DeFi

The $MACHI auction went live today (bid if you want, NFA, etc), and I’m proud that the auction is made possible by the @axisfinance protocol!

What’s novel is that the auction has a hook configured that will automatically deposit a pre-defined portion of the proceeds into the Baseline market. Apart from Baseline making the token unruggable, Axis and the DTL hook ensure that proceeds go towards liquidity (instead of “trust me”).

DeFi’s modular auction protocol, coming soon to Blast.

The $MACHI auction went live today (bid if you want, NFA, etc), and I’m proud that the auction is made possible by the @axisfinance protocol!

What’s novel is that the auction has a hook configured that will automatically deposit a pre-defined portion of the proceeds into the Baseline market. Apart from Baseline making the token unruggable, Axis and the DTL hook ensure that proceeds go towards liquidity (instead of “trust me”).

https://x.com/machidotxyz/status/1832097509600113138?s=46&t=WhYukSauChV1qH3L8ayoJw

From a dev perspective, the Axis contracts did well:
- utilised a merkle tree to whitelist accounts, each with its own bidding cap (callback config)
- custodied the bids ($5m!) before settlement
- upon settlement, transferred ~80% auction proceeds into the pre-configured ranges of the liquidity pool (DTL callback)
- payout tokens (MACHI) were distributed in bulk to bidders

Full-stack and Solidity dev @ Axis Finance, OlympusDAO. Formerly: GuardianUI

Most importantly, all of this was done through the contracts. No off-chain calculations to disburse payout tokens. No running scripts to deposit into a liquidity pool. No need to trust the Axis, Baseline or MACHI teams that they will handle the auction proceeds as described. 👍🏼

FYI, the Baseline callback is customised to the unique needs of that protocol, but we also have more generic Uniswap V2 and V3 direct-to-liquidity callbacks.

More here:

FYI, the Baseline callback is customised to the unique needs of that protocol, but we also have more generic Uniswap V2 and V3 direct-to-liquidity callbacks.

More here: https://docs.axis.finance/developer/concepts/callbacks

From a dev perspective, the Axis contracts did well:
- utilised a merkle tree to whitelist accounts, each with its own bidding cap (callback config)
- custodied the bids ($5m!) before settlement
- upon settlement, transferred ~80% auction proceeds into the pre-configured ranges of the liquidity pool (DTL callback)
- payout tokens (MACHI) were distributed in bulk to bidders

https://x.com/machidotxyz/status/1832468893128118280?s=46&t=WhYukSauChV1qH3L8ayoJw