How to Participate Rewards Auction
The following is the example of the process of auction bidding.
- 1.Find the pool id for target liquidfarm
- This can be queried with the pair of two coins and the price range.
- 2.Find the current auction id and the auction end time
- In every auction period, a new auction is started and auction id increases.
- This can be queried with pool id and auction status as
- 3.Find the accumulated rewards of the liquidfarm
- This can be queried from the module, and the module returns the amount of rewards accumulated from the last successful auction to the current time.
- This value keeps increasing to the end of auction. The rewards value at the end of the auction will be the rewards that the winning bidder will be received.
- Make sure that bidders cannot guarantee the exact amount of rewards when bidding. The exact value of rewards for the auction is determined at the end of the auction.
- 4.Find the highest bidding amount for the auction
- This can be queried from the module with pool id.
- 5.Decide the bidding amount as pool coins
- A bidder needs to have pool coins for bidding. That is, the bidding coin is pool coin.
- The bidding amount needs to decided by considering the value of pool coin and rewards to be received.
- The bidding amount should be higher than the current highest bidding amount.
- 6.Place a bid with pool coins
- A bidder broadcasts a transaction having message for placing a bid. Then, the bidding amount is sent to the module.
- If a give bidder places another bid for the same auction, then the old bid is automatically refunded. Each bidder can have only one single valid bid for the auction.
- 7.Check the bid lists of the auction
- Check the bids of the auction to see the status of the bidding.
- 8.Check the auction result
- After the auction ends, the winner, the winning bid amount, and the rewards (including fee) can be known.
The users who wants to participate in the auction needs to use CLI or gRPC commands. No frontend is provided for auctions.