here is significantly updated information about how Moxie Fan Token Auctions work according to the smart contract

Simple Guide to Fan Token Auctions

Read carefully and let us know if any questions!

Please 🔁 recast for visibility

https://build.moxie.xyz/the-moxie-protocol/simple-guide-to-fan-token-auctions

Working on Moxie at Airstack| airstack.xyz | moxie.xyz | hihi! 


@betashop.eth thanks this is helpful! if I bid e.g. double the clearing price do I receive the fan tokens at the clearing price after the auction closes? or at that double price?

Building products onchain /thefalsenine /flexclub 🌐 

thank you got it! This will save me quite some time lol as I’ve been bidding slightly above the clearing price and most of my bids have been failing.

With the logic Moxie has implemented there’s no risk to bidding higher 👌🏾

you receive your tokens at the clearing price, and since you bid more than the clearing price the auction will try to settle your entire order at the clearing price

example: you bid for 10 FT at 10,000 MOXIE each = 100,000 MOXIE total order

it clears at 5000 MOXIE each

You will get 20 FT at 5000 MOXIE, filling your entire order of 100,000 - which is to your benefit as you get more FT at a lower price than you bid