What is Bounce Finance and the AUCTION token?

Bounce Finance is an inter—network protocol of a decentralized auction. The native AUCTION token is at the heart of the Bounce Finance crypto ecosystem. Owners can use it to manage the protocol and operating costs across the protocol. Bounce offers a wide range of products and tools for creating customized auctions for various applications.

In this article, we will delve into the Bounce Finance crypto ecosystem and study the Bounce token, the Fangible NFT trading platform and the various types of decentralized auction protocols that Bounce can offer.

What is Bounce Finance?
AUCTION Token
Bounce Finance Cryptocurrency Auctions
Fangible
Bounce Polkadot
Bounce OTC
Fixed swap auctions
Auctions with closed bids
Dutch auctions
Liquidity Lock Auctions
Auctions of Non-interchangeable Tokens (NFT)
Verified auctions
Lottery auctions
Bounce Toolbox
Decentralized prediction markets
Auction Search Engine
Results

What is Bounce Finance?
Bounce Finance is an inter—network protocol of a decentralized auction. Bounce offers a wide range of auction services that allow users to create, trade and collect various digital assets, including interchangeable tokens and NFT.

bounce finance

Auction types include fixed swap, closed bids, Dutch and English auctions. Bounce also includes elements of decentralized financing (DeFi). In addition, users can trade assets through the NFT trading platform and benefit from private and public over-the-counter (OTC) trading with automatic execution.

Holders of the AUCTION token can participate in the management of the chain and vote for proposals to amend the protocol of the decentralized auction.

One of Bounce's guiding principles is that limited resources create a "competitive exchange environment". Unlike the "infinite liquidity" of decentralized exchanges (DEX) such as Uniswap, Bounce aims to gamify token exchanges by intentionally making the process competitive, limiting the supply of assets and facilitating trading through auctions.

The Bounce web application supports multiple wallets in both Ethereum and Binance Smart Chain, including MetaMask, Coinbase Wallet, Ledger and Trezor.

AUCTION Token
The Bounce token, also known as the AUCTION token, is the native native and service token of the Bounce Finance crypto ecosystem. It is necessary for the operation of the decentralized auction protocol platform and is important for protocol management. One AUCTION token corresponds to one vote for management proposals. This means that the share of platform participants in decision-making directly depends on the number of AUCTION tokens.

In addition, the creators of the pool use the AUCTION token as a means of exchange when organizing auctions. Users receive proceeds from the auction in AUCTION tokens. Another valuable feature of the AUCTION token is that it provides access to extended types of auctions with exclusive pools and reduced token prices.

Among other things, token holders can create "verified pools" that help minimize fraud and unfair participation.

Platform users can also exchange Bounce tokens between chains via the output page in the Bounce application. Bounce simplifies the conversion between Ethereum ERC-20 and Binance Smart Chain (BSC) BEP-20 token standards for an equal number of tokens. In addition, users can switch between versions of the Ethereum and BSC platforms.

Bounce Finance Cryptocurrency Auctions
The Bounce Finance Decentralized Auction protocol provides various ways to participate in decentralized auctions. Below we will discuss some of the main types of Bounce Finance crypto auctions and the main differences between them.

Fangible
Fangible is an NFT market where rare art is presented. With the support of Binance Smart Chain (BSC), Fangible connects creaters and their connoisseurs. The latter can access the Fangible NFT and interact with the craters directly. The mission of Fangible is to bridge the gap between blockchain—based digital currencies and modern entertainment media.

fangible

The Fangible team undertakes to create an "experience-based NFT platform", that is, to simplify the exchange of digital goods. Fangible is one of the first network—independent NFT trading platforms. The platform allows creaters and connoisseurs to create NFT collections for trading in the community.

Fangible develops tools that will allow you to use advanced trading functions and integrated trading platforms.

Bounce Polkadot
Bounce provides innovative decentralized crowdlines through the Polkadot ecosystem. Participants can pledge Polkadot blockchain bonds for DOT lending, which allows users to receive as many as two streams of passive income.

Users can get rewards for crowdlines, along with rewards for staking. Moreover, Bounce Polkadot auction slots represent a decentralized alternative to traditional crowdfunding models.

Bounce OTC
The purpose of the Bounce (OTC) over-the-counter trading platform is to provide attractive prices for token swaps during a bear market. To encourage this, the OTC platform offers slip-free trading with any ERC-20 token with zero limits.

Fixed swap auctions
In a fixed swap (or a fixed-price auction), auctioneers and bidders agree on a set price. Bounce Finance offers fixed swap auctions for ERC-20 and BEP-20 tokens. These auctions are executed automatically. In addition, bidders and auctioneers receive their assets at the same time.

Auctions with closed bids
At auctions with closed bids, each bidder submits a hidden bid to the auctioneer before the auction start date. Traditionally, these bids are sealed so that no one can see the bids of other participants before the auction begins, and immediately during the auction all bids are printed at the same time, and thus bidders have only one chance to win.

This model is a popular choice for bidding on government contracts, and differs from open bidding, which allows potential buyers to place multiple offers and compete with other bidders.

Bounce transfers auctions with closed bids to the blockchain so that the winner of auctions with closed bids is revealed after the pool time expires. This is determined by a smart contract that automatically fills the bidding orders, starting from the highest bid price ratio and going down until all tokens in the pool are sold.

Dutch auctions
Dutch Bounce auctions start with a starting price, known as the "maximum price". The price of assets periodically drops by a predetermined amount, and the auction ends as soon as all assets are sold.

Liquidity Lock Auctions
Liquidity lock auctions are, in fact, a new and improved version of Bounce Finance crypto auctions. When the auction ends, a blocked liquidity pool is created on a decentralized exchange such as Uniswap, SushiSwap or 1inch Exchange, which is replenished with funds collected during the auction.

The auctioneers must then reach a consensus on the terms of the liquidity provision before the auction begins.

This type of auction has many advantages over other models. This not only minimizes the risk of fraud by providing liquidity, but also saves time and provides a greater degree of protection for investors.

Non-Interchangeable Token Auctions (NFT)
NFT auctions are based on the same principles as token sales, but with fewer assets available. There are three types of Bounce NFT auctions. These are closed bids, English and Dutch auctions.

Verified auctions
Auction pools tested on social networks are aimed at minimizing the number of illegal users or fraudulent pools, while maintaining the spirit of decentralization. This helps to improve user interaction and the quality of auctions that take place on the platform.

Pools with social verification work in the same way as the usual pools of Bounce Finance crypto auctions. However, they are distinguished by two main factors. First, to create a verified pool, users must fill out a project information page to provide publicly available information about the project.

A key requirement for the pool creators is to provide publicly available verifiable network data for all participants.

Secondly, verified social pools should be verified by the Bounce community before launching. Potential pools can remain idle for up to 48 hours. During this period, community members place AUCTION tokens to validate the pool.

As soon as 300 AUCTION tokens are placed in the social pool, it is automatically launched. There are no financial incentives to participate in the pool check, but projects can themselves stimulate community members to do so.

Lottery auctions
Lottery auctions allow participants to purchase lottery tickets for a predetermined amount set by the pool creator. This introduces the participants to the prize drawing scenario. Then the smart contract randomly selects the winner of the drawing.

As soon as the winner is selected, the smart contract automatically exchanges the principal amount for the auctioned asset. No more than 60,000 participants can take part in the prize draw. In addition, those who have failed can get their principal amount back from the auction pool.

Bounce Toolbox
Bounce Toolbox is still under development. This is a comprehensive set of tools for developers that will facilitate the creation of customized protocols for decentralized auctions.

bounce toolbox

Bounce Toolbox includes sets of User Interface (UI), application Programming Interface (API) for accessing NFT, and open source smart contracts. In turn, these tools will help bridge the gap between NFT and decentralized finance (DeFi).

Decentralized prediction markets
Bounce Finance offers a decentralized prediction markets platform that combines tools to create prediction markets for auction models.

The Bounce crypto prediction market allows anyone to create decentralized prediction pools. In addition, the Bounce Finance cryptocurrency prediction markets support several assets, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Compound (COMP), Synthetix (SNX) and XRP.

Pool creators can participate in prediction pools, as well as initiate them. To create a forecast pool, you need to set three parameters. This is the period during which bets can be placed, the assets that can be used, and the name of the pool.

Users pay for bids using the AUCTION token. In addition, they can place bets on both sides of the forecast several times during the specified window. As soon as this window "closes", the pool proceeds to the final price request stage, where bids are closed for a time while the prediction engine sets the average price and the final price. Smart contracts then provide the result after comparing the initial and final prices.

The winners divide the prize fund of AUCTION tokens depending on their proportional bet and the time of this bet. The earlier the bet is made, the more profitable the calculation of remuneration. If there are no bidders on the losing side, all bidders return their principal amount. However, if each bidder loses, then all tokens will be burned.

Auction Search Engine
The initial version of the Bounce decentralized auction protocol worked similarly to eBay. However, Bounce V2 aims to become the "Google of Decentralized Auctions" by offering an auction browser via the search bar on the homepage instead of an open list. Users can search by token name, auction type, and pool information. This new search function provides smooth navigation on the platform, reducing the likelihood of fraudulent projects flourishing.

Results
Due to the wide range of available auction types, Bounce Finance is a diverse protocol for a decentralized auction without permission with extensive parameter customization options. In addition, the platform provides a competitive exchange environment that adds an element of gamification to the auction process, minimizing fraud and fraud.