Auctions

The auction system allows campaigns to compete for "App of the Day" status through USDC-based bidding. Winners get maximum exposure and can distribute rewards to their supporters.

How Auctions Work

Auctions run for 24 hours and follow these rules:

Duration: Each auction lasts 24 hours (configurable)
Currency: Bids are placed in USDC
Reserve Price: Minimum bid required to participate
Bid Increment: New bids must exceed the current highest bid by a minimum percentage
Time Buffer: Last-minute bids extend the auction end time

Joining an Auction

Create or select a campaign
Click "Join Auction"
Approve USDC spending (if not already approved)
Place your bid
Monitor the auction and outbid competitors if needed

Bidding Mechanics

Minimum Bid

Your bid must be:

At least the reserve price (for first bid)
Higher than the current highest bid
At least the minimum increment percentage above the current bid

Bid Refunds

When you're outbid:

Your previous bid is automatically refunded
You can place a new, higher bid
Refunds happen on-chain automatically

Time Extensions

If a bid is placed within the time buffer before auction end:

The auction end time is extended
This prevents last-second sniping
Extensions continue until no bids are placed in the buffer period

Settlement

After an auction ends:

The highest bidder wins
The auction is settled on-chain
The winner's campaign becomes "App of the Day"
USDC is transferred to the platform treasury
Winner can distribute rewards to supporters

Smart Contract Security

The auction system is secured by:

Reentrancy Protection: Prevents attacks during bid processing
Pausable: Can be paused in case of emergency
Whitelisted Settlers: Only authorized addresses can settle auctions
Ownable: Contract owner can update parameters

App of the Day

The winning campaign receives:

Featured placement on the homepage
Maximum visibility to all users
Ability to distribute rewards to supporters
Recognition in leaderboards