May 9, 2021
Opening the curtains to the $MIVA Auction and Airstream (Updated)
Overview 🦉
The Minerva Wallet team is delighted to take this next step towards the strengthening of our network’s value and the growth of our community.
As many already know, $MIVA is the world’s first streamable SuperToken, thanks to the use of Superfluid protocol, a very innovative feat amid the Cryptospace. And the time has come to conduct a fair price discovery.
Starting on May 20th and lasting 5 days, the Gnosis Auction will run with 1,000,000 $MIVA SuperTokens for sale — which will become immediately available to every successful bidder once the auction ends.
Furthermore, all successful bidders will receive as much as the amount sold, via an Airstream — adding to a total sum of up to 2,000,000 $MIVA.
If you also want to get a chance in the 125,000 $MIVA Lottery, have a look at our previous Tweet and the attached blog post. Participation is possible until the start of the $MIVA Auction.
Essential Details (the very juicy info)
THE AUCTION IS HAPPENING HERE.
[https://minerva.digital/auction]
Start Date & Time: May 20th, 2021 (16:00 UTC)
End Date & Time: May 25th, 2021 (16:00 UTC)
Tokens on sale: 1,000,000 MIVA
Minimum price: defined right before the start of the auction
Minimum bid: 15 xDai
Limit to cancel bids, Date & Time: May 23rd, 2021 (16:00 UTC)
Regarding the famous MIVA Airstream: All successful bidders will receive it.
Total amount: Equal to all the MIVA sold during the Auction; which essentially doubles the amount of MIVA received through the Auction.
Start date: May 29th, 2021.
Airstream duration: 25 days
First 24h successful bidders: bonus of extra LP tokens (farming established)
MIVA Auction & MIVA Airstream.
The MIVA Auction uses the batch auction mechanism, pioneered by the newly announced Gnosis Auction Initial Decentralized Offering (IDO) platform.
It provides a fair, transparent way for the community to acquire $MIVA tokens.
The sale lasts for a preset period of time, where anyone is able to bid and buy MIVA tokens with xDAI (=USD). The exact minimum price will be defined shortly before the auction.
Important: Any bid to buy tokens at this price or above will be collected and stored until the end of the sale process.
When the auction is complete, there will be a master contract finalization. The smart contract ranks all the bids in price order and then selects the group of bids that, together, represent the sale of tokens for the highest price. All bidders pay the lowest price of all qualifying bids (the final price). The tokens will thereupon be claimed by the winning bidders via a ‘reclaim’ function that users must use.
The diagram below sets out the approach:
This type of sale is known as a “batch auction”, and it is extensively used in traditional financial markets as a means of determining a fair price of an asset, for instance during an IPO.
Gnosis Auction User Flow
In Gnosis Auction, there are two types of participants: One seller and multiple bidders (also EOAs or SCs).
1. The seller sets several parameters:
2. Once the auctions starts, the bidders get to start placing bids by setting the following parameters and submitting a transaction:
3. Once the auction concludes, the auctioneer submits a transaction, which will calculate the closing price. Closing price is calculated using the following method:
3.1 Bids are gathered by the smart contract and sorted from highest to lowest price.
3.2 The smart contract works back from the highest bid, adding each bid’s amount of tokens to buy, until the original amount to sell is reached.
3.3 The bid that adds up the amount of tokens to sell is selected as the final closing for all participants.
3.4 Participants that selected a maximum price at the final closing price (or higher) receive the tokens, whereas the ones that had selected a maximum price below the closing price are left out.
4. After the price is settled, the auctioneer will receive the proceeds of the auction, and the bidder will need to submit an additional transaction to claim the tokens bought (or the tokens used to bid with, in case the bid didn’t get filled).
The proceeds from the IDO will go to the Minerva Wallet DAO to cover mainly external development and community building costs. It will also be used to support exchange liquidity during the growth phase.
In case of any unsold tokens, those will be returned to the team pool for future use.
Frequently Asked Questions?
Was there any pre-sale? No. There are no initial investors which might sell their tokens once you purchased MIVA at the auction. The current price has been evaluated in a completely natural way after the 1 million MIVA airstreaming event.
Is there a minimum and maximum bid? There is a minimum bid amount of 15 xDAI, at the price of — a to be set amount of — xDAI per MIVA token. Any buyer can offer to buy any amount of $MIVA tokens for the price they believe to be acceptable.
Why do you believe this sale format is fair? This sale format enables all participants to purchase $MIVA tokens at or below the price they believe to be appropriate. Either they receive tokens at the ‘fair’ price, or they receive their bid back. From a rational standpoint, participants should be equally happy with either outcome, and because the auction is on xDai Chain, it doesn’t cost much gas either.
What price will I pay if I make a bid? As a bidder, you have to decide on, and then input, two variables:
- The maximum price that you are prepared to commit to, per $MIVA token.
- The total amount (in xDAI) you wish to offer for the purchase of $MIVA tokens.
You will never pay more than either of these amounts, but you may receive a lower token price than your maximum bid. You will pay the lowest qualifying price that anyone pays. All successful bidders in the public sale will pay the same price.
Here are some nice examples:
Example 1: Perfect Match
1000 tokens are for sale.
Bidder 1: $75 total amount and a token maximum bid per token of $0.15 Bidder 2: $30 total amount and token maximum bid per token of $0.30 Bidder 3: $30 total amount and token maximum bid per token of $0.45 Bidder 4: $15 total amount and token maximum bid per token of $0.60
Result: 1000 tokens sold at $0.15
Bidder 1 gets 500 tokens.
Bidder 2 gets 200 tokens.
Bidder 3 gets 200 tokens.
Bidder 4 gets 100 tokens.
Example 2: Over Demand
1000 tokens are for sale.
Bidder 1: $250 total amount and a token maximum bid per token of $0.15 Bidder 2: $250 total amount and a token maximum bid per token of $0.30 Bidder 3: $150 total amount and a token maximum bid per token of $0.45 Bidder 4: $90 total amount and a token maximum bid per token of $0.60
Result: 1000 tokens sold at $0.30
Bidder 1 gets 250 xDAI refunded as the bid was too low.
Bidder 2 gets 200 tokens and 190 xDAI refunded.
Bidder 3 gets 500 tokens.
Bidder 4 gets 300 tokens.
Example 3: Whale Purchase
100,000 tokens are for sale.
Bidder 1: $15,000 total amount and a token maximum bid per token of $0.15
Bidder 2: $4,500 total amount and a token maximum bid per token of $0.30
Bidder 3: $3,000 total amount and a token maximum bid per token of $0.45
Bidder 4: $1,500 total amount and a token maximum bid per token of $0.60
Result: 100,000 tokens sold at $0.15
Bidder 1 receives 40,000 tokens (and 9,000 xDAI refunded).
Bidder 2 receives 30,000 tokens.
Bidder 3 receives 20,000 tokens.
Bidder 4 receives 10,000 tokens.
What happens if I make an unsuccessful bid? All bids are maintained at the auction contract for all the sale’s duration. At the end of the sale, if you have not been successful, your original bid amount can be withdrawn from the auction contract.
How can the auction be manipulated? The principal means of manipulating the auction is to make very high bids and then cancel them later on in the auction process. The high apparent clearing price could discourage other bidders, and the cancellation would reduce the clearing price, hence allowing conspirators to secure a lower price than they otherwise would have paid.
This risk is mitigated by allowing the canceling of bids only during the first 3 days of the whole 5 days the auction actually lasts. Additionally, there is a soft lock-in for likely successful bids from the first 24 hours, which get an additional Liquidity Token reward as soon as farms are up and running!
Will the auction be dominated by whales? We believe this approach is more whale-proof than other sale formats, as all bids are transparent. All a bidder needs to do in order to buy tokens ahead of a whale, is to be prepared to pay 0.01 USD more per token than that whale, and their tokens will be assigned to them ahead of the larger purchaser.
Do I have to be whitelisted to participate? No, this is a community IDO as in Initial DAO Offering. You are eligible, no matter if you are a human, a bot or an owl. 🦉
What are the risks? With any cryptocurrency related activity you should be aware that you are dealing with highly volatile assets. Only spend what you can afford to lose. Similarly, there are inherent risks associated with interacting with smart contracts that you should feel comfortable about, before participating.
What limitations are regarding the nationality of participants? You are not allowed to participate if you are from an excluded jurisdiction like: the People’s Republic of China, the United States of America, a jurisdiction identified by the Financial Action Task Force (FATF) for strategic AML/CFT deficiencies and included in FATF’s listing of “High-risk and Other Monitored Jurisdictions” accessible at http://www.fatf-gafi.org/publications/high-risk-and-other-monitoredjurisdictions; and a jurisdiction (including but not limited to the Sanctioned Countries) in which the Token Sale is prohibited, restricted or unauthorised in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.
Step-By-Step Instructions for participating in the Boson Protocol Community Distribution via Gnosis Auction.
Selecting Auctions
1. From the UI you will be able to differentiate between two sections. The top section of the UI shows the highlighted Auctions that are taking place, while the bottom section of the UI will show us the full list of Auctions that are taking place or have taken place on the platform.
- If you want to participate in an auction that is in the highlighted section, you just have to click anywhere in the box, and you will be redirected to the auction.
- If you want to participate in an auction that is in the all auction section, you have to click in the “view” button, and you will be redirected to the auction.
2. If you want to participate in an auction, either select the auction from the ‘highlighted auction’ section or select one from the dropdown list. In this case, you want to select an auction from the ‘highlighted auction’ section.
Connect Wallet
3. First, you need to connect your wallet to the platform. In the top right hand corner, you will find the button that allows you to connect your wallet to the Gnosis Auction dApp.
4. A pop-up will appear with a list of available wallets to connect to the dApp. Select the wallet type you would like to connect to the Gnosis Auction dApp.
5. After selecting the wallet (for instance Metamask or Minerva Wallet via WalletConnect), a Connect Request will appear. In the case of Metamask, you need to pick which one of yours accounts (Address) you want to connect with the platform. Then, click “Next”.
6. Once you have selected the account you want to use, click “Connect”.
Bidding in an Auction
7. Once you decided the auction you want to participate in and clicked on it, you will be redirected to the same screen as below (but keep in mind that the data shown in this example won’t be the same, as all auctions taking place are independent of each other). The UI can be divided in two different parts, the left side and the right side:
On the left side you have data about the ongoing auction, as well as the price graph.
- On the right side you have the parameters you need to fill in to place an order at the auction.
8. In the amount section, you need to set the amount of tokens you are willing to bid. Select the amount you want to bid, or use the “max button” to bid all the tokens you have at once.
9. In the bid-token per auction-token price, the price that the auctioneers have set as the minimum price is set by default. From that starting price, you can decide what is the price ratio of bid-token per auction-token you are willing to offer.
10. If this is the first time that you’re using that token as a bid, you will have to approve the contract to spend that token. First click on the “Approve” button, and then confirm the transaction on Metamask, as shown below.
11. Having set these both fields to your choice (step 8, the amount of tokens to bid and step 9, the bid-token per auction-token price), you will no longer see the “enter amount section”, and instead will see a coloured bar with the words “place order”. Once you are sure about the parameters you have inputted, click on “Place Order” to include your bid at the auction.
12. After clicking on “Place Order”, a pop-up will appear, asking you to confirm the order. As you can see in the image below, the dApp confirmation shows the relevant information of your bid order.
13. As soon as you click on “Confirm Order”, your own wallet will trigger a pop-up too, asking to confirm the transaction. In this case, the Metamask pop-up asks to confirm the execution of the transaction from its wallet interface.
14. Once the Metamask (or Minerva Wallet) order has been confirmed, and the transaction has been mined into a block, on the right side of the page you will see a banner with the price details of your bidding order, and a link to Etherscan so you can check your transaction details.
Congratulations, you have now learned how to successfully participate as a bidder in a Gnosis Auction! Now, wasn’t that at least a bit fun?
You can read more about Gnosis Auctions right here.
Thank you for participating! We hope to see you in the Airstream. Otherwise, we’ll meet each other at the Lottery!
What is the Minerva Wallet
Minerva is a digital wallet for moneys and self-sovereign identities. It allows you to maintain full control over your funds, credentials and data. Supporting a variety of networks and comporting a very stress-free and user-friendly interface, it aims to lift commons to eye level with all companies. Right now, we are eagerly improving our services bit by bit and moving ahead with each passing day.
We are also thrilled to see our community growing with every new step taken. Our mascot is an owl, a purple one, mind you, and the cutest in all of cryptospace. One might say we are biased, but so far, everyone has agreed to it!
The $MIVA SuperToken 🌊
The $MIVA SuperToken is a streamable utility token, the first of its kind, which breaks grounds for innovation and originality. Provinding a wide range of benefits for Minerva Wallet users, its distribuition relies heavily on user engagement and participation, nurturing a truly organic growth of the community.
Join our owlish community! 🦉
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