ProductClankDocs

Auction Bidding

Compete for "App of the Day" status by participating in daily auctions. Strategic bidding can maximize your product's visibility and community engagement.

Understanding Auctions

Auctions run daily and allow campaigns to compete for featured placement:

  • Duration: 24 hours per auction
  • Currency: USDC (USD Coin)
  • Winner: Highest bidder becomes "App of the Day"
  • Rewards: Winner can distribute rewards to supporters

Joining an Auction

Prerequisites

  • Have an active campaign
  • Sufficient USDC balance
  • USDC spending approved for the auction contract

Steps to Join

  1. Navigate to your campaign page
  2. Click "Join Auction"
  3. Approve USDC spending (first time only)
  4. Place your initial bid
  5. Monitor the auction

Bidding Strategy

Minimum Bid Requirements

  • First Bid: Must meet or exceed reserve price
  • Subsequent Bids: Must exceed current highest bid
  • Increment: Must be at least the minimum increment percentage above current bid

Bid Timing

  • Early Bidding: Sets a baseline and shows commitment
  • Mid-Auction: Strategic increases to stay competitive
  • Final Minutes: Time buffer extends auction if bids come in late

Budget Planning

  • Set a maximum bid amount before starting
  • Consider the value of "App of the Day" exposure
  • Factor in potential refunds from being outbid
  • Don't bid more than you can afford

Bidding Mechanics

Placing a Bid

  1. Enter your bid amount (must exceed current highest bid)
  2. Review the bid details
  3. Confirm the transaction
  4. Wait for on-chain confirmation

Being Outbid

If someone outbids you:

  • Your previous bid is automatically refunded
  • You'll receive a notification
  • You can place a new, higher bid
  • Refunds happen automatically on-chain

Time Extensions

If a bid is placed within the time buffer (typically 5-15 minutes) before auction end:

  • The auction end time is extended
  • This prevents last-second sniping
  • Extensions continue until no bids in the buffer period
  • Plan accordingly for extended auction times

Winning an Auction

After Winning

When you win an auction:

  1. Auction is settled on-chain
  2. Your campaign becomes "App of the Day"
  3. You receive featured placement
  4. You can distribute rewards to supporters
  5. Your product gets maximum visibility

Distributing Rewards

As the winner, you can:

  • Distribute rewards to believers
  • Use split contracts for automatic distribution
  • Reward campaign participants
  • Recognize top supporters

Tips for Success

  • Build Believers First: More believers = more potential supporters
  • Time Your Bids: Strategic timing can save USDC
  • Monitor Competitors: Watch for other bidders
  • Set Limits: Don't get caught in bidding wars
  • Plan Ahead: Have USDC ready and approved

Common Mistakes

  • Bidding without sufficient USDC balance
  • Forgetting to approve USDC spending
  • Bidding too early and revealing strategy
  • Not monitoring the auction
  • Bidding more than the value of exposure