Reverse Auctions (V2)
The game will be the opposite of Classic Auction Bonding. This time users will compete to earn BUSD rewards, and the biddings will be done with either WINGS, Loyalty Point Tokens, or other platform tokens such as NMS. Firstly, the "BUSD-Loyalty" Reverse Auction will be unlocked through community achievements. The Hellenic Treasury will allocate 25,000 BUSD plus another 25,000 BUSD collected from the Classic Auction Bonding Profits, will make the initial pool size 50,000 BUSD.
At the beginning of each round, The BUSD-LP Reverse Bond will receive 3% of the BUSD stored in the BUSD-Loyalty Reverse Auction Contract on each round. It means the first round reward will be 1,500 BUSD, the second round reward will be 1,455 BUSD (3% of the remaining BUSD in the contract), and so on… until the contract gets depleted or refilled. Bids will be placed with Loyalty Point Tokens and without decimals. The last bidder will always reset the round timer to 30 minutes. If no one bids over the highest last bidder within that 30-minute window, the top three bidders on the leader-board will win the auctioned bond and split the rewards respectively:
1st Place: 55% of Round Reward 2nd Place: 30% of Round Reward 3rd Place: 15% of Round Reward
The winners will not get their bidding tokens back as it is the main purpose of an auction. However other players, who got dropped from the leader-board will receive 90% of their bid amounts back.
After each auction round ends, the next round will automatically start in 30 minutes. 50% of the Collected Round Funds (LP Tokens) will be Burned! 50% of the Collected Round Funds (LP Tokens) will be sent to The Hellenic Treasury for funding future pools.