BoringDAO🌀 — Guide to BoringDAO’s Bounce Sealed-Bid Auction

Decentralized assets bridge access all blockchains.

BoringDAO🌀 will distribute 2,000 BOR (1% of total supply) via Bounce.Finance sealed-bid auction on Oct 23, 2020,

14:00 to 16:00 London time UTC+1;

09:00 to 11:00 New York time GMT-4;

06:00 to 08:00 San Francisco time GMT-7;

21:00 to 23:00 Beijing time GMT+8;

21:00 to 23:00 Singapore time GMT+8

22:00 to 00:00 Tokyo time GMT+9.

A sealed-bid auction is a type of auction process in which all bidders submit sealed bids to the smart contract auctioneer. The sealed bid is not opened until the stated date, at which time all bids will be opened simultaneously. The smart contract will automatically rank bid orders from the highest bid price ratio until the token allocations are full.

There will be three $BOR sealed-bid auctions on Bounce.Finance. Two of them are for the public, and one for $BOT holders. The floor price will be 150 USDT/BOR.

Bounce.finance is a decentralized swap protocol that has done a lot of work on decentralized auction. We really appreciate Bounce’s philosophy and have reached a strategic cooperation with them.

A sealed bid is an exciting open-source auction tool, which can effectively help Token complete the “price discovery”.

Sealed bid is not complex.

In a sealed-bid auction, bidders know the floor price but not the bid price of others. When the auction ends (we set it to 30min), the smart contract will place the BOR bid on the highest bidder. For a bidder, he/she needs to give a bid higher than the floor price, and at the same time let him/herself buy as much BOR as possible with the least ETH. Therefore, this approach helps “price discovery” while constraining scripts and robots.

You can learn more about Bounce.finance. (Link)

And learn more about Sealed Bid. (Link)

In order to swap BOR token on Bounce Sealed-Bid Auction, users will have to go through 3 steps:

1. Install and setup MetaMask

2. Navigate to Bounce.Finance

3. Swap $BOR via sealed bids

Step 1. Install and Setup MetaMask

We recommend using MetaMask, the most popular Ethereum wallet, to swap $BOR tokens on Bounce.

You can download the MetaMask extension directly in browsers such as Google Chrome, Firefox. This guide will focus on the use of Metamask, which is similar to other Ethereum wallets.

(LINK FOR DOWNLOADING)

Then you need to create an Ethereum address and remember the mnemonic phrase to use it to receive ETH Funds.

Step 2. Navigate to Bounce.Finance

Log in to Bounce.Finance and enter the correct BOR contract address (we will announce it officially in a few days).

Find our Sealed Bid pool.

Note that there may be a false pool and BOR with the same name, so please be sure to check the BOR contract address carefully.

Step 3. Swap $BOR

The interface of the auction

Time left is the remaining time in one round. Please note: If you want to participate in that round, please ensure that the transaction was successful (not pending) before it ends. Therefore, keep attention on ETH gas fee.

Swap Ratio for Bid is your bid price, it should be appropriately higher than the floor price, but you need to think carefully about the specific price.

At the end of the time, the smart contract will select the highest bidding orders in turn for the transaction.

Therefore, if your price is too low, the auction may not succeed.

Round 1

666 BOR (30min, floor Price=150 USDT); Open to Public

Round 2

666 BOR (30min, floor Price=150 USDT); Open to Public

Round 3

668 BOR (30min, floor Price=150 USDT); Only open to BOT Holders

(PS: BOT is the native token of Bounce.Finance)

Conclusion

This is a simple and exciting process. If you can spend 10 minutes to understand the sealed bid carefully, it will be helpful.

A “Boring” auction will be launched in this week! Let’s rock on Bounce!

Decentralized assets bridge access all blockchains.

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