Bounce.finance: a decentralized auction platform｜Project Introduction
Original source: Binance Research
Bounce.finance is a platform built on Ethereum and A decentralized token exchange platform on Binance Smart Chain. The platform allows users to establish token exchange pools with fixed or dynamic exchange rates.
On the Bounce platform, if the cumulative ETH/BNB deposit in a particular exchange pool is less than or equal to the bounce level (i.e. the maximum amount of ETH/BNB allowed to be received) , the token exchange is successful. All other assets deposited will be returned and sent back to the sender's address.
Two types of exchange pools can be established in the platform:
Fixed exchange rate exchange: exchange pool The exchange rate between the creator's token and ETH/BNB is always fixed. Once his/her deposit is confirmed, the user will receive the tokens in exchange. If by the end of the time, the accumulated ETH/BNB amount has not reached the return level, the unswapped tokens will be sent back to the creator of the swap pool.
Dynamic exchange rate swap: The exchange rate is based on the amount of pool creator tokens and the amount of ETH/BNB in the pool. If by the end of the time, the accumulated ETH/BNB amount has not reached the return level, all tokens of the pool creator will be exchanged for the accumulated assets in the pool, and no tokens will be returned to the creator.
Rhythm note, Bounce.finance not only provides an auction pool with a specific exchange rate set by the user, but also an NFT auction pool. At present, in addition to fixed exchange rate auctions, the platform also provides Sealed-bid Auction, English Auction, Dutch Auction and Lottery.
Sealed-bid Auction. It is a sealed auction, and the mode is to seal all the bids in the envelope at the same time, and the person with the highest bid will win the auction.
English Auction. It is the English auction, which is the most common auction method. Its form is: during the auction process, the bids for the subject matter of the auction increase in order from low to high according to the bidding ladder. When the auction deadline is reached, the highest bidder becomes The winner of the auction.
Dutch Auction. A Dutch auction is also known as a "reduction auction". A special auction format. The bidding price of the auction target decreases in descending order until the first bidder meets the price (reaches or exceeds the reserve price). A reduced-price auction usually starts with a very high price, so high that sometimes no one bids. At this time, the price will decrease from high to low in a predetermined price reduction ladder until a bidder is willing to accept it.
Lottery. It is in the form of a lottery. The auctioneer puts tokens into the prize pool at a fixed price. The winner will be able to exchange ETH/BNB for auction tokens, while the tokens of those who are not selected will be returned.
BOT is the native utility token of the platform and is used for the following functions:
Liquidity mining: BOT will be distributed daily to users who successfully submit token transactions.
Governance: Users can stake BOT tokens to participate in governance voting. Voters receive daily rewards in BOT tokens.
Transaction fee dividend: 0.20% of all transaction amounts will be used as a transaction fee and distributed to BOT token stakers.
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