In order to bid into our Auctions, you need to be holding ETH in a MetaMask wallet. At this time MetaMask is the only wallet we support, but we may add support for others in the future.
Due to transaction fees involved, and the current Ethereum network congestion, we don't recommend bidding less than $1,000 worth of ETH into the auction. This is to ensure that the transaction fees are easily covered by the profit you will make.
The below guide is for both our Venture Capital and Regular Auctions. Please note that after bidding in the auction, you are required to stake your winnings for a minimum period (single stake per auction).
Start by heading to our Auction Platform and click Connect Your Wallet
MetaMask will open and ask for confirmation.
Once connected, you will see your wallet address at the top left of the screen.
Near the top, you will see Auction Rate and Uniswap Rate
The Auction Rate is the current estimation of the Auction Price. Note that a higher number of AXN per ETH means a cheaper price. Note that the final auction price is not set until the auction has ended.
The Uniswap Rate is the current Market price if buying on Uniswap.
Place Your Bid
Unlike an auction on eBay for example, it's not the highest bidder wins. Instead, everyone who deposits ETH into the auction is rewarded with their fair share of AXN once the auction finishes.
For example, say there's 100M AXN available in an auction and the price is 1,000,000 AXN/ETH.. if 80 people enter 1 ETH each, and 1 person enters 20 ETH... the 80 people will get 1M AXN each, and the person who bid 20 ETH gets 20M AXN.
On the left, you will see your available Ethereum Balance. On the right, you can enter your bid. It is advisable that you always leave at least 0.1 ETH in your wallet at all times, to cover future transaction fees.
Once you have entered your bid amount, click Send Bid and a MetaMask will open a transaction window. Note the gas fee estimate will be at least $100. Typically this is an overestimation, and you will only pay 60-70% of this estimate.
Click confirm, and your transaction will be sent to the blockchain. Wait on the page until confirmation of your bid appears.
You should now see your bid in the Bid History section, as In Progress:
The following day, there will be a Stake button in place of the In Progress text.
Instant 10% Cashback in wBTC (VCAs only)
Our Venture Capital Auctions automatically give all bidders an instant 10% cashback bonus as soon as their bid is confirmed. This should show up in your wallet, but you may need to add the wBTC token first in order to see it.
How to save on transaction fees
Due to the current Ethereum congestion, transaction prices can be quite high, especially if the Gas Price is above 100 GWEI. We recommend keeping an eye on sites like https://ethereumprice.org/gas/ and waiting for it to be under 50 GWEI, or as low as possible.
Please never use the slow gas speed in Metamask when bidding an auction. This will likely fail, because of the buyback mechanism going off to Uniswap to buy AXN or wBTC. If the prices have fluctuated during your slow transaction, it will fail and you will lose the fee.