Rabbit Inu Auction
Rabbit Inu Auction
Parameters
Start time of the auction.
End time of the auction.
Starting bid price.
Min bid increment (1% - 50%): Minimum percentage by which each bid must exceed the previous bid.
Time extend: Extended time from last bid in case time remaining is less than 5 minutes.
For example, with a time extend of 5 minutes, any bids placed within the last 5 minutes of the auction will extend the end by 5 minutes.
Processing Flow
Users can place bid prices along with a message.
For the first bid, the minimum bid price must be equal to or greater than the reserve price.
For subsequent bids, the minimum bid price must be at least min bid increment % higher than the previous bid.
When a bid is placed, the bid amount will be held in the smart contract, and the funds from the previous bid will be refunded to the user.
The auction can only be canceled if no bids have been placed.
Fee
The platform will deduct a 5% commission fee from last bid.
In an auction, users have the flexibility to place bids according to their desired prices, while adhering to the minimum bid increment rule. Each bid supersedes the previous one, ensuring a fair and competitive environment. The auction's start and end times are predefined, and any bids placed within the time extend will extend the auction's duration, allowing for additional bidding opportunities.
To participate in the auction, users can enter their bid price and include a message if desired. The initial bid must meet or exceed the reserve price, which serves as the starting point. Subsequent bids must surpass the previous bid by at least the minimum bid increment, expressed as a percentage.
When a bid is successfully placed, the bid amount will be temporarily held in the smart contract. Any funds from the previous bid will be promptly returned to the respective user. This process ensures the availability of funds for the highest bidder while maintaining fairness for all participants.
Cancellation of the auction is only possible if no bids have been placed. This ensures that once the auction starts, it proceeds without interruption, providing transparency and certainty to all involved.
The platform charges a commission fee of 5% on the final auction price, which serves as compensation for facilitating the auction and providing a secure environment for participants. This commission fee can be adjusted as needed to align with the platform's policies and objectives.
By offering a seamless auction experience with clear rules and protections, Rabbit Inu dApp creates an engaging marketplace where users can compete, discover unique items, and enjoy the thrill of bidding on valuable collectibles.
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