# Degen Auction

Degen Auction is an enhancement from traditional penny auction. It is more transparent and strategic with blockchain technology. Sellers have a chance to sell the auction item higher than the floor price in Degen auction depending on the number of bidders. Sellers can also adjust the parameters to alter the auction results. There are 3 different parameters for sellers to adjust, including settlement price, bid increment, and bid cost.<br>

**Winning Criteria**

1. Bid increment reached settlement price (Maximum price).
2. Last bidding when the countdown timer ran out of time.<br>

**Degen Auction Features**

* **Starting Price**: Start from zero
* **Settlement Price**: Also known as maximum price, this is the final price needs to be paid by the winner.
* **Bid Increment**:  The increment scale of each bid on the current price.
* **Bid Cost**: The cost of each bid by the bidder (Non-refundable).
* **Countdown Timer**: There is a countdown timer to create the sense of urgency during the auction. The timer will be reset when a bid is placed.
* **Bidding Log**: The log to showcase who has placed a bid and who was the last one to bid.
* **Current Price**: The current price accumulated by the bid increment.
* **Market Value**: The market price or floor price of the auction item.
* **Lithium Valuation**: Lithium finance will do NFT valuation before our auction started.
* **Auction Summary**: Each bidder will get a summary of the auction statistic after each auction.

**Auction Settlement**

Winner is required to pay the settlement price within 48 hours. If a winner failed to settle, the auction items will be listed back on the auction catalog and go through the auction process again. The winner will get a warning, bidders will be prohibited from joining the next auction without settlement for 3 times.

The winner can settle the auction with stablecoins. The fund will be distributed to the partners after the winner has received the items and confirmed with the platform. The fund will be distributed to the partner within 3 working days after the confirmation from the winner.

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