💵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.

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

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.

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.