Create a bid
Creating a bid in the Byzantine Finance auction is a straightforward process. By following these steps, you can ensure your bid is accurately submitted and competitive. Here’s a detailed guide to help you through each step.
Step-by-Step Guide
Access the Auction Page
Navigate to the Byzantine Auction page.
Prepare and Adjust Your Bid
The bid preparation menu allows you to set up your bid by adjusting the validating period, discount rate, and the number of bids. Use the sliders to adjust:
Validating Period: The duration in days you wish to be part of a Distributed Validator.
Discount Rate: The percentage of the PoS rewards you wish to keep (i.e. the desired profit margin)
Number of Bids: The quantity of bids you wish to place.
As you adjust these parameters, you will see live updates in the ranking and your bid sections, showing how your bid compares to others.
Submit Your Bid
Once satisfied with your settings, click the "Bid" button to submit your bid. If you are updating an existing bid, click "Change Bid". (But we will see that in the next section)
Confirm the transaction in your connected wallet.
Note: It currently takes a few seconds for the bid to appear in the list. Please wait a bit and refresh the page if needed.
Monitor Your Bid
After submission, monitor your bid in "Your Bids" menu. Here you can see all active bids, make updates, or withdraw them if needed. More details about managing your bids can be found in the following sections.
Tips for Successful Bidding
Understand the Auction Score: Your bid's position is determined by the auction score, which factors in your bid amount, validating period, and reputation.
Regular Updates: If your bid is not in the top 4, consider updating it to improve your chances.
Monitor Auctions: Keep an eye on ongoing and upcoming auctions to strategically place your bids.
This process ensures that you can participate effectively in the Byzantine Finance protocol, optimizing your chances to join a DV cluster and earn rewards.
For more details about the bidding process, visit the Auction Contract details.
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