Update a bid

Updating a bid in the Byzantine Finance auction allows you to adjust your bid parameters to improve your chances of being selected in the top 4 bids. This can be necessary if your initial bid is not competitive enough, or if you want to optimize your profit margins and validating period. Additionally, any changes in the bid amount will either require you to pay the excess or receive a refund for the difference.

Currently, you can only update one bid at a time, but we plan to introduce the ability to modify multiple bids simultaneously in the future.

While updating a bid, it is possible to outbid or underbid. If outbidding, the node operator will have to pay the difference between the new bid and the last bid price. If underbidding, the node operator will be refunded the difference between the last bid and the new bid.

Step-by-Step Guide

1. Access Your Bids Menu

   • Navigate to "Your Bids" menu where you will see a list of all your current bids. Each line represents a bid you have placed.

2. Select the Bid to Update

   • Click on one of the lines representing the bid you wish to update. This will bring up a menu with several options.

   
3. Choose "Change Bid" Option

   • From the menu, select the "Change Bid" option. This will open the bid preparation interface with the current parameters of your bid.

4. Adjust Bid Parameters

   • Modify the parameters of your bid as needed, such as:

     • Validating Period: The new duration in days you wish to be part of a Distributed Validator.

     • Discount Rate: The new percentage of the PoS rewards you wish to keep (i.e. the desired profit margin)

   • The preview will show the new parameters in detail and your updated position in the ranking.

   
5. Submit the Updated Bid

   • Once you have adjusted the parameters, click the "Change Bid" button to submit the updated bid.

   • Confirm the transaction in your connected wallet.

   • Note: It may take a few seconds for the updated bid to appear in the list. Please wait a bit and refresh the page if needed.

6. Cancel Changes if Needed

   • If you decide not to update the bid, you can simply click the "Cancel" button to discard any changes and return to the previous state.

Tips for Updating Bids

• Adjust Parameters Wisely: When updating a bid, carefully adjust the validating period, discount rate, and number of bids to improve your ranking.

• Check the Preview: Always check the preview to see how your updated bid ranks before submitting it.

• Confirm Changes: Ensure you confirm the updated bid in your wallet and check that it appears correctly in the list after refreshing the page.

For more details about the updating process, visit the Auction Contract details.