Join an Auction
Place Bid & Ask Orders
ButtonAuctions are double-sided. Users can join as either a buyer or seller. To see a list of active auctions please navigate to the auctions listings page.
- 1.Find the Auction you would like to join (app.auctions.button.finance).
After connecting to Web3 wallet, the My Assets filter will show auctions that you already have assets for. This is a quick way to see what auctions you can join immediately.
- 2.Click on the table row to navigate to that auction's detail page.
- 3.On the detail page, you will find key information. We recommend reviewing the asset pair, price range, end date, and the creator of the auction.
ButtonAuctions is permissionless. Meaning that anyone can create an auction for any pair of arbitrary ERC-20 tokens. This includes nefarious tokens or even stolen tokens. Please do your due diligence before joining an auction.
- 4.Click Join Auction button near the top of the page. This will open a modal where you can toggle between the Bid and Sell experiences.
- 5.Buyers: Deposit the total amount of the bid asset you would like to exchange for the sell asset.
- 1.Sellers: Toggle to the Sell tab. Deposit the total amount of the sell asset you would like to exchange for the bid asset.
7. You will then set a bid (or sell) price that falls within the minimum and maximum price.
8. The UI will show you an expected output based on your deposit amount and bid/sell price. Please review this before proceeding.
9. Complete any transactions using your Web3 wallet.
You may be asked to make a one-time approval for new tokens.
10. The UI will update to confirm that you have joined the auction as a buyer or seller. You will be able to confirm your order on the auction's detail page and on Etherscan.
11. View your Orders in the "My Auctions" tab.
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Step-by-step (UI)
Your orders will be listed here (Testnet).
Example
Assume an auction is created with WETH as the sell asset and USDT as the bid asset. WETH has a value of $1,000 and USDT of $1 in our example.
If a buyer speculates that WETH's near-term value (based on the auction's duration and end date) is $900 or less, they can deposit an amount of USDT and set a bid price of 900 USDT.
At the auction's settlement, if the clearing price is 900 USDT or less then the buyer will be able to redeem an amount of WETH in proportion to their deposit amount. These buy orders can be filled completely, partially, or fail depending on the auction's clearing price. If the order is not filled, the bidder can either settle the Auction and then withdrawal his funds, or wait until the Auction is settled and withdrawal it after.
Last modified 5mo ago