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 at https://degendogs.club. Bids are submitted on the Polygon network in WETH (Polygon Wrapped Ether). When each auction ends, the auction is settled and the Dog is transferred to the winning bidder.

Getting WETH on Polygon

Tip: If you don't have Matic Mainnet or Polygon in your Networks dropdown in Metamask, go to https://polygonscan.com/ and scroll to the very bottom of the page -- on the right side of the footer, click "Add Polygon Network".

If you haven't used Polygon yet, you can access the bridge at https://wallet.polygon.technology/ where you can bridge tokens to Polygon. When you send ETH across the bridge, you end up with WETH on the Polygon side. You will have the same address on Polygon as you use on Ethereum mainnet. You can also bridge other tokens and then swap them using Polygon DEXs to get WETH. Note that you also need (very little) MATIC to pay for gas on Polygon. The gas swap tool is one way to get some. Finally note that transactions on Polygon cost a few cents (or less).

Bidding

• The reserve price (minimum bid amount) is 0.05 WETH (subject to change)

• Bidding is a two step process: 1) Approve then 2) Bid (much like many DeFi transactions)

• 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 varies from 2 hours to 24 hours. See Auction Cadence for details.

• All bidders (including winners) receive Dog Biscuit tokens (BSCT).

Settling Auctions

Completed auction must be settled via transaction that transfers the Dog to the winner and triggers the DeFi and Streams. Although the auction winner has the most incentive, the settlement transaction can be sent by anyone. At the time of writing, settlement transactions may cost as much as 0.2 MATIC in gas.

Bonus: the sender of the Settle transaction gets bonus BSCT tokens. (more info)

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.