> For the complete documentation index, see [llms.txt](https://docs.ramen.finance/ramen/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ramen.finance/ramen/product/price-discovery-mode/faq.md). # FAQ: Price Discovery Mode ## How does Price Discovery Mode work? Price Discovery Mode is powered by the Sealed-Bid Auction mechanism developed by Axis. This mechanism simulates a blind auction where all participants place private bids for a desired quantity of tokens at their preferred price. Once the auction is completed, the system decrypts all bids and allocates tokens to the highest bidders, with the settlement price set by the last successful bid to be filled. *** ## Is the Price Discovery Mode secure? The Sealed-Bid Auction smart contracts have been [audited](https://axis.finance/developer/reference/audits/). Ramen will be getting an additional security audit done very soon. *** ## What if I place a bid with a very very high bid price just to secure allocation? The higher your bid, the more likely your bid will win. However, place a bid price at which you're comfortable in paying for the optimal participation experience. In the event where majority of the participants adopt this strategy of placing exceeding high bid prices, the settlement price could end up higher than expected, creating an overinflated valuation for the tokens. *** ## What can I do if my bid did not win? If your bid did not win, you can claim a full refund for the BERA you've contributed after the auction ends. You can purchase the token from the liquidity pool at a price similar to the settlement price shortly after the token launch is completed. *** ## Are there allocation limits per unique wallet? No, there are no allocation caps. This means you may contribute any amount above the minimum bid size to the token launch. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ramen.finance/ramen/product/price-discovery-mode/faq.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.