How to Bid on Auctions

The Basics

1. Head to axis.finance and click “Launch App” in the top-right hand corner.
2. Connect your wallet by clicking “Connect” in the top-right hand corner.
3. Click on any live Auction to view the token launch information as displayed above.

UI Explained

• Target Raise: Amount received by the seller if all tokens are sold at the minimum price.
• Min Raise: Minimum amount of quote tokens to be received if the auction concludes successfully
• Min Price: Minimum amount of quote tokens per payout token.
• Tokens Available: Total amount of tokens being offered.
• Sale Type: Sales can be public or private with allowlists.
• Min Price FDV: Estimated Fully Diluted Valuation (FDV) if the auction concludes succesfully at the minimum price.
• Total Supply: Token's current total supply. Please note that tokens may be mintable and as such the amount displayed may not be final.
• Auctioned Supply: Percentage of the token's current total supply being offered.
• Vesting: Whether the auctioned token has any vesting before it can be fully claimed.

Bidding Process

1. Navigate to the "Place your Bid" section on the right.
2. Enter the amount of tokens you wish to pay under “Spend Amount”.
3. Enter the maximum amount of quote tokens you are willing to pay per base token in the "Bid Price" section. As an example, if the quote token is USDC and the base token is ABC, then a bid price of 50 means 50 USDC per ABC.
4. Verify the minimum amount of base tokens you will receive if your bid is successul, shown below the "Bid Price". You will receive more if the auction clears at a lower price.
5. You should now be prompted to approve the spend amount and submit your bid. Note this will require 2 transactions. (Approval and Bidding)

Bidding Tips

• To make an educated bid, participants can calculate the initial FDV by multiplying their rate by auction’s total capacity.
• Check for additional auction features like vesting terms or callbacks.
• Always check if the auction has a curator.
• Make sure your “Bid Price” is higher than the minimum price. The higher the rate, the more likely your bid will win. However, bid your true price to avoid overpaying.
• You can place multiple bids per auction.
• Bids are encrypted when submitted to the contract. The dApp also stores all of your bids locally in your browser storage for you to review them. Your info will not be seen by other users, nor you will be able to see other users' bid prices.

Claiming Process

1. After the auction ends, return to the auction page to check if your bid won. A settlement chart will provide more details.
2. If your bid won, click the button to claim your tokens (vesting terms may apply).
3. If your bid did not win, click the button to claim your refund.