Reverse Auctions: Nemesis Network is proud to be the first to introduce Reverse Auctions on DeFi
Hello everyone! As many of our followers know, during previous weeks we’ve released and initiated the Beta launch of Auction Bonding on Helena, which was our first step towards completing the RBS (Range-Bound System) system. The main principle of RBS is to keep the price in a specific range and consequently ensure steadiness and stabilization while providing reflection rewards for the users. In order to realize this vision, two different mechanisms, Auction Bonding and Reverse Auctions work in harmony. And now as a second step, Nemesis Network proudly announces the BETA release of Reverse Auctions. Currently, users are able to bid BUSD on Helena in order to earn $HELENA2 rewards.
Reverse Auctions (BETA)
Reverse Auctions is not only a unique feature for Nemesis Network but also for the entire DeFi. The key feature that makes Auction Bonding significant is that it is the second vital component of the RBS (Range Bound Stability) system of Nemesis Pro, the first one being the Auction Bonding. Hence, it is crucial for Nemesis Network that this system works flawlessly and smoothly. Although it is ready for release, we have decided that a Beta process is necessary before a full launch to weed out any possible bugs and receive the feedback of users. During this Beta process, we plan to further develop Reverse Auctions and in the meantime, perfect it based on our own observations as well as your feedback and preferences.
The beta release will be initiated on Helena and only include one auction type, allowing users to bid with BUSD to earn HELENA2 tokens in return. Nemesis Treasury will allocate 15,000 HELENA2 for this pool, and each round 1% of the tokens stored in the pool will be auctioned. The round will start with a 120 minutes timer, users then will be allowed to bid on the round. The next bid should always be at least 1 BUSD higher than the previous bid. If there are less than 15 minutes left on the round, each new bid will reset the timer back to 15 minutes. The top-three bidders will win the auction, 1st place receives 55%, 2nd place 30%, and 3rd place 15% of the round reward. Players who dropped from the leaderboard will get 90% of their BUSD bidding back. This should be kept in mind that those who win the round only receive the rounds’ awards and will not receive their bidding back.
In the end, 100% of the collected BUSD will be added to NMS LP Reward Pool.
How does the beta program work?
The Beta test for our Reverse Auctions (BETA) on Helena dApp will last through Mid June. During this period, anyone can use and test the feature. If you encounter any bugs, please inform our Discord or Telegram moderators. Your feedback and opinions are valuable to us, and they could play a significant role in improving this feature and Nemesis Network alike.
Discord (Helena): https://discord.com/invite/ht2N3vrdv9
Discord (Nemesis PRO): https://discord.gg/b8CUaukZn6
Telegram (Helena): https://t.me/helenafinancial
Telegram (Nemesis PRO): https://t.me/nemesisdao