In this post, we will show how to bid on a native token and mint this token after winning a round of auction.
Step 2: Check the state of token auction system
You can check the state of token auction system on the main page:
- Round number: the number of the ongoing/coming round
- Highest Bid: the bid price of highest bid. Your bidding should have a price higher than that
- Proposed Token Name: the token name of highest bid
- End Time: Your bid should be placed no later than this time if you want to participate this round of auction
- Highest Bidder: account address who placed the highest bid
All these fields except round number will be
N/A if a round of auction has not started.
Step 3: Place a bid
To place a bid, enter a valid token name (check the availability to avoid conflict) and your bid price, then click “Bid Now” button.
Check the amount of QKC you need to pay for the bid, click “OK” button to place the bid.
The state of this round of auction will be updated on the main page if you outbid successfully and turn the highest bidder.
Step 4: End a round of auction
Any user can click “End Auction” button to settle a round of auction after the “End time” displayed on the main page.
Step 5: Mint new native token
If you win a round of auction, you will own the new native token and have access to minting it.
Search the name of your native token:
Click “Mint Token” button to mint as much amount as you want:
Then the total supply of your new native token will be updated. Congrats!