CoinList Auctions: How to bid before an auction starts
The CoinList Auction for Flow is currently accepting early bids. The auction goes live on October 6, 2020, at 5 AM PST.
In a CoinList Auction, if you know the maximum price you’re willing to pay, you can place your bid ahead of time. Early bids allow you to participate if you’re unable to attend the live auction.
Here’s a quick guide on how to place an early bid. These instructions also apply to bidding during an auction.
- Enter the total amount you would like to invest. Bids are denominated in USD. Ensure that you’ve deposited enough USD or USDC to cover your bid amount. You can also use CoinList to convert ETH and BTC to USDC.
- Enter your desired bid price per token. For the Solana Auction, the price per token ranges from 0.04 USD to 4 USD.
- Review the potential number of tokens you’ll receive at your desired price and submit your bid.
4. Your early bids are securely held through the completion of the auction. You may cancel your early bid at any time up until and during the auction as long as it is before the auction price declines below your early bid price.
Early bids are submitted to the auction on a first-come, first-served basis, meaning that the sooner you place your bid, the more you increase your chances of being awarded tokens at auction.
Keep in mind that, in Dutch auctions, bids above the final clearing price are accepted and bids below the final clearing price are canceled. All successful bidders pay the same final clearing price per token, even if your bid was much higher than the final clearing price.
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