Best Bid Offer

What is best bid offer?

Bid offer works as an auction where offermaker request for quote. The goal is to get several offers and choose the best one/choose any or reject all. The system itself will show the best bid for the price, discount/premium. This offer is not part, the bidder will cover 100% of the sum.
Both assets of offermaker and bidder will be held in the smart contract until the offer is completed or cancelled.

When to choose Best bid offer:

  • you can’t choose the price;
  • you are not sure about the demand;
  • you have illiquid assets and can wait;
  • the market is volatile;
  • you want to have a garant deal with another party;
  • you have no specific deadline for selling tokens.
The best bid offers work as an open auction. It means, that the conditions and bids of an offer are open and available for everyone. Participants of the auction have the opportunity to analyze the behaviour of “competitors” and adjust their bids, thereby increasing the value of the offer for the bidder.
Use case:
You found somebody in the Telegram group who would like to purchase your Tokens. You discussed price and amount conditions, but I don’t know each other, so there is no trust.
Best bid auction is a perfect solution. You go to the platform, create an o, and send the buyer the link. He is making a bid, telling you the number, and you accept the offer, and assets are automatically sent to your wallet.
Your money is safe with our smart contracts.
Bid offer works as an open auction.

Offer creation flow:

1. Go to the website and choose the best bid option
2. Filling out the offer creation form
3. Approve the transaction on the platform
4. Approve the transaction in your MetaMask wallet
5. Confirm transaction in your MetaMask wallet
6. The offer is created and you can see it on a dashboard
7. Systematically check bids on the platform (view your offer)
8. If you like the bid - accept it and tokens will be automatically transferred to your wallet.
Another option is to use Best bid as a grant deal. You agreed on the transaction with another party on a specific price, time and volume and you complete it on the platform the same way.
Bid creation flow:
1. Filling out the bid creation form
2. Choose discount or premium and make a bid
3. Approve the transaction on the platform and in Metamsak
4. Complete a bid
5. Wait for your bid to be accepted or rejected.
You can claim your tokens back at any time before the offer is over.

The difference between best bid offer and part offers.

-In part offers buyers sets up the price, in the best bid offer the price depend on bidder.
-Part offers are completed automatically when all the conditions are satisfied or the offer is over. The best bid offers have no deadline and the offer will be closed only when an offermaker chooses a bid. Both offers can be cancelled at any time by offermaker.
-Part offer means that you can sell a large number of assets in parts, quickly and to a large number of people. In the best bid, only one buyer can close an offer.
-In best bid offers discount/premium are calculated automatically depending on bids.
Funds can be returned in the following cases:
- The offermaker cancelled the offer,
- The offer was closed with a bid.
The transaction fee like in other offers is 0.5% / 0.5% (from the seller and from the bidder). If the offer was not closed, the commission is not charged.
Trading is possible in BSC and ETH20.
• Offer can be secured only with tokens on your wallet
• Offermaker cannot bid on their own offer
• The bidder can only bid with tokens from the wallet
• Bidder can offer Premium or Discount to the market price of the offer
• The best bid is determined by the highest bid for the offer. If there are several, the first one is selected.
• Only an offermaker can close a deal
• The offermaker can cancel the bid at any time
Rules for cancellation (suspension) of the auction:
• The auction can be cancelled if there are no bids within the specified time
• Auction can be cancelled manually