Auction timeline

Timeline of a typical Term Auction.

The timeline of a typical Term auction begins on the announcement date where the details and terms of an auction are announced and ends on the auction date where assigned bids and offers are settled.

Announcement Date

The announcement date is the date on which the date of an upcoming auction is set and the terms of the underlying Term Repo are fixed and deployed. Auctions will typically be announced and deployed at least a week in advance of the auction date. Users will be able to view and search auctions on the user interface with details specifying the (i) term of the repo transactions up for auction, (ii) the purchase token and collateral tokens involved in the transaction, (iii) the initial and maintenance margin ratios, as well as (iv) any applicable fees.

Auction Window

The auction window is the period of time during which bids and offers may be tendered for consideration in a Term auction by calling the public lockBidsor lockOffers functions. The auction window typically begins 12-24 hours prior to the auction time on the auction date. Submissions of bids and offers are only allowed during the auction window. Any validly submitted bid or offer will be considered in the auction. Any submitted tender may be edited or canceled during the auction window.

Reveal Period

The reveal period is the process in which hashed bid and offer prices on chain are revealed by Protocol keepers. On-chain validation measures are taken to ensure that revealed prices match the hashes recorded in the Protocol to prevent tampering. The reveal period begins once the open period ends and an auction is closed to further tenders. The logic behind reveals are available for inspection through the revealBid and revealOffer functions.