Hi, thanks for the detailed explanation. I though I did understand the token sales auction but I miss totally a step. I hope that you can tell me what I do wrong so that I can learn this for the next time

Example of a launch:

openfund.com/trade/btcabi

The amm was
0.001 - 1k
0.0011 - 1k
0.00121 - 1k
0.001331 - 1k
0.001464 - 1k
0.001611 - 1 k
0.001772 - 1k
0.001949 - 1k
0.002144 - 1k

initial bids were
person a , 0.001 for 3K coins
person b, 0.011 for 1K
person c, 0.001256 for 6K
person d, 0.001946 for 3K

According to your description, my thoughts
I will bid with 0.002144 for 8k

There were no other bids so, With my highest bit , 0.002144, I can fill every previous level / sell from the AMM

But this was not happening
Results:
I got only 2k for a price of 0.002144.

What am I doing wrong because I do not get the picture at all. If you look at the recent sell trades of the AMM for user btcabi, most of them are for the price 0.0022

I do not get it at all

Thank you so much already !!

Thank you for such a clear explanation. This is such valuable and important information for new users and users who haven't been exposed to this type of system.

Thanks @imoliver, very helpfull. Does it work like that on openfund as well when you place a marketorder for focus or deso?

Good explanation

Thanks @imoliver , great explanation.

Please tell me if I am wrong. Unless your bid is right on spot and the pool is large enough, you always pay more than the real price of the coin at that moment or you can't buy all the coins you ordered. AMM always wins!