Process of Native Token Auction | QuarkChain Game of DeFi
Tags: Defi, Blockchain, Quarkchain, Technology

Dear QuarkChain Community Members,

Thanks for everyone’s interest in QuarkChain’s Game of DeFi Campaign! Details: click here. We know many of you are participating in our Bounty Program which started on 08/14! Read more about the bounty program by click here. We’re pleased to announce that Phase 2 of Game of DeFi — Ice and Fire has just started. Participants need to use Test QKC (tQKC) to participate in the bidding campaign.

Learn the Phase 2 of Game of DeFi — Ice and Fire here:

Read more about how to get tQKC here:

Note: The auction will take place at Chain 0, QuarkChain Devnet. Please make sure you have sufficient tQKC at Chain 0 to participate in the auction!

This article will introduce the process of native token auction. Let’s start!

(Please note that all the screenshots were taken from the testnet, and may differ from the real auction page.)

Step 1: Login

Login with Metamask and import your QKC Wallet.

Open the auction webpage: https://quarkchain.io/native-token-devnet/#/, then you will find your account address shown on the top right.

Step 2: Understand the token auction system

You can check the state of token auction system on the main page:

Round number: the number of the ongoing/coming round.

(Notice: QuarkChain’s bidding campaign lasts 9 rounds, and 8 hours/round)

Highest Bid: the current highest bid price. The next round of bidding price should be higher than that.

Proposed Token Name: the token name of highest bid.

End Time: Your bid should be placed no later than this time if you want to participate in this round of auction.

Highest Bidder: account address who placed the highest bid.

All these fields except the round number will be N/A if a round of auction has not started.

The rules of bidding for each round:

The start of the token auction is by bidding at least 50 QKC (can be a decimal number). After the auction ends, the bidder with the highest price wins the auction, and others can get their QKC deposits back at any time. You can withdraw those QKC by clicking your account address at the upper right place, a “Withdraw All” button will be available for you.

3. If there is a new valid bid during the last one minute of the auction, the auction process will be extended one more minute.

4. A new bid price needs to be at least 20 percent more than the current one.

Step 3: Place a bid

To place a bid, enter a valid token name (check the availability to avoid conflict) and the bid price, and then click the “Bid Now” button.

(Notice: please use uppercase letters. Errors will be reported if lowercase letters are used.)

Confirming the amount of QKC one needs to pay for the bid, click the “OK” button to place the bid.

The state of this round of auction will be updated on the main page if one outbids successfully and turns to be the highest bidder.

If the bid fails, the system will show the following error messages. Please confirm that sufficient tQKC are in the account, and the tQKC should be in Shard 0.

or

Step 4: End auction and start a new round

Any user can click the “End Auction” button to settle a round of auction after the “End time” displayed on the main page. After that, a new auction round starts!

If you win a round of auction, you will own the new native token and have access to minting it.

Step1: Go to mint page

At the main page, searching the name of your native token (capital letter) and it will redirect you to the mint page:

Step 2: Mint new native token

Click “Mint Token” button to mint:

In the following dialog box, you can input as much as you want. This mint step can be repeated, and thus you can mint more later.

Click “OK” and then the total supply of your new native token will be updated. Next, you can visit QuarkChain Devnet at: https://devnet.quarkchain.io/contract, and click the dropdown box at the upper right. You will find the new token successfully appears there. Switch to your native token, and you will see the total supply is at Chain 0.

For now, your native token is successfully minted and ready for transaction. Congratulations!

Notes: