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Best Bid Auction
It is an auction where offer maker 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.
Conditions and bids of an offer are open and available for everyone. Participants of the auction have the opportunity to analyse the behaviour of “competitors” and adjust their bids, thereby increasing the value of the offer for the bidder.
Both assets of offer maker and bidder will be held in the smart contract until the offer is completed or cancelled.
You found somebody 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?
- you can’t choose the price of lot;
- you are not sure about the demand;
- you have illiquid assets, and you can wait (long market);
- the market is too volatile;
Important:
• 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
The difference between Best bid auction and part OTC deals.
- 1.In part offers buyers sets up the price, in the best bid offer the price depend on bidder
- 2.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 offer maker chooses a bid. Both offers can be cancelled at any time by offer maker
- 3.Part offer means that you can sell many assets in parts, quickly and to many people. In the best bid, only one buyer can close an offer.
- 4.In the best bid offers, discount/premium are calculated automatically depending on bids.
The difference between Best bid auction and Zero-deposit offer.
- 1.You do not need to lock the funds in the contract, you just need to create an announcement about selling a token.
- 2.When the offer maker and the best bid offer match, then a contract best bid deal is automatically created, and the funds are from their wallets exchanged automatically.
- 3.If there are no funds, the bidder has limited time to replenish the wallet. Otherwise, the maker selects the next/other best bid. Marketplace works in ERC-20 and BSC and you only need to pay for the gas fee.
The main advantage of this model is the ability for users to keep their assets in their own wallets, rather than having to freeze them in a contract for the duration of the transaction. This allows for greater flexibility and control over one's funds.
Last modified 2mo ago