The seat sale

The 500 Syndicate seats are sold once, before launch. The sale has two rounds: a whitelist round at a fixed $500 a seat, then a sealed-bid auction for the seats that remain. Payment is in USDG on Robinhood Chain and stays in escrow until launch. If launch does not happen, every payment comes back.

What a seat is

A seat is a Syndicate. It is an NFT whose number is also a referral code. Every Sukuk bought with that code is attributed to the seat. For each tranche, the seat's owner chooses the Agency that manages the capital the seat raised, and the seat receives a raising fee in SUKUK on that capital. Each seat also carries 1,000 SUKUK, locked for 48 months.

How the raising fee works, and the limits on it, are in The structure. This page covers how seats are sold.

The order of events

1. Whitelist. For a published window, each wallet on the whitelist can buy one seat at $500.
2. Commit. After the whitelist window, anyone can start the auction. For 72 hours, bidders submit sealed bids.
3. Reveal. Bidders reveal their bids during the reveal window. Its length is set before launch.
4. Clearing. Anyone can submit the clearing price, and the contract checks it against every revealed bid. If bids tie at the clearing price, a draw settles the rounding.
5. Settlement. Each bid is settled: seats at the clearing price, the rest refunded.
6. Launch. The pool must open before a published launch deadline. At launch the sale money is released and each seat's 1,000 SUKUK is minted.
7. Seats. From launch, winners claim their seat NFTs. From minute 120, seats can be sold through the gated sale path.

The whitelist window, the auction start and the launch deadline are set before launch and published before the sale opens. They cannot be changed once the sale contract is deployed.

The whitelist

The whitelist is a list of wallets, recorded on chain by the Safe before the window opens. Each listed wallet can buy one seat at $500. The whitelist can never cover more than 500 seats. How many seats go to the whitelist and how many to the auction is set before launch.

Places are allocated by SukukDAO, weighted toward people who can bring capital to the Syndicates, and vetted on real engagement and a record of past launches. Registered Agency wallets cannot buy, in either round.

Bidding

A bid names a number of seats and a price per seat. The price must be at least $500. There is no cap on how many seats one wallet can bid for.

You do not send the bid itself. You send a sealed commitment: a hash of the number of seats, the price, a random secret called a salt, your wallet, the sale contract's address and the chain. With it you send a deposit in USDG.

• The deposit must be at least $500.
• To win, the deposit must cover the number of seats times your price.
• You may deposit more than that to hide the size of your bid. The excess is refunded at settlement.

Because the commitment names the sale contract and the chain, a commitment made for a rehearsal or another deployment cannot be used here.

Revealing

After the 72 hours close, you reveal your bid from the same wallet: the seats, the price and the salt. The contract checks them against your commitment and checks that your deposit covers seats times price. A reveal that does not match, or whose deposit falls short, fails.

The clearing price

Revealed bids are ranked by price, highest first, and filled in whole seats until the auction's seats run out. The price of the last bid needed to fill them is the clearing price. Every winner pays the clearing price, whatever they bid. Bids above it win every seat they asked for. Bids below it win nothing and are refunded in full.

If the auction is undersubscribed, every valid bid wins every seat it asked for, at $500.

Anyone can submit the clearing price, and the contract accepts it only if it is the true one. For a large sale, the counting can be done in batches first.

Ties and the draw

Bids at exactly the clearing price may ask for more seats than are left. They share what is left pro rata, in whole seats. Each tied bid's share is rounded down or up, and a draw decides which round up. A bid's chance of rounding up equals the fraction of a seat it is owed, so splitting one bid into many small ones gains nothing.

The draw uses secrets from two drawers, who are different people and both registered independents. Each commits a hashed secret before bidding closes and reveals it after clearing, within 24 hours. The result combines both secrets with the bidders' salts. If a drawer does not reveal in time, anyone can arm a fallback that uses the hash of a block fixed at the moment it is armed. Robinhood Chain's sequencer can influence a block hash, so the fallback is weaker than the drawers' secrets. Bids are settled only after the draw.

Go or no-go

The sale needs at least 250 seats sold, whitelist and auction together. If fewer than 250 are sold when the auction clears, the auction is extended once, by about 14 days, with revealed bids carried over. If it is still short after the extension, the sale fails and every payment is refunded in full. There is no launch.

Refunds and forfeits

• Winning bids pay the clearing price for their seats. Anything else in the deposit is refunded at settlement.
• Losing bids are refunded in full.
• Unrevealed bids forfeit their whole deposit if the sale clears. Forfeits go with the sale money, split as below.
• A failed sale refunds every whitelist payment and every bid in full, revealed or not.
• No launch by the deadline. If the pool has not opened by the launch deadline, every payment is refundable in full, forfeited deposits included. If the sale itself has not finished by the deadline, anyone can end it so that refunds open.

Where the money goes

At launch, the sale money leaves escrow:

• 80% funds the bid wall, which buys SUKUK below the price and burns it (see The market);
• 20% goes to a disclosed launch budget.

The SUKUK of any unsold seats goes to the launch pool instead.

Seat SUKUK and its lock

Each seat sold carries 1,000 SUKUK, minted at launch and held by the Syndicate registry. It is locked for 48 months from launch. After that it is released to whoever owns the seat at the time. Selling the seat passes the locked SUKUK to the buyer. Seat SUKUK is not burned in tranche losses: those fall on locked Sukuks and Agency stakes.

Who can bid

Anyone with a wallet on Robinhood Chain and USDG can bid, except registered Agency wallets. Availability may be restricted where you live. Read the risks and the disclaimer before you bid.