A novel NFT auction mechanism for $LIZ holders
One of the goals of Lizard is to engage with builders and work together to bring innovation. As shown by the research of CoinF, there are many NFT projects in Oasis and we are interested in engaging with many of the early developers of Emerald Paratime while bringing the first utility to LIZ holders.
For this reason, we have developed a one-of-a-kind auction mechanism that we have named “King of the Hill”. For this version alpha we will auction 5 NFTs from a collection TBA (if you are an NFT creator and you have a collection you want to showcase in our King of the Hill, just message us on Twitter).
The rules are unique:
During the 24 hours, users will bid to enter a leaderboard of 5 winners. Each winner will be able to claim an NFT from a collection TBA.
Every time a user makes a bid, 2% of the bid amount will be payed as fees and stored in the contract. The reason for the 2% is that it will encourage users to hold larger amounts of xLizard to be able to be on the leaderboard.
The bid starts at 1000 xLIZ.
Because it is a leaderboard of 5, middle positions can result in ties. In this case, the last person to have made a bid will take the highest rank of the tied places.
In any case, to enter the leaderboard one must bid the amount of the last place plus a 1000 xLIZ to a max of 10,000 xLIZ.
When the bidding is finished, users will be able to claim their NFTs directly from the contract.
After a 24 hour buffer period all the fees will be transformed from xLIZ to LIZ and divided as follows:
- 80% will go for the NFT creators
- 10% will for the xLIZ Holders
- 7.5% will be burned
- 2.5% will go for the Lizard team
(These percentages could change and we will announce it accordingly)
For our next announcement, we will reveal our first NFT partner, the front-end sneak peek and the date of the first King of the Hill Event.
In future releases, we will work with our partners at ONS to integrate their domain names for our leaderboards too.
On the solidity side, all next week we will work on implementing timelocks and reworking our vaults to make it more transparent to our users.
We are committed to continue announcing any changes of allocation points, emissions and LIZ transfers from the vaults with due anticipation.
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