Auctions
Users do not buy set amounts of ETR tokens from a swap, instead they bid for shares of ETR tokens minted for our daily auctions on the ‘Auctions’ tab within our dApp.
Each day a set supply of ETR tokens are put up for auction. On Day 1, a supply of 3 million tokens is minted. Each subsequent day, the supply of ETR minted and put up for auction will decrease by 3% from the previous day's supply.
Users bid for the daily tokens with ETH, at the end of each daily auction they can claim their share of ETR - equal to their percentage of the total ETH deposited by all users on that day.
E.g. If the daily Auction has raised 100 ETH and your contribution to that was 1 ETH. Once the Auction is over, you will be able to claim 1% of the ETR tokens available from your Auction.
You can bid for ETR tokens by heading over to the Etherice dApp and navigating to the Auctions tab. To utilize the features of our dApp, you will first need to connect your MetaMask (or another DeFi Wallet).
Once connected, you can input the amount of ETH you wish to contribute to the daily auction, click 'Enter' and confirm the transaction in your MetaMask Wallet. You will be able to view the current amount of tokens that you will be allocated, although this is subject to change as more ETH contributions come in throughout that day.
At the end of the daily auction, inside the Auctions tab, you will be able to click the claim button, withdrawing your tokens from the Etherice dApp to your DeFi Wallet.
On the first day of our auction, when nobody has ETR tokens or stakes yet, the Ethereum raised will be used for the growth of the project and community. 30% of the funds raised will be used for future Buyback & Burns, 20% will be used more for marketing and 50% will be used for the development of the Etherice platform.
- The current auction day number (I.e. Day 69) and how long remains until the daily auction ends
- The ETH volume in the daily Auction.
- Total participants in daily auctions
- Overall ETH Deposits
- Overall distributed ETR
- Viewing all of the previous auction days
- How much ETR was available in previous auctions
- How much you deposited on days you participated
- The value of ETR tokens to 1 ETH
- How many ETR tokens you’ve received from auctions
- If auctions are still open for bids or closed
Last modified 5mo ago