Notice 12 | Hard Caps

Melanie kondo
lootnft
Published in
2 min readNov 5, 2021

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Last week we introduced hard-capped auctions. There are two types of auctions:

(a) A hard cap of the total amount of BUN that can be spent in an auction, and that can be raised once by paying the prescribed LTT fee, and (b) an absolute hard cap (can’t be raised).

This was an experiment, and we monitored how players adjusted to the new rules. Based on our observations, the following last set of changes will apply for the next auctions (starting 7 November 2021).

(a) The Penalty box’s functionality which we advised would be implemented on 7 November 2021, will go live as scheduled.

(b) We reduced the doubling joining fee timer to 20 minutes (from 1 hour) for the past auction, which locked out late-comers three times faster. This will now be set to 30 minutes, with the following:

(i) For anyone joining at or after the first doubling (i.e., from 5 to 10 BUN, or 30 minutes before the auction), their hard cap will reduce by the amount of the joining fee paid. E.g., on a hard cap 500 auction (i.e., 500 BUN), if a participant joins when the joining fee is 10 BUN, their hard cap will be reduced by that amount, and that participant will only be able to bid a maximum of 490 BUN (i.e., 500–10).

(ii) For hard cap 500s, the auction will therefore be locked to new participants 3 hours following the doubling, or two and a half hours after the start of battle-bidding. Anyone joining when the fee reaches 320 BUN will have 180 BUN as a hard cap (i.e., 500–320).

(iii) For single-raise hard cap 10,000, the auction will be locked to new participants 5 hours and 30 minutes following the doubling, or 5 hours after the start of battle-bidding. Anyone joining when the fee reaches 5,120 BUN will have an initial hard cap of 4,880 BUN (i.e., 10,000–5,120).

(c) Hard caps can only be raised before the initial cap is used. If you intend to raise your hard cap, you must therefore do so before your entire hard cap is used; otherwise, you will be locked out and forfeit your ability to raise the hard cap.

Important reminder. The joining fees for non-reserve auctions do not count towards LTT mining. Please, join the auctions early.

Learn more about Loot NFT! Visit: lootnft.io

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