👨‍⚖️Auction

Introducing Auction

Welcome to the heart of our decentralised auction protocol! This section provides a comprehensive guide to understanding, implementing, and leveraging our cutting-edge auctioning capabilities. With our protocol, you can host various auction formats, tailor them to your specific needs, and unlock a world of possibilities for asset trading and allocation.

An auction is an economic mechanism whose purpose is the purchase, sale, or allocation of goods and services in a limited time period and the formation of prices for the same via some strategic competitive process like bidding. There are different types of auctions based on the number, and type of participants (buyers and sellers). A buyer intends to pay to acquire assets, while a seller offers to sell assets. There exists a whole branch of economic theory dealing with auction types and participants' behaviour in auctions, called auction theory. Auctions are bayesian games of incomplete information and therefore can be explored in the light of game theory as well.