Auctions
How to become a Dog owner
Important: Degen Dogs cannot be minted directly. Dogs are auctioned one-by-one and then issued to the highest bidder.
Degen Dogs are sold via auction, with only a single Dog being auction at any time. Auctions are held via Farcaster frames. Bids are submitted on the Degen Chain in native DEGEN. (On Degen Chain, the native gas token is DEGEN, not ETH). When each auction ends, the auction is settled and the Dog is transferred to the winning bidder.
Bridging to Degen Chain
If you have DEGEN on Base, you can send some to your address on Degen Chain. The official bridge is one option, and can be found at https://bridge.degen.tips/. You can get a small amount of native DEGEN for gas using the faucet at https://warpcast.com/markcarey/0xe4091503, but this won't be enough to bid in Degen Dogs auctions.
Bidding
The reserve price (minimum bid amount) is
1000 DEGEN(subject to change)The minimum increment over the current bid is
10%. This means that you must bid at least 10% more than the current highest bid. (subject to change)The
timeBufferis5 minutes, the minimum amount of time left in an auction after a new bid is created. Sometime referred to as popcorn bidding, this gives other bidders time to respond to any last minute (or last second) bids. If a bid happens with less than 5 minutes remaining in the auction, the auction gets extended by 5 additional minutes. (subject to change)The time period for bidding is 24 hours for Mission 2
The winning bidder also receives all
$WOOFxstreamed during the auction. For more info, see Streamonomics
Settling Auctions
Completed auctions must be settled via transaction that transfers the Dog to the winner. Although the auction winner has the most incentive, the settlement transaction can be sent by anyone. On Degen Chain, transaction cost a tiny fraction of a cent in gas.
Important: The next auction will not start until the previous auction is settled.
When the auction is settled, the next auction begins for the next Dog.
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