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Unlocked funds are transferred from Miner actors to the protocol whenever funds are withdrawn.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 Funds withdrawn from each Miner Actor will be put up for auction in their individual auctions.

Each Auction will have a 24 hour bidding window, after which the auction will be considered to be expired. If conditions are right, it will start/restart an auction. The logic is depicted in the flowchart below.

If Auction is not expired and the auction pool contains more than 1 FIL, any FIL withdrawals will be kept for the next auction. This ensures that each fresh batch of FIL begins from an auction price of 0.5 FIL/pFIL.

You can view the auctionable balance in the Auction Withdrawal page.

The left column indicates the Miner ID from which FIL is withdrawn, and the following column indicates the amount of FIL that can be withdrawn for auction. In order to begin withdrawal, click “Withdraw”.

Enter the desired amount of FIL to be withdrawn from the miner, and confirm the transaction in the wallet. Upon successful withdrawal, a toast with a success message will be displayed.