What happens if the auction is oversubscribed?

This article describes the $WHUF token sale, which closed on September 4th 2026. This article is kept here as a record.

If demand is strong enough that the clearing price would exceed the $9.90 cap, the sale is oversubscribed. Here's what happens:

• Every successful bidder pays the cap price ($9.90)

• Tokens are allocated first-come, first-served, in the order bids were placed, until the 2,000,000 tokens are exhausted

• Bidders whose orders can't be filled receive a full refund of their uncommitted USDC

What this means for you

If you're confident you want to participate, bid early. In the oversubscribed scenario, the time you placed your bid determines whether you receive an allocation. A bid placed on September 1 outranks an identical bid placed on September 3.

Bidding early carries no price risk. You always pay the clearing price, never your bid price, and if the auction clears below your maximum you simply get more tokens for your commitment.