The price starts high and drops by a fixed amount every 1 hour until it reaches the floor price.
All bidders will receive land at the floor price, regardless of when the bid is placed.
Price
The Auction starts at 3.33 ETH.
Every 1 hour, the price drops by a fixed amount of 0.03 ETH.
The auction continues until all 500 Land has been sold.
Price Example
Round
Price (ETH)
Time
1
3.33
8 AM
2
3.30
9 AM
3
3.27
10 AM
Bidding
Multiple bids can be submitted in each round, and over different rounds without limitations.
Bidding Example
Example Account bid in round 1,5 and 12, and expects to receive 6 Land.
Round
Current Price (ETH)
Bid Amount (ETH)
Expected (Land)
1
3.33
6.66
2
5
3.21
3.21
1
12
3
9
3
Bidding Example (cont.)
Finally, the auction end in Round 42, at 2.1 ETH.
The Example Account contributed a total of 18.87 ETH
The Example Account receives 8 Land
The Example Account gets 2.07 ETH as refund.
Refund
The refund is calculated based on the floor price. The refund amount should be less than the floor price, with some exceptions.
Price Formula
The price is determined by the following formula:
Price = startPrice - (blockNumber - startBlock) / blockDelta * stepPrice, if price < floor price --> price = floor price
Floor price = 0.01 ETH
Start Price = 3.3 ETH
stepPrice = 0.03 ETH
blockDelta = 1800
