Process of Multi-Native Token Domain NFT Auction on BigBang Mainnet

Published in

QuarkChain Official

4 min readApr 19, 2021

Dear QuarkChain Community Members,

Thanks for everyone’s interest in QuarkChain’s Multi-Native Token Domain NFT Auction on BigBang Mainnet! Details: click here.

We’re pleased to finally announce our BigBang Mainnet and Multi-Native Token domain NFT auction which is the most important feature of the upgraded mainnet.

Participants need to use mainnet QKC to participate in the bidding campaign.

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

This article will introduce the process of native token domain NFT auction.

Phase1: Domain NFT Submission (4/14 00:00–4/15 23:59 PST)

For phase 1, users can submit an NFT domain name they want to see go to auction.

- Examples: QUSDT, QSWAP, QCOIN, etc.

- Form link: https://forms.gle/vtV3ezce2BuYgEU27…

- More info: https://link.medium.com/SBH0TeIarfb

Phase2: Public Voting for Top3 Domains (4/16 00:00–4/18 23:59 PST)

For domain name voting, we will vote in public channels, and the top three votes will enter the third stage. All nominators of selected NFT domain names will be awarded 2000 QKC. If there are duplicated names, only the earliest submission will count.

Phase 3: Bidding With Mainnet QKC to Win NFT Domain (4/19 14:00–4/21 10:00 PST)

For the final auction, participants use the mainnet QKC to conduct the auction. The winner will have the token domain name NFT, and will be able to trade in the future. All QKC participating in the auction will be directly destroyed. So far, QKC has one more destruction mode.

The auction has three rounds:

Round1: 4/19 2pm ~ 4/20 2am PST
Round2: 4/20 6am ~ 4/20 6pm PST
Round3: 4/20 10pm ~ 4/21 10am PST

How to Participate in the Auction

Step 1: Login

Open the auction webpage: https://quarkchain.io/native-token/#/, 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.
Highest Bid: the current highest bid price. The next round of bidding price should be higher than that.
Proposed Token Name: the token name for the round
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.

Notice:

QuarkChain’s bidding campaign lasts 3 rounds, and 12 hours/round
Each round has one of top 3 voted names (QuarkChain, Quark, Quark500) and each winner has the right to mint the token name.

The rules of bidding for each round:

The start of the token auction is by bidding at least 1000 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 10 percent more than the current one.

Step 3: Place a bid

To place a bid, enter the bid price, and then click the “Bid Now” button.

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 mainnet QKC are in the account, and the mainnet QKC should be in Shard 0.

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.