Marketplace Auctions

Auction Duration

Auctions last for 100 blocks. If Auto renew* is selected by the seller and there are no bidders or buyers for the listing, then the auction will continue to be relisted until it's sold.

Bid Price

The amount bidder is willing to pay for the CML. If bidder is the highest bid price at the end of the 100-block auction duration.

Buy Now Price

The price at which the seller is willing to sell the CML and end the auction. Note that the Buy now price must be at least 1T greater than the Starting price.

Auto Renew

Each auction session stops at the n x 100 block height (0, 100, 200 etc.) If an auction is begun during the current auction session, it will be deleted when the next session begins at the n x 100 block height. Select the Auto renew checkbox if you want the auction to run indefinitely. It will only be removed from the marketplace if it's won by a bidder or you the seller deletes it manually.

Auctions Require Funding

Auctions require sufficient TEA funding on both the buyer's and seller's part:

• 100T will be locked when the seller lists their auction.
• An amount equal to the bid price will be locked in the bidder's wallet when they place a bid.

Penalties for Deleting an Auction - Sellers

• If there are no bidders, then there is no penalty for a seller for deleting their auction.
• If there are existing bidders, then there is a 1T penalty for a seller to delete their auction.

Penalties for Deleting an Auction - Buyers

• If the bidder is the only one bidding on the auction, then the seller will pay a penalty equal to the minimum bid price for the auction in order to delete their bid.
• If there are multiple bidders for the auction, the high bidder must pay a penalty equal to the difference between their bid and the next highest bidder.