Start new auction: If no auction is currently active, you can start a new auction by placing initial bid.
Place a bid: Bid in current auction. You must bid higher than highest bidder, or 10% higher than highest bidder if you bid during last minute of auction.
Whithdraw bid: Withdraw from auction, if you're not the highest bidder. (to place a new bid, or to quit auction)
End auction: If 24 hours have passed since start, and "Time remaining" is set to to "expired", you can close the auction.
> Auction Mechanics
Start: Any user can initiate an auction by submitting an initial Warhead token bid amount.
Duration: 24 hours per auction, with only one active at a time.
Lot Size: 1% of the initial ICBM yield pool (e.g., 3.5M ICBM for a 350M pool), fixed at the start of the Auction Phase
Bidding:
Users bid Warhead tokens, with each bid exceeding the current highest.
Outbid users must withdraw their previous bid to submit a new, higher bid, or to leave auction.
To prevent sniping, during the last minute of the auction, new bids must be 10% higher than highest bid.
Ending: After 24 hours, anyone can call endAuction, highest bidder receives the ICBM lot (1% of the pool), and their Warhead tokens are burned.
Outcome:
100 auctions distribute the yield pool (one per day).