The Auction Game
In the Auction Game, users will use $HONOR token to bid for the prize pot. Those prize are partial sales from vaults. For more details regarding the prize pool, read the farming page.
- Initial Minimum bid price is 0.01 $HONOR , after that, next minimum bid price will be calculated based on minimum increment percentage and minimum increment amount.
next min. bid = min(bid * min.increment.pct, min.increment.amt) + bid
- A bid is valid when it is higher than next minimum bid.
- The $HONOR used to bid against the prize pot will be immediately burned. That means, either one user wins or not, the bid amount will NOT be returned. Please take caution when joining.
- During each round, one user can raise his/ her bid multiple times. He/ She will only need to pay the increment amount.
- There will be a round countdown timer for the auction game, initially started with 5 minutes. When the timer counts down to 0, the auction ends. The last bidder will win. Each successful bid will add 1 minute to the round timer, to a hard cap of 15 minutes.
- On each round end, 80% of the prize pot will be sent to the last bidder, 20% of the pot will be rolled over to the next round.
- A round is preceded with a 5-minute starting grace period when bids are not permitted. This is to help users to know what is going on and get ready for next round.