The timeline of a typical Term auction begins on the where the details and terms of an auction are announced and ends on the where assigned and 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 are fixed and deployed. Auctions will typically be announced and deployed at least a week in advance of the . 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 and involved in the transaction, (iii) the and margin ratios, as well as (iv) any applicable fees.
Auction Window
The auction window is the period of time during which and may be tendered for consideration in a by calling the public lockBidsor lockOffers functions. The auction window typically begins 12-24 hours prior to the on the . Submissions of and are only allowed during the auction window. Any validly submitted or will be considered in the auction. Any submitted tender may be edited or canceled during the auction window.
Reveal Period
The 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.
