> For the complete documentation index, see [llms.txt](https://docs.objkt.com/product/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.objkt.com/product/product-guides/token-buy-sell/dutch-auction.md).

# Dutch auction

A Dutch auction (or Price Drop auction) is an auction where the price of a token is lowered linearly from a starting price to an end price during a fixed time frame.

### Creating a Dutch auction

Any owner of a token has the ability to create an auction. To create a Dutch Auction, start by navigating to the token page. On the token page, click on the three dots menu on the right-hand side. At the bottom of that tab, you will find a large `Auction` button.

<figure><img src="/files/vkEb12hsLE3EKL4Gxyae" alt=""><figcaption></figcaption></figure>

Clicking on this button will take you to the auction configuration page. On this page click on the `Price Drop` button at the top.

<figure><img src="/files/YxjeK3hX42CltWrhgJqO" alt=""><figcaption></figcaption></figure>

Before starting the auction, you can configure multiple parameters:

| parameter       | description                                                                                                                        |
| --------------- | ---------------------------------------------------------------------------------------------------------------------------------- |
| Amount          | This defines the number of tokens you want to auction off in one go.                                                               |
| Start Price     | This is the start price at which the auction will start.                                                                           |
| End Price       | This is the price the auction will reach at the end of the Expiration Date.                                                        |
| Expiration Date | This parameter defines how long your auction will run. The price will decrease linearly from Start to End within this time period. |

Once you're happy you can click on the `Create Auction` Button to start the auction.

### View Created Dutch Auctions

To view all the auctions that you have created, start by navigating to your profile and then clicking on the `Auctions` tab. Here you will have a view of all the currently active and finished auctions.

<figure><img src="/files/IQRI3Q8pIXjfiPdKncAj" alt=""><figcaption></figcaption></figure>

### Cancel Dutch Auction

To cancel an auction, navigate to the auction page. At the right hand side, you will find a button saying `Cancel`.

### Buying a token through a Dutch auction

To buy a token through a Dutch auction, start by navigating to the auction page. On the auction page, there will be a `Buy Now` now button. Clicking this will automatically buy the token and remove it from the auction. If the auction has less than 1 tokens remaining it will be concluded.

<figure><img src="/files/2HLIiFxrd4NRo4TrrMoS" alt=""><figcaption></figcaption></figure>