Going once, Going twice, Gone!
One of the key elements that we at Uniwhale believe will boost the value of UNW and esUNW is the weekly auction.
Every week, esUNW will be auctioned off against UNW and UNW will be auctioned off against USDT.
These weekly auctions are important for esUNW and UNW because:
- UNW proceeds for esUNW auctions will be burnt, reducing the total supply of UNW,
- Part of USDT proceeds for UNW auctions will be sent to ULP pool, boosting the value of ULP for its holders, and
- Part of USDT proceeds for UNW auctions will provide UNW/USDT liquidity.
All of these will directly help with the tradability of UNW and in turn benefit esUNW (partly because it holds ULP through which it receives UNW emission).
How do the auctions work?
The auctions are very straightforward. Every week, the amount of UNW and esUNW to be auctioned off will be announced. Users can then register their interests by submitting USDT or UNW, respectively, for the auctions. After the submission deadline is reached, each participant of UNW auction will win the amount of UNW equal to the amount of UNW being auctioned off, multiplied by USDT submitted by the participant and divided by the total USDT submitted. For esUNW auction, the amount of esUNW is equal to the amount of esUNW being auctioned off, multiplied by UNW submitted by the participant and divided by the total UNW submitted.
Wen the auctions?
Both esUNW and UNW auctions will start when esUNW emission starts, which is expected in the week of Aug 9.
Join us!
To get involved and stay updated on all Uniwhale-related matters:
- Visit us on uniwhale.co
- Find our codes on Github
- Follow Uniwhale on Twitter
- Subscribe to the Uniwhale Medium
- Join the Uniwhale community on Discord
