Content
@
0 reply
0 recast
0 reaction
Jem
@jem
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
1 reply
1 recast
1 reaction
Jem
@jem
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
1 reply
0 recast
0 reaction
Jem
@jem
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. 👍🏼
1 reply
0 recast
0 reaction
