Bid

Bidding on piggies

A piggy may be for sale under a "bid" auction, where the sale of the piggy is protected from price fluctuations in the underlying. If a piggy is under a "bid" auction, it can be bid on by pressing the "Bid" button:

This will begin the bidding process, where by the spot price of the underlying must be queried from the oracle and confirmed that the oracle price does not violate the protection limit set during the creation of the auction.

After the bid has been placed, the piggy will appear in the users Dashboard section, where the user must Finalize the bid by initiating an oracle call. Pressing the Finalize button will initiate a on-chain transaction to request a price from the oracle.

Once the "bid" auction has been finalized, after the oracle has returned a price that does not violate the protection limit (set upon the creation of the auction), the user now owns the piggy.

After a piggy is bid on, the piggy will enter a "cooldown" period . The "cooldown" period is an anti-spamming measure to protect against bidders taking piggies under "bid" auction off the market, only to later cancel their bid:

Once the "cooldown" period has completed, the bidder can cancel their bid:

If a piggy is under a "bid" auction and the current spot price of the underlying is currently violating the protection limit set for the auction, the piggy will appear in the "Protected Contracts" section of the market:

If the spot price of the underlying moves back to where the protection limit is no longer in violation, the piggy will appear in the Available Contracts section and can be bid upon.