1. Project Introduction

Rainbow is a decentralized wallet based on the Ethereum ecosystem, supporting cross-chain asset management, DEX trading aggregation, NFT browsing and interaction, among other features, emphasizing user custody of private keys and a high-quality on-chain experience. Rainbow conducted a public sale of RNBW on CoinList from December 11 to 18, 2025, with a sale price of $0.10 per RNBW, allocating a total of 30 million tokens, raising approximately $3 million. Meanwhile, Rainbow will launch a CCA (Continuous Clearing Auction) mechanism for RNBW on Uniswap on February 2, 2026, and the Token Generation Event (TGE) will take place on February 5, 2026.

2. Team Background

Rainbow was co-founded in 2019 by Christian Baroni, Jin Chung, and Mike Demarais, with the core goal of creating a Web3 wallet centered on user experience and design aesthetics. CEO Christian Baroni entered the Silicon Valley design system early in his career and was part of the design team at Stripe. This has led Rainbow to place a high emphasis on product visual performance, interaction smoothness, and usability since its inception, distinguishing it from more tool-oriented wallets like MetaMask by emphasizing consumer-grade application characteristics.

Rainbow completed a $1.5 million seed round of financing in 2021 and finished a $18 million Series A round in early 2022, led by Seven Seven Six, with follow-on investments from Y Combinator, Thirty Five Ventures, and others. To date, Rainbow has raised approximately $19.5 million, with a long-term vision of making Rainbow the preferred entry wallet for ordinary users into Web3.

3. Token Information

The total supply of RNBW is 1 billion tokens. From the perspective of the token economic model, the distribution of RNBW is clearly biased towards community and long-term ecological development. The token distribution structure is as follows: 47% allocated to the treasury for ecological development and long-term incentives; 15% for community airdrops, with another 15% reserved for future community incentives; 3% for pre-sale; and 12.2% and 7.8% for the team and early investors, respectively. The RNBW token is primarily used for governance, incentives, and user rights within the Rainbow ecosystem.

4. What is the CCA Auction Mechanism?

CCA is an on-chain native token issuance mechanism launched by Uniswap Labs at the end of 2025, with the core goal of achieving fairer price discovery in a decentralized environment while simultaneously building initial liquidity. Unlike traditional one-time auctions or fixed-price sales, CCA adopts a continuous auction format driven by on-chain contracts, with the entire bidding, matching, and clearing process completed on-chain. More importantly, CCA is deeply integrated with the AMM core of Uniswap v4, allowing the funds raised to be directly injected into the Uniswap liquidity pool at the final price formed by the auction, effectively linking token issuance with secondary market trading.

In terms of operation, CCA breaks down the one-time auction concentrated at a single point in time into a clearing process that occurs continuously over multiple rounds. The project party first configures auction parameters on-chain, including time intervals, number of rounds, token release time, and minimum price; during the auction, participants can continuously submit bids at the highest single price, and the system will automatically allocate each bid to continue participating in the bidding across the remaining rounds. At the end of each round, the contract calculates a unified clearing price based on all valid bids for that round and completes the transaction of tokens for that round at that price, reducing issues like front-running and queue-jumping. Bids above the clearing price will be prioritized for transaction, while bids equal to the clearing price will be executed proportionally when demand exceeds supply, and bids below the clearing price will be automatically reserved for subsequent rounds. Since the token supply for each round is fixed in advance, and the funds participating in the bidding typically increase over time, the clearing price tends to rise, making earlier bids more likely to be executed in earlier rounds with lower prices, thus achieving a lower average transaction cost. After the auction concludes, participants receive the tokens they purchased and have their unexecuted funds returned, while the protocol injects the raised assets along with the tokens reserved by the project party into the Uniswap v4 liquidity pool, directly opening secondary market trading.

Through this design that extends the price discovery process and disperses the timing of the game, CCA optimizes common issues in traditional token issuance, such as information asymmetry, excessive first-mover advantage, rush bidding, and insufficient initial liquidity, making token prices closer to the market's true acceptance and reducing the risk of severe volatility in the early stages of new token listings. This mechanism was first applied in the token issuance of the privacy-focused Ethereum Layer 2 project Aztec Network, raising approximately $60 million. As Uniswap continues to improve and explore its promotion to on-chain environments like Base, CCA is gradually evolving into a more standardized on-chain issuance solution.

5. How to Participate in Rainbow's CCA Auction

Step 1: Prepare Wallet and Funds

Prepare an Ethereum-compatible wallet and bidding assets (commonly ETH), and reserve a certain amount of ETH for Gas.

Step 2: Enter the Official Auction Page and Connect Wallet

After the auction starts, access the CCA auction entry through official channels (currently, Rainbow has not yet announced the entry).

Step 3: Submit Bids

Fill in the investment amount and the acceptable highest single price, then submit the transaction. The funds will be temporarily locked and automatically allocated to participate in the clearing of subsequent rounds, usually covering more rounds the earlier the bid is placed.

Step 4: Track Clearing Price and Raise Bids as Needed

Monitor the clearing price displayed on the interface and your transaction status. If the market price continues to rise and your bid has not been executed for a long time, you can increase your participation in subsequent rounds by submitting a new bid at a higher single price.

Step 5: Claim Tokens After Conclusion

After the auction ends and enters settlement, claim the RNBW tokens you purchased on the page, and unexecuted funds will be returned to your wallet.

6. Competitive Landscape

Overall, Rainbow's core advantage in the wallet sector lies primarily in its differentiated product positioning. It has long focused on refining products around consumer-grade experience and visual design, establishing a certain brand recognition and user stickiness in a highly homogeneous wallet market. In terms of token issuance, Rainbow first completed initial coverage and price anchoring through a public offering on CoinList, then introduced the Uniswap CCA auction for on-chain price discovery and liquidity building, reflecting the team's relative caution in the issuance rhythm.

However, it should be noted that while CCA alleviates issues like front-running, queue-jumping, and short-term gaming at the mechanism level by breaking down one-time auctions into multiple clearings, it also increases participation complexity and reduces capital efficiency. Especially in the current market environment with weak sentiment and limited incremental funds, the attractiveness of such complex mechanisms for new projects remains uncertain. More importantly, CCA relies on the Uniswap v4 ecosystem, but its actual adoption scale still shows a significant gap compared to the earliest stages, making it difficult to achieve a breakout similar to early AMMs in the short term. In the long run, whether Rainbow can stand out in the competition will not primarily depend on the issuance mechanism itself, but rather on whether its product strength can continuously translate into real user demand and whether community stickiness can be effectively realized after the introduction of the token.

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