chain depth can also reduce the frequency of extreme market conditions such as "flash crashes" or "a single order breaking through the order book," making RNBW's price curve more continuous and conducive to forming relatively effective market pricing.

● Operational Funds and Long-term Supply Pressure: However, locking all auction funds into the liquidity pool also means that the project will have limited cash resources available for development, marketing, and ecological incentives. If there is a lack of additional equity financing or revenue sources, Rainbow may need to unlock and sell some tokens to raise operational funds, which will translate into potential selling pressure in the future. Structurally, the tension between "short-term liquidity being safer" and "medium to long-term supply pressure rising" constitutes the inherent tension of this design.

15% Airdrop and Retail Investor Weight Compared to Industry

● Above-average Airdrop Ratio: According to current public information, RNBW will conduct a 15% airdrop of the total supply at TGE, and the market views this ratio as "higher than the industry average." For Rainbow, this strategy strengthens the incentive for early users and community contributors and helps rapidly spread brand influence at the initial issuance stage, allowing more real users who have used the product to become holders, enhancing ecological stickiness and voice.

● Airdrop Realization and Short-term Selling Pressure: However, from the perspective of secondary trading, the 15% one-time airdrop released at TGE means that a considerable amount of zero-cost or near-zero-cost chips will enter circulation on the first day. Considering the total supply of 1 billion tokens, if this circulating supply concentrates on "airdrop realization selling," it will create significant selling pressure on the price of RNBW on the first day and even the first week, requiring reliance on Uniswap's initial liquidity and new buying to absorb it.

● Chip Structure and Volatility Range: Observing the airdrop + CCA auction + CoinList historical sales together, it can be seen that RNBW's early chips are divided into three major segments: "zero-cost user chips," "auction market pricing chips," and "historical pricing chips at $0.1." The behavioral differences of holders with different costs and expectations during short-term price fluctuations will jointly shape RNBW's early volatility range and chip concentration—if airdrop chips are quickly cleared while auction and historical chips tend toward long-term holding, concentration will increase; conversely, it may form a more dispersed but harder-to-stabilize holding structure.

Uniswap Pool Becomes the Price Battlefield

● Main Battlefield for Price Discovery: After the auction ends, the Uniswap liquidity pool constructed by the auction funds and RNBW will become the main battlefield for RNBW price discovery. For the vast majority of users, the first trading actions will be completed in this pool, where the depth of funds and the size of the pool directly determine how much price fluctuation a buy or sell will trigger and whether the price-volume relationship can be easily manipulated by a few funds.

● Multiple Price Anchors and Game Paths: After RNBW goes live, the market will simultaneously refer to three types of price information: CoinList's historical price of $0.1, the average transaction price formed by the CCA auction, and the immediate secondary price fluctuations derived from the initial liquidity scale. Bulls may build positions around the logic of "pricing reasonably above the auction price" or "relative historical discount," while bears may initiate pressure at key price points based on "concentrated airdrop realization" and "future selling pressure from operational funds." The bull-bear game will be directly reflected in the depth changes and price curves of the Uniswap pool.

● Examining Structural Risks under Incomplete Information: Currently, public information has not disclosed the complete token economic model and lock-up arrangements for RNBW. The future unlocking rhythm of the project party, as well as the release paths for team and investor holdings, remain key unknowns. In this state of incomplete information, discussions about RNBW can only remain at the level of structural risks and market scenarios: for example, concentrated airdrop releases combined with a small liquidity pool scale may amplify short-term volatility; conversely, if the auction scale and pool funds are sufficiently substantial, early volatility may be smoothed to some extent, but long-term unlocking pressure still needs to be continuously monitored.

New Paradigm Experiment: Rainbow's Bet on Token Issuance

● Double-edged Sword of Fairness and Security: Overall, Rainbow's combination of CCA mechanism + 100% into the pool in the RNBW issuance attempts to make a new attempt at "fair distribution" and "liquidity security." The CCA auction hands more pricing power to the market, while the 100% auction proceeds into the pool enhance the on-chain depth and anti-manipulation capability at the initial launch. However, accompanying this is the relative tightening of project operational cash, which may lead to future fundraising through token unlocking, thus introducing new supply and selling pressure structural risks in the medium to long term.

● Key Unknowns Affecting Medium to Long-term Performance: The key variables determining RNBW's medium to long-term performance are still absent, including: a complete token economic model (such as use cases, burn or buyback mechanisms), the lock-up and unlocking arrangements of the project party and early investors, and whether Rainbow's products and revenues can continue to land and feed back into token value in the future. Before these key pieces of information become clear, judgments about RNBW are difficult to go beyond structural discussions of the issuance mechanism itself.

● Tracking and Response Framework for Investors: From the participant's perspective, RNBW is more suitable to be viewed as an observational sample of an "issuance mechanism experiment." In practice, a tracking framework can be built around three dimensions: first, how the auction results (average transaction price, participation scale) anchor relative to CoinList prices and market expectations; second, whether the Uniswap liquidity pool scale and depth can support large transactions without triggering extreme volatility; third, the actual impact of the 15% airdrop realization rhythm within a few days after TGE on the price curve and transaction structure. Based on the evolution of the above data, cautiously assessing the risk tolerance during the early high-volatility phase before deciding whether, when, and in what position to participate will be more important than simply chasing the "new mechanism concept."

Join our community to discuss and become stronger together!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh

OKX Benefits Group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance Benefits Group: https://aicoin.com/link/chat?cid=ynr7d1P6Z

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。