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Coop
@coopahtroopa.eth
So my Fan Tokens go live in 1d - I'm cool with it but interesting that the auction just kinda happens without my consent or knowledge of when it's starting? Also don't fully understand how it works or how to think about the pricing of it. Any good resources on Fan Token auctions and if I should participate? Or what a realistic price/market value for these is?
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tim/vortac
@vortac
In short: - you have 411K followers, so 41K FT will be issued (10%) - There's a 72 hrs auction period - People bid with max Moxie price / token and max Moxie amount willing to spend (either from wallet or unvested contract) - Price is dynamically calculated from all bids - Settling price will be determined at the end of auction. If your bids are successful you get an allocation of tokens to claim, if not you get your bid(s) refunded. - You automatically get 5 % of your own fan tokens as rewards
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vrypan |--o--|
@vrypan.eth
What happens if there are fewer bids than tokens? I have 4,891 tokens in auction, and there are currently bids for 11,000. If no other bids are placed (ok, it's still early), what happens?
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tim/vortac
@vortac
You do not bid on an amount of tokens, but define the max price per token you're wiling to pay and the total max spend. At the end of the auction number of tokens and setting price is determined automatically. Does that answer your question?
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vrypan |--o--|
@vrypan.eth
Clear. The frame UI is confusing in this sense, because asks for price and number of tokens. It should ask for max price and total spend. (I get it that if you have two of the numbers, you know the third, but it does not convey what will actually happen.)
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