> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cove.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Launchpad on Bazaar

> Uncapped batch auction for $COVE

<img className="block dark:hidden" src="https://mintcdn.com/stormlabs/qew6jsW71Sw-JZvn/images/headers/light-launchpad.svg?fit=max&auto=format&n=qew6jsW71Sw-JZvn&q=85&s=3902e8b797a3697568c7c085c3341992" alt="Launchpad Light" noZoom width="1065" height="383" data-path="images/headers/light-launchpad.svg" />

<img className="hidden dark:block" src="https://mintcdn.com/stormlabs/qew6jsW71Sw-JZvn/images/headers/dark-launchpad.svg?fit=max&auto=format&n=qew6jsW71Sw-JZvn&q=85&s=7908ea9d40275d255952fad4c8850f5a" alt="Launchpad Dark" noZoom width="1065" height="383" data-path="images/headers/dark-launchpad.svg" />

## Bazaar Launchpad

Bazaar is a decentralized, chain-agnostic launchpad providing crypto-natives
with a fair, community-centric approach to fundraising.

An uncapped batch auction was held on April 22nd, 2024 on Bazaar for 0.95% of the
\$COVE supply in exchange for ETH to help bootstrap protocol owned liquidity.

In an uncapped batch auction, participants receive a proportional share of
tokens based on their contribution relative to the total amount pledged. This
ensures fairness for all users, though the exact proportion is uncertain
beforehand.

Funds were used to purchase YFI and seed the [coveYFI/YFI Curve
pool](https://www.curve.finance/dex/ethereum/pools/factory-stable-ng-152/deposit/) as protocol
owned liquidity (PoL). The purchase was facilitated by the [community
multisig](/ecosystem/token/governance#community-multisig).

<Note>
  At the moment, \$COVE is non-transferable and only used for voting in protocol
  governance. In the future, we expect governance proposals to enable transfers
  and add additional utility and tokenomics.
</Note>

For more details on \$COVE, please refer to the [token documentation](/ecosystem/token/info).

### Auction parameters

| Parameter              | Value                    |
| ---------------------- | ------------------------ |
| Auction type           | Uncapped batch auction   |
| Auction start date     | April 22nd, 2024         |
| Auction duration       | 3 days                   |
| % of token supply sold | 0.95%                    |
| Reserve implied FDV    | \$30MM                   |
| Vesting                | 1y linear (voting power) |