Hello to the community! Today we are excited to announce a big expansion to the Secret DeFi ecosystem: the launch of the Secret Auction Web3 app.
Building on top of the amazing work of Baedrick (aka Mr. Roboto🤖's Secret) with his Sealed Bid Auction and Secret Auction Factory contracts, the Secret Auction web3 app is now the first and only crypto auction platform with privacy by default. It's also really cool.
Starting today, you can visit https://auctions.scrt.network and create or bid on auctions for any SNIP-20 token (Secret Token) trustlessly, with minimal fees, and most importantly, with privacy preserved throughout.
Bids are completely secret: Bidders can't see if there are any other bids, and sellers can only know if there have been any bids, but not how many. Additionally, until the auction is closed, no price info about any bids is known by anyone, and after the auction is closed the only information revealed is the winning bid. This is the first time this been possible on a blockchain application without a trusted third part - another first for Secret Network.
Going forward, this particular configuration can become one of many configurations available for auction creators. Programmable privacy can be a component in the success or failure of any auction. What is the best way to get the most value for a sale? The most bids? It will be up to you to find out! What level of transparency do you need to participate in an auction? You decide for yourself. With programmable privacy, anything is possible.
There is much more to talk about, but let's take a look at the app in action!
Viewing Keys for Auctions
Creating an Auction
Auctions in Detail: Bidding, Updating, Closing
We hope you like and use this product frequently! We can't wait to see what interesting auctions and tokens get created.
To finish up, there are two questions we get a lot about this application: what will it be used for now, and what can it be used for in the future?
Right now, we see the main use-case being as an OTC (Over the Counter) trading market for larger transactions. Once SecretSwap (the first Secret Network AMM) is live, it will take time for liquidity pools to grow large enough such that substantial transactions don't cause unacceptable slippage. Meanwhile, other exchanges have their own slippage issues on top of challenges with accessibility, high fees, and of course, a lack of privacy. The Secret Auction is a new option in the Secret ecosystem that solves this problem today.
In the very near future we have a lot of features to add to the app including support of custom tokens, better filtering and sorting, and a closed auction page that serves as a price discovery tool.
Farther out, we envision a much larger application built on the current foundation launching today. An app that caters to all types of auction applications; most notably, Non-Fungible Token (NFT) auctions. But we also see the potential for ICOs, partial split winner auctions, proportional participation pricing models in which prices drop as more people register to purchase, and many others. In fact, we have already heard suggestions from the community about future features we hadn't considered ourselves which is really exciting. Please keep them coming!
Finally, a word on how to support and participate: the official support channel on the Secret Chat is #auction-support, where we will be keeping up with issues, errors, bugs etc. In terms of getting more involved and contributing to this project, both the backend contracts and the UI are open-source and we welcome contributors to join us as we build the future of crypto auctions together!
Visit the repositories on Github to learn more.
Onwards and upwards!
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