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 mini app. Bids are submitted on Base in native ETH. When each auction ends, the auction is settled and the Dog is transferred to the winning bidder.

Bidding

• The reserve price (minimum bid amount) is 0.0005 ETH (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 timeBuffer is 5 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 3

• The winning bidder also receives all $WOOF streamed 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.

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.