Participating in an Auction
Here's what you can expect when taking part in an auction on MISO
*Please note that while the final form of the UI will continue to change, the primary functions, inputs and information can be expected to stay relatively similar. This page will be revised as we adapt our Auction pages.* **The SAKE Auction test example used below is for explanatory purposes only. Token price, amount, auction duration, descriptors and the like are not indicative of final SAKE offering*
First things first, you will need to ensure your wallet is connected to MISO. This can be done by clicking the CONNECT button in the top-right of the page. MISO supports MetaMask, with support for multiple wallet options planned for future updates. At this time, only Ethereum is supported for auctions, with testing for Binance Smart Chain and multiple other chains underway. Once the option for alternate chains has been deployed, users will change their network via their MetaMask wallet to interact with chain-specific auctions.
Once a wallet is connected, users will be able to see and interact with the Market specifics panel pictured below:
During a Live Sale, information and inputs will open up on the right hand side of the page, taking the place of the countdown and allowing participants to begin transacting with the Auction contract. These market specifics have been broken down further into 3 sections (denoted by the colored boxes above). Market Parameters (Pink) - This information is generated from the live auction contract. Currently, these 4 indicators are universal across our Market offerings. The STATUS: indicator will change from Upcoming to Live and a COUNTDOWN timer will begin according to the Auction Duration set by the auction creator. TOKENS REMAINING and PARTICIPANTS are generated from contract interactions throughout the course of the auction. *Note* - For Batch Auctions, TOKENS REMAINING will remain constant until Auction finalization. Auction Progress (Blue) - Whilst the layout and information may vary depending on the Market type selected - this middle section is where you'll find the specifics around the auction itself. See the below image for examples from the different market types, but in general expect to find the current token price, any auction raise goals as well as an indicator of progress in regards value and duration.
Dutch Auctions descend in price - CrowdSales move towards target - Batch Auctions rise in value
Participation Controls (Green) - At the bottom of the Auction details panel you'll find your controls for participating in the auction itself. In our example we have Ether selected, however the currency used in the auction is set by the auction creator themselves - so be sure to check you've got the right token in your wallet! When you're ready to make your commitment, there are two options available. Simply input in the text field how much of the sale currency you'd like to send, or alternatively use the slider to set how much of the token on offer you'd like to receive. However you decide, the total transacted from your wallet will be displayed next to the INVEST button.
Once you are happy with your commitment amount, clicking the INVEST button will bring up a series of MetaMask approvals to handle the transferring of your tokens to the auction contract.
Auctions can often progress long after you've made your commitment. Your tokens will be held by the auction contract until the parameters are met for the auction to end. Whether the auction was successful or failed to reach it's goals, you will still need to return after the auction has been finalized to confirm the transaction of your tokens. If the auction was successful MISO will transfer you the tokens you are owed, along with any "change" in your original currency. For an unsuccessful auction, MISO will simply return your previously committed funds - less any fees.
In the event that the auction creator does not finalize a successful or unsuccessful auction, MISO currently has a mechanism to allow any auction participant to finalize after 14 days. This will allow all participants to claim their tokens back using the method outlined above.