How to participate

How to participate as a bidder

Gnosis Auction is a platform enabling fair price discovery for token distributions. The aim is to make it easy to discover a fair price for their token through the format of a batch auction. To participate as a bidder, you have to the following:
Connect Wallet
First, you need to connect your wallet to the platform. On the top right corner, you can find the button that will allow you to connect your wallet to the Gnosis Auction dapp.
A popup will appear where you will be prompted with a list of available wallets that you can connect to the dapp. Select the wallet type you would like to connect to the Gnosis Auction dapp.
After selecting the wallet, in this case, Metamask, a Connect Request will appear. In the case of Metamask, you would need to pick what account (Address) you would like to connect with, and click “Next”.
  1. 1.
    Once you have selected the account you want to use, click “Connect”.
Selecting Auctions
  1. 1.
    After all these steps, you have now successfully connected to the Gnosis Auction dapp. From the UI you will be able to differentiate between two sections. The top section of the UI shows the highlighted auctions that are taking place, while the bottom section of the UI will show you the full list of Auctions that are taking place or have taken place on the platform.
  • If you want to participate in one auction that is in the highlighted section, you just have to click anywhere in the box and you will be redirected to the auction.
  • If you want to participate in one auction, that is the all auction section, you have to click on the “side-arrow” button and you will be redirected to the auction.
Bidding in an Auction
After you have decided the auction you want to participate in, and click on it, you are redirected to the screen below (Keep in mind that the data shown in the below picture will vary for each auction, as all the auctions taking place are independent of each other).
The UI can be dissected in three parts:
  • On the top section, you have the main parameters of the auction
  • On the right-hand side, you have data about the ongoing auction, as well as the price graph.
  • On the left-hand side, you can see the parameters you need to fill in to place an order in the auction.
But, let's go into details about what each section of the UI means.
  1. 1.
    This parameter indicates the total amount of tokens the auctioneer is auctioning. This number represents the total amount of tokens available to be bought by bidders.
  2. 2.
    This parameter represents the token that the auctioneer has selected to be the one accepted for bidding in the auction. This is the asset you need to bid with.
  3. 3.
    This parameter shows a countdown of the duration of the auction. This parameter marks when the auction will end.
  4. 4.
    This parameter shows the closing price of the auction if no more bids are submitted or canceled. As a bidder, you simply need to bid above this price for higher possibility to place a successful bid.
  5. 5.
    This parameter is the starting price of token auctioned. The auctioneer has decided its value and it establishes the fact that bidders can’t bid under this price.
  6. 6.
    The amount parameter, is the amount of bidding tokens you are willing to pay for the auctioned tokens.
  7. 7.
    The price per bid-token/auction token parameter is the max bid price you are willing to offer per token auctioned.
  8. 8.
    The white line indicates the current price, which will be the auction's closing price if no more bids are submitted or canceled. The dotted line will dynamically move with new bids.
  9. 9.
    The green line shows the price and size of the bids that have been placed, only the part of the right side of the white line marks the bids that will be successful at the end of the sale.
  10. 10.
    If it is the first time that you have used that token to bid, you will have to approve the smart contract to spend that token. First click on the "Approve" button, and then confirm the transaction on Metamask, as shown below.
After you have set both the amount of tokens to bid, and the price per bid-token/auction token, you no longer see the enter amount section, instead you see a colored bar with the words “Place Order”. Once you are sure about the parameters you have inputted you have to click on “place order” to include your bid in the auction.
Once you have clicked on “Place Order”, a confirmation popup will appear that will ask you to confirm the order. As you can see in the image below, the dapp confirmation shows the relevant information of your bid order.
After you have clicked on “Confirm Order”, your wallet will trigger a popup for confirming the transaction. In this case, the Metamask popup will appear asking you to confirm the execution of the transaction from your wallet interface.
Once the Metamask order has been confirmed, and the transaction has been mined into a block, under the “Your Orders” section of the dapp you will see all the details of your bidding order, and a link to Etherscan so that you can check your transaction status.
Congratulations, you have now successfully participated as a bidder in an auction.