Our daily auctions are a key component of Axion's ecosystem. There are two types: Regular and Venture Capital. These auctions do have some similarities but also a few key differences.

First, let's discuss how they are similar

Both styles of auction allow the user a chance to purchase Axion (AXN) at a better rate than the market price, as they raffle accumulated AXN tokens between users in proportion to their bid in Ethereum (ETH).

  • Users bid ETH and at the end of each auction, the available AXN in the auction pot is distributed fairly between all those who have bid.

  • Auctions start at 07:02 UTC each day and last exactly 24 hours.

  • You can enter a bid at any time of the day, but will not know what rate you get until the auction has ended. (Based on market price at the end of the auction day).

  • Both auctions are now capped at 100% capacity to prevent them from overselling.

  • NEW - Both auction types, grant an additional 6-20% Bonus AXN to your principal when staking over 350 days.

How are they different?

Regular Auctions:

  • Regular auctions take place on Tuesday, Thursday and Sunday.

  • Includes 10% more AXN compared to buying on Uniswap

  • They hold around 200,000,000 (200m) AXN in them.

  • You must stake your winnings for a minimum of 60 days.

  • 80% of the Ethereum that goes into regular auctions repurchases AXN from Uniswap and distributes it to stakers.

  • 19% goes to the Axion Foundation.

  • 1% goes to The Eden Reforestation Project.

Venture Capital Auctions (VCA):

  • VCAs take place on Monday, Wednesday, Friday and Saturdays.

  • Includes 10% Instant Cashback as wBTC

  • They currently hold around 500,000,000 (500m) AXN in them.

  • You must stake your winnings for a minimum of 60 days.

  • 85% of the Ethereum that goes into a VCA is distributed to stakers in wBTC divs.

  • 10% is used for the instant cashback.

  • 5% goes to the Axion Foundation.

If any of the auctions don't completely sell out, the remaining AXN is always rolled over to the following Friday's VCA auction.

If any stakers perform an emergency early unstake, their penalized AXN tokens are fed into the following day's auction.

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