Hey dear Tracer community,
After getting some positive feedback on this thread, thought we could use a more detailed explanation of the steps and parameters required to initiate an auction using Gnosis Auction.
It is recommended to initiate an auction from a Gnosis Safe which allows a multisig setup and better security. Auctions can also be initiated directly from governance modules like the Compound Governance module (if that is required, reach out for more info).
All auctions must include the following parameters:
auctioning-token refers to the token contract address of the token to be sold in the auction
bidding-token refers to the token contract address of the token that bidders will use to bid on the auctioned token
sell-amount refers to the maximum amount of tokens that will be available for sale
min-buy-amount refers to the minimum amount of buy tokens you are willing to accept.
The minimum sell price of the auction is calculated by dividing: min-buy-amount / sell-amount
For example, selling 10 ETH for minimum buy amount of $20k will result in $2k minimum price.
auction-end-date determines the end date and time of the auction
Additionally, Auctioneers can further customize the auction by using the following optional parameters:
min-funding-threshold The minimal funding threshold for executing the settlement. If funding is not reached, everyone will get back their investment. Default is 0.
order-cancellation-date The time until which orders can be canceled. Default is 0.
min-buy-amount-per-order Describes the minimal buyAmount per order placed in the auction. Auctioneers can define if there is minimum order size in their auction. Default is 0.01
atomic-closure This parameter enables users to close the auction atomically and submit a final bid by calling the
settleAuctionAtomically function in the smart contract once the
auction-end-date has been reached. The auctioneer determines whether this parameter is on or off by specifying True or False.
This makes sense mainly for tokens with existing liquidity sources and is less suitable for IDOs.
allow-list-manager If an Allow-Listing should be applied for the auction – only approved addresses are allowed to participate, the auctioneer can provide their own allowlistManager contract, or use the AllowListOffChainManaged.json file provided in this repo to enable this functionality. The command needs to be followed by the contract address of the allowlistManager contract being used.
Once the transaction initiating an auction is submitted and mined, the auction will be available for participation on Gnosis Auction interface at gnosis-auction.eth.link
Hope that clears some questions around the process. Please let me know if there are any additional questions.