Starlay Finance has a feature to launch a project to the public in an auction format, which means the price will be determined by bids from participants. You also can specify the Limit Price for your bid.
You need to follow the rules described below.
Only one bid per account is allowed
The bid can only be placed in USDC
The bid will be locked in a smart contract
If you enable the bid canceling option at the time of bidding, you may cancel your bid and withdraw the locked amount at any time during the auction.You can also change the condition of your bid and place a new bid after cancellation
If a limit price is specified and the final price of the token, which will be determined after the auction ends, exceeds that price, your bid will automatically be invalid.
If you place the bid without canceling option, a 10% bonus will be added to your bid.
If you place the bid without specifying a limit price, a 5% bonus will be added to your bid.
Even if you disabled canceling option, you can still make the following changes:Add the amount of bidRaise the limit priceDisable the limit price
After the auction ends, if you become a successful bidder according to the rules for determining a successful bidder described below, your bid cannot be canceled.
The final token price will be calculated by the following formula:Final Token Price = Total Valid Bids(*) / Amount of Tokens to be Released
The valid bids will be counted according to the following priority order. Please note that only bids without limit prices or with limit prices exceeding the final token price will be counted as valid bids. 1. 1.A bid with no limit price specified 2. 2.A bid with a higher limit price 3. 3.A bid done earlierEven if you change your bid in the middle of the auction, the order will be determined based on the timing in which the bid was first submitted.If you cancel and place a new bid, the order will be determined based on the timing in which the new bid was placed.
A bid with a limit price lower than the final token price will automatically be invalid and no tokens will be allocated. Also, if a limit price of a bid is equal to the final token price, tokens might not be allocated or only a portion of tokens might be allocated, depending on the priority of bids described above.