📄️ Reverse Dutch Auction
The Auction Contract is an important component of the protocol as it auctions unlocked FIL into pFIL and burns those pFIL. Bidders can only use pFIL to make bids on these FIL. Thus, the protocol essentially acquires pFIL from the open market with a Reverse Dutch Auction.
📄️ Starting an Auction
Unlocked funds are transferred from Miner actors to the protocol whenever funds are withdrawn. Withdrawing of funds refers to the withdrawal of funds from the Miner Actor to the protocol. Funds withdrawn from each Miner Actor will be put up for auction in their individual auctions.
📄️ Participating in an Auction
Navigate to the ongoing auctions by visiting the Auction Withdrawal page.