Auction

Decentralized Dutch Auction

Themis currently supports a Dutch-style auction format. This means that when the collateral is liquidated to the Auction Pad, the auction will start at the asset’s original value at the time of liquidation, and the price will drop every four hours when no bids are placed. The Uncollected Fee in UNI-V3-POS is not calculated during the auction, so it is profitable for users to participate in the auction.

Main Functions

Lot List

When the algorithm transfers the collateral from the queue of the Borrow contract to the Auction Pad, it will start the auction at the current market price of the collateral.

Bids

  • The first user enters a bid and collateralizes the asset until the next user bids or the round ends;
  • When a new user enters a bid, a refund of the previous user's bid handling fee is paid and the new bid is locked in until the next user enters a bid or until the round ends.

One-Bid

When a user selects a one-bite bid, the previous bid is returned and automatically settled at the current round's starting price/0.95.

Countdown Completion

When a user is the final bid of a given round, the bid is transferred to the agreement and the auction item goes to the bidder.
If there are no bids at the end of the countdown, the starting bid is reduced by 5% . This continues until someone makes a bid, and wins the auction.

Auto-Sell

When the risk factor of a lot falls below 1.03, the contract will be sold automatically.;
Risk Factor = Collateral Price / Outstanding Principal and Interest

Return Balance & Agreement Income

When the agreement receives the auction proceeds or the automatic sale proceeds, the Auction contract will return the amount of tokens in the contract that haven’t been used to pay back the principal and interest. The excess tokens will be transferred from the contract to the Treasury.

Interface Information

Interaction

  • Displaying all lots, which can be filtered by token type;
  • Click the 'BID' button to participate in the auction according to the one-bite price or bid.
  • Tracking of unreturned orders for lot collection at the end of the countdown;
  • Currently returned orders cannot be tracked due to the lack of ability to store information on the chain.

Stats Information

Type
Description
Method
Pairs
Current assets in NFT
Reading NFT's token0/token1
Value
Current Asset Value
Reading Oracle's Pricing
Bid Price
Starting Bid / Last Bid
Reading Auction Contracts‘ Bid value
Round
Current auction rounds
Read the Auction contract's Round
Time
Countdown to the current round
Read the contract with the calculated values of the backend
Token Information
token name & token ID
Reading Uniswap values