In this How-to Guide, we will walk you through the steps to successfully participate in a token auction. We'll cover preparation, placing and tracking a bids and claiming proceeds. Let's get started!
The first step is to connect your Ethereum wallet. Start by clicking the connect button.
If you already have a wallet, you can select it from the list of available options. If you don’t have a wallet, you can log in with email or a social account and a wallet will be created for you.
Wallet connection and wallet creation options
After connecting, you will need two types of tokens to participate in the auction:
- Bid Tokens. These are the tokens that you will use to place a bid in the auction. Each auction is configured to accept bids in a specific token.
- ETH. Every transaction on the Ethereum network has a transaction fee that must be paid in ETH. This fee is sometimes referred to as a ‘gas’ fee.
There are several ways to purchase tokens.
If your bid token balance is below the minimum amount required to participate, the interface will prompt you to purchase bid tokens.
Before placing a bid, we suggest you review the Auction Live Info and the Activity from the other bidders.
The live auction information shows the current and projected price of the auction token, while the auction activity can show you how other participants are bidding in the auction.
Note that these values will change based on the bids made by other auction participants.
When you are ready, enter the amount you want to spend in the bid amount input. This amount must be greater than the minimum bid amount. If you want to spend all of the tokens in your wallet, click the "Max" button.
Enter the maximum price you are willing to pay per auction token in the price input. Your bid price must be higher than the current price. When you enter a price, a price notification will indicate the likelihood of your bid succeeding. Notifications are calculated based on the projected price.
- Low. Your price is low and will likely be outbid before the auction ends.
- Moderate. Your price is average, and you may be outbid before the auction ends.
- High. Your price is high, and you will likely receive an allocation when the auction ends.
Define Bid Price - Notifications
After entering your bid, you may be prompted to approve the bid token. This allows the Launchpad to access and spend your tokens on your behalf. Click "Approve" and follow the instructions in your wallet to complete the approval process.
Approve Bid Amount
After entering a valid amount and price, you can review the expected token allocation and the estimated gas fee (transaction cost in ETH).
Once you're satisfied, accept the terms, submit your bid, and follow the instructions in your wallet to complete the transaction.
After submitting the transaction, you will be invited to join the DAO's Discord forum to stay updated and add a calendar reminder for the auction end date.
We highly recommend monitoring the auction and your bids on the end date as the price may increase toward the end of the auction and you may be outbid.
After submitting your bid, we recommend that you monitor your bids in the Activity section in "Your Bids" Tab. Other auction participants might drive up token price, potentially outbidding your bids.
- Real-time Bid Status Checks: In the Activity section under "Bid Status" you will find a snapshot of your bids and their statuses. Monitor here to see if your bids are outbid or at risk, and whether you should consider cancelling and placing a new bid.
- Cancel Bids: If your bid gets outbid, you will receive alerts indicating the need for action in the Activity section. You can cancel your previous bid and resubmit with a higher token price for a better chance. If you don’t cancel bids that end up below the final clearing price of the auction, those bids will be refunded once the auction ends. If you wish to cancel bids, simply click "Cancel," and the funds will be returned to your wallet. You can place as many bids as you wish. Take into account that bid cancellation will gas bees (transactions costs in ETH).
- Cancellation Period: Remember, bid cancellation is an option, during a limited period of time. The date and time for cancellation can be found in the Auction Live Info section and in Activity inside "Your Bids" tab.
Monitor your Bids in the Activity Section under "Bid Status"
As the auction concludes and settles, head to the left side for the results. Connect your wallet, review results and claim your rewards.
- Success: Successful bids lead to token allocation.
- Refund: Bids not making the cut result in refunds.
- Hybrid: You'll receive a mix of allocation and refunds.
Claim Proceeds: Hybrid, Success & Refund
After you claim proceeds you will need to add tokens to your wallet.
As a token holder you may enjoy special benefits like participating in governance, joining exclusive community channels, access to IP and more!
Add tokens to your wallet and enjoy the benefits!