Today we continue to talk about an interesting project. It is very interesting, which is the web3 decentralized auction service. Its name is AUCTION, and its token is Bounce. It has also increased 10 times, from 4 at the beginning of this year to 40 now. The market value has also reached 250 million US dollars, and the ranking has reached 230+. Today we will take a look at why it has skyrocketed.
Introduction: Decentralized auction service
From the first traditional auction in 500 BC, through today’s digital evolution, the ancient process of buying and selling assets has strived to introduce improvements that truly increase efficiency, transparency and accessibility. This comes down to three main questions.
First, traditional auctions are often centralized. This means they are controlled by a single auction house or broker, which can lead to a lack of transparency and fairness.
Second, they can be expensive for sellers, who may need to pay significant commissions to auction houses or brokers. Additionally, traditional auctions can be inaccessible to less experienced buyers due to complex and intimidating bidding processes, which follow their own unique rules, conventions and terminology.
Finally, when held in person, traditional auctions are often limited to specific geographic locations, which can limit the pool of potential bidders and buyers.
Transforming auctions through blockchain technology
Decentralization offers the potential to solve all these problems, opening the way to a new type of auction: one that is transparent, trustless, secure and immutably recorded through blockchain technology. Web3 auctions are driven by smart contracts, which are self-executing and the terms agreed upon by buyers and sellers are written into tamper-proof code. And in a big departure from traditional auctions, participants can also bid on assets using cryptocurrencies. This means anyone with an internet connection and a crypto wallet can participate, regardless of their location or financial situation.
Meet Bounce: Web3 Auction Expert
Bounce's fully decentralized auction platform leverages blockchain technology to provide Web3 users with a more transparent, efficient and accessible auction, bidding and purchasing process. Since its launch in September 2020, Bounce has grown to become one of the most popular decentralized auction platforms in the Web3 ecosystem, especially favored by buyers and sellers in the DeFi and NFT sectors.
Unlike centralized auction platforms, Bounce is non-custodial, meaning users always retain control of their funds and assets. Powered by blockchain, Bounce’s platform also uses smart contracts instead of people to manage auctions and distribute funds, ensuring a process that is both transparent and secure.
The development history of Bounce
Founding and initial development stage (2020):
Bounce V1 version (2020): In 2020, Bounce launched its first official version, Bounce V1. This version introduces a blockchain-based auction function where users can bid to purchase cryptocurrencies and digital assets by participating in auction events. This version attracted attention from the cryptocurrency community and gained a certain user base.
Bounce V2 version and IDO (2021):
Following the success of the Bounce V1 version, Bounce launched its second version in 2021, Bounce V2. This version introduces the Initial Decentralized Offering (IDO) function, allowing project teams to conduct token issuance and crowdfunding activities on the Bounce platform. This feature provides a fair financing opportunity for emerging projects and allows investors to participate in projects at an earlier stage.
Bounce V3 version and innovative features (2023): In February 2023, Bounce V3 was officially launched, significantly reforming the original auction method, introducing Auction as a Service (AaaS), and adding innovative features to the fixed swap auction. The regret function allows participants to withdraw their bids at any time during the auction. In addition, Bounce also plans to launch a new auction mechanism that allows participants to generate revenue during the auction process, as well as a physical collectibles market that allows projects to create their own brand stores on the Bounce platform to sell physical collectibles, including clothing, Accessories, luxury goods and more. Bounce focuses on BTC ecological projects to provide incubation and auction support (November 2023) In the fourth quarter of 2023, with the popularity of Bitcoin Inscription, more and more new projects are preparing to open IDO, MultiBit (MUBI) and BitStable (BSSB) Successful IDO at Bounce.
Product offering division:
Token & NFT Auctions: Bounce offers 10 different types of auctions on over 40 blockchains, in a permissionless environment that allows anyone to create and participate in a variety of diverse auctions.
Real-world collectibles auctions: Tangible collectibles can be minted into NFTs and then auctioned on the blockchain through Bounce, bridging the gap between physical and digital assets.
Advertising Space Auction: Bounce introduces an innovative marketplace for advertisers and publishers to buy and sell ad space through a decentralized auction.
ACTUION’s current auction types
1固定价格拍卖：
固定价格拍卖是拍卖品的价格是由拍卖人和参与者预先确定并达成一致的。这种类型的拍卖通常在拍卖人对待售资产有特定价值目标时使用。它是按照先到先得的原则运作的。
2 On-chain English auction: In an English auction, the auctioneer starts with a low price and gradually increases the price until the bidder is willing to pay the highest amount. Auctions usually have a fixed end time, when the highest bidder wins the auction.
3 Variations of English Auction: The final transaction price shares the price increase with the bidders, and the auctioneer benefits from increasing the final price.
4 Dutch auction: A Dutch auction (also called a reduced-price auction) refers to an auction method in which the auctioneer starts with a very high price and gradually lowers the price until someone bids.
5-Sealed bid auction, also known as a blind auction, in which all bidders submit their bids at the same time, in sealed envelopes, without knowing the bids of other participants. The highest bid wins the auction.
6. Bounce random selection auction, instead of the highest bid winning the auction, the winning bidder is randomly determined like a lottery. Therefore, it is also called a "lottery auction". This type of auction is typically used when the item being sold is very popular and there are many bidders willing to pay a high price.
7. An on-chain order book auction is a type of auction conducted on a blockchain platform in which buyers and sellers place orders to buy or sell specific assets, and these orders are matched based on specific criteria.
8. Playable actuion: Bounce introduces a new auction mechanism that allocates allocations based on gameplay, and participants receive allocations based on ranking scores. These games are single-player, one-off games.
It is the auctioneer's responsibility to decide what games they want to play and establish the allocation rules. There are two options for obtaining allocations: 1) receive an equal share through gameplay, or 2) receive different allocation sizes based on game ranking and score.
9. RWA Asset Auctions: Owners can create auctions for digital representations of their physical collections on the blockchain network. These auctions can be conducted securely and transparently using smart contracts, which automatically enforce the auction rules.
The winner of the auction can redeem the physical collection by burning the corresponding NFT (non-fungible token), which represents ownership of the asset. This ensures that only the rightful owner of the NFT can redeem the physical collectible associated with it.
10. Advertising auction is an innovation that combines blockchain with traditional advertising technology.
There are two ad auction mechanisms:
Peer-to-peer (P2P) model, sellers sell directly to buyers.
The seller mortgages the advertising space into a pool to form an advertising pool. Buyers bid on the pool and the successful buyer's ad will be displayed in a scrolling ad banner.
AUCTION team
ROBMAY CEO Rob is a venture capital entrepreneur and angel investor in more than 45 artificial intelligence and blockchain companies. Previously, he served as CEO and co-founder of Backupify (acquired by Datto). He is the author of Inside Artificial Intelligence.
BYRONGALBRAITH, Chief Data Scientist, Byron holds a PhD in cognition and neural systems from Boston University and a master's degree in bioinformatics from Marquette University.
Chief Architect JONKLEIN is responsible for engineering team planning from initial stages to large-scale. For several years, he served as Drync’s Director of Engineering and directed Tapjoy’s advertising product team. He has a master's degree. In Complex Adaptive Systems at Chalmers University.
ANTHONYHABAYEB Chief Operating Officer. Most recently, Anthony directed the strategy and growth of Propel Marketing. Now Thrivehive has grown from $6 million to $50 million. He has been on Monster and Yahoo! Take the stance of a partnership and income wizard. He began his professional life and livelihood as a strategy employee at Accenture.
Henry Wagner Blockchain Engineer Henry Bilai works as a senior software engineer at Akamai2022 coir network Bianxiao Technology Company, working hard to establish equipment management systems and develop the company's import skills. He holds a bachelor's degree from the University of Austria and is a graduate student in distributed systems at the University of Connecticut.
Analysis of the reasons for this increase
Bounce Finance announced a new Launchpad project on December 11 - Bdid (BDID), a DID service platform located on BTC Layer 2. Given that Bounce Finance’s first Bitcoin ecological Launchpad project, BitStable Finance (BSSB), has achieved a significant increase of more than 45 times, the market is full of expectations for BDID.
BTC Layer 2's native DID service platform GoDID serves as a decentralized identity (DID) market aggregator, providing services for ENS, Space ID, and Bitcoin Ordinals DID. The ENS module supports the entire life cycle, including search, registration, transaction and management.
In this Launchpad mode, users can obtain BDID by staking Auction, just like most centralized launchpad modes.
Start time: December 15th 21:00 to December 17th 21:00 (UTC+8)
Token distribution: 200, 000, 000 (40% of the total)
Allocation price: 1 BDID = 0.00009375 AUCTION (approximately equal to 0.0017 USDT, corresponding to the total market value of the project US$850,000)
Token economy
The project was actually launched in 2020. The total number of tokens is 10,000,000. The current supply is 7,640,627 and the circulation is 6,500,033. The current currency price is 40 US dollars and the peak was $71.0046 (2021-04-12). From this point of view, it is half the price. It’s still good. We see that there are not many projects that can get back half of it. One of them is a big pie. Even ether has not gotten back half yet, but the token distribution formula of the current project has not been seen.
In conclusion, this project should be the leader in the field of auctions. At least I have not seen any others so far. We are very common in the NFT market. We have seen British auctions and Dutch auctions, but there is a problem with the project. There is no correlation between the token and the product. This is a problem, but the project team has obviously operated itself as a financial company and invested in many projects, such as the previous stable currency BSSB on Bitcoin. This surge is also the BDID project. Later, we will issue another phase of the project to look at these two projects. After reading these two projects, we will comprehensively evaluate this project.