Bounce.finance

Aug 23, 2020

4 min read

Introducing the Sealed-bid Auction

Introduction

Sealed-bid in DeFi

How to create a sealed-bid pool?

  1. Pool Name
  2. Token details (Contract address, decimals, etc.)
  3. Auction Time
  4. Participant (Public, private or BOT holders)
  5. Amount of x tokens one wants to swap into ETH
  6. Floor swap ratio, which is the minimum price bid offers a pool creator would accept. Bidders cannot bid below this ratio.
  7. Minimum allocation per wallet (To maintain the quality of contract operation, we set a minimum allocation per wallet based on numbers you entered above. You can use this amount or enter a larger amount.)

After deciding on these variables, a pool creator can create a sealed-bid pool by sending a transaction of his tokens that he wants to swap to the bounce contract. Then magic will happen through contract execution.

For pool creators, you need to come back to check pool status page and manually claim your swapped ETH and unswapped tokens through one transaction at the end of auction.

How to participate in a sealed-bid pool?

Similar to the fixed-swap pools, there are two pool statuses:

  1. Live: the sealed-bid auction is happening and you can make bids.
  2. Closed: the sealed-bid auction is finished and participants can enter and check the results of their bids.

Once you find the sealed-bid pool you want to participate, click join and you will enter the join the pool page. The page shows some information about the pool. But to participate in a sealed-bid auction, you need to not only enter the amount of ETH you would like to bid, but you also enter your bid swap ratio.

This bid swap ratio can’t be lower than the floor swap ratio. In the case shown above, one should enter a number smaller than 243. Once you enter the numbers, click go and you will send your bids transaction to the smart contract. You can make only one bid transaction in one sealed-bid pool and you can check your bid in specific pool by clicking “check your bids” button. Once a bid transaction is executed, you cannot cancel it or claim your bided ETH back during the auction time. So please think carefully before you bid. When the auction is closed, you will need to claim back your swapped tokens and unswapped ETH back with one transaction.

Daily reward for sealed-bid participants

The Sealed-Bid auction is live now! Please check out through https://bounce.finance/list/bid