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The auctioneer handles collateral auctions for liquidated debt
Auctioneeris an auction system for liquidated collateral.
Liquidatorstarts an auction when an undercollateralized debt position is liquidated. When the auction first started, the start price is set at above the market price by X% (currently set at 120%). Auction utilizes a
priceCalcfunction contract, that will calculate the price based on some price function that will typically decrease the price over time based on time or volume. (Note: currently, only
linear decreaseprice function is available).
There are two ways a user can purchase the asset, through
buyItNow, users are allow to buy partial lot.
bidsprovides users with the right to buy the asset at the bid price when the current price drops below the bid. Some bids maybe cancelled if other user either bids higher (must be higher by a certain percentage (3%) to be a valid bid) or other user decided to use
buyItNowallow the user to purchase the the asset at the current price that is calculated by the