Recharge Auction
A Recharge Auction is a BYC CAT with recharge_auction.clsp puzzle as inner puzzle. The inner puzzle turns the Recharge Auction coin into a singleton.
Operations
Puzzle that operations are performed on: recharge_auction.clsp
Keeper operations:
- Launch: launch a recharge auction - puzzle: recharge_launch.clsp
- Start: start a recharge auction - puzzle: recharge_start_auction.clsp
- Bid: submit a bid in recharge auction - puzzle: recharge_bid.clsp
- Win: mint CRT into winning bidder's address, deposit BYC offered to Treasury - puzzle: recharge_win.clsp
Recharge auctions have a relatively long bid timeout, making it feasible to participate manually.
Launch
To launch a Recharge Auction, a BYC CAT with inner puzzle being recharge_auction.clsp must be created and then spend with the launch operation. This launches the Recharge Auction by creating a Recharge Auction Start coin, which is a BYC
Start
Spends a Recharge Start Auction Coin to create an eve auction coin. The eve auction coins does not constitute a bid yet.
Bid
Spends an auction coin. The new coin created contains a bid in the LAST_BID curried arg. A bid is a list
bid = ((BYC bid amount . CRT bid amount), target puzzle hash, timestamp)
The target puzzle hash belongs to an inner BYC CAT puzzle, and will receive the CRT bid amount should the bid turn out to be the winning bid.
The BYC bid amount of a bid may be smaller or larger than that of the previous bid as long as it is greater than the Recharge Auction Minimum Bid Amount. If it is larger than in the previous bid, then the bidder needs to make a contribution bid.
If the new BYC bid amount is smaller than the previous one, the bidder must return the difference to the previous bidder.
Win
Once the auction has concluded, the winner can mint an amount of CRT as specified in the bid by asserting the corresponding announcement from the auction coin. The BYC amount bid gets paid to the Treasury. Keepers should aim for an even distribution of BYC among Treasury coins by selecting a suitable Treasury sub-ring.
A new Recharge Auction Start coin is automatically created. If the Treasury balance is still below the Treasury Minimum, then bidding can commence immediately. Otherwise, the Recharge Auction coin stays idle until the conditions for a Recharge Auction are satisfied again.
Note that the launcher ID of the Recharge Auction coin only changes if it is melted by governance (TODO: is this possible?). Governance also has the ability to launch additional Recharge Auction coins, in which case it is possible to conduct multiple Recharge Auctions in parallel (TODO: when would governance want to do that?).