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Auctioneer
The auctioneer handles collateral auctions for liquidated debt
Auctioneer
is an auction system for liquidated collateral. Liquidator
starts 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 priceCalc
function 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 decrease
price function is available). There are two ways a user can purchase the asset, through
bids
or buyItNow
, users are allow to buy partial lot.bids
provides 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 buyItNow
buyItNow
allow the user to purchase the the asset at the current price that is calculated by the priceCalc
.Property | Type | Description |
---|---|---|
assetId | bytes32 | The collateral ID as bytes |
lot | uint256 | The amount of asset in the lot |
debt | uint256 | The target amount for the auction to raise |
owner | address | Address of the liquidated vault. Left over collateral will go back to this owner. |
beneficiary | address | The stablecoins raised in the auction goes to this address. |
startPrice | uint256 | The initial starting price for the auction. Decreases over time. |
startTime | uint256 | Time when the auction started in seconds. |
sellAllLot | bool | If true, keep auction going until all the lots are sold |
isOver | bool | Indicates whether the auction is active or not. |
Property | Type | Description |
---|---|---|
price | uint256 | The price of the bid |
lot | uint256 | The lot size of the bid |