Dec 19, 2022
Auction Smart Contract Upgrades: A More Secure & User Friendly Experience
Dear Bounce Community,
We have received a lot of feedback and questions regarding certain auction pools. As we are currently developing V3, we wanted to let you know that we are aware of the issues and are working to improve the protocol. Our primary focus for V3 is to enhance the user experience and protect our users during auctions.
One of the benefits of the Bounce decentralized auction system is its permissionless nature, which allows anyone to create and participate in auctions. However, this feature has also been exploited by malicious actors in the past. In V3, we plan to maintain the decentralization and permissionless nature of our system, but we are also implementing several measures to mitigate the impact of bad actors and improve user protection. These features include:
- Regret period: Participants will have a designated amount of time to re-think and revoke their participation in any auction. In doing so, the auction creator will not be able to claim the funds until the regret period has ended, and all participants will be able to withdraw their participation and receive their funds back. This will not only give participants more time to re-consider participating in a given pool but also help prevent malicious behavior from auction hosts.
- Report Scam: As a permissionless protocol, it can be difficult for Bounce, as a platform, to determine if a given auction pool is malicious. However, the community will now have the ability to report scams through a specific auction page. Participants will be able to see if their desired pool has been reported, allowing them to take extra caution before deciding to invest; this way Bounce remains permissionless while also promoting transparency and user safety.
- Creator profile: In order to promote transparency and accountability going forward, creators on Bounce will be required to have a profile page with information before opening an auction. This sort of “Information Backed Defi” is a key theme & philosophy within Bounce V3 and is something we are especially excited about bringing to defi.
- Frontend alert system: We will be introducing various warning signs and guidance for each auction pool to increase user awareness and to help users verify the authenticity of the auctions. Doing so will help prevent scams and increase user protection in a way that is intuitive.
If you have any additional ideas for improving the user experience and protection, please fill out this form: https://docs.google.com/forms/d/e/1FAIpQLScbFv1p6T0I-gyKn3DF3vgKdQQO1EEHWF80CwYXsjYCNwrozQ/viewform
(We greatly appreciate and value any suggestions you may have.)
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