DefiBids – Bringing Dynamic Auctions to the World of DeFi

Project Reviews / 30.01.2021

DefiBids is an online auction platform with a DeFi twist. The network introduces various unique auction types and packages to provide investors with more savings and a little excitement. Additionally, users that bid and stake different tokens earn rewards for their efforts, regardless of if they win the auction.

Specifically, users can place bids on packages of ERC-20 tokens and other digital assets at discounted prices. The developers behind the concept seek to auction the tokens at a price lower than the prevailing market one. In this way, DefiBids users can save a bundle on their next DeFi purchases. 

Benefits of DefiBids

DefiBids project brings a lot of advantages to the crypto sector. For one, the network’s auction model rewards both the winners at the end of each auction and all $BID stakeholders. Users can also trade tokens as the network works directly with Uniswap. Notably, developers intend to expand operations to cover other DEXs shortly.

Savings

One of the biggest advantages gained by DefiBids users is savings. You can bid on ERC-20 tokens in packages and save big time compared to the tokens’ market value. Best of all, the network is designed to have package prices decrease the more market participants are involved.

Higher ROIs

Few other auction platforms provide as many ROI opportunities in the market. Users can earn rewards simply by staking their crypto on the network. Notably, after each auction ends, 15% of the profits feed directly into the staking pool. This strategy helps to bolster the value of the pool. In turn, users earn higher rewards for their participation.

ETH Rewards

One of the best features of DefiBids is that users earn staking rewards in ETH directly. This method of payment is preferred for many reasons. For one, ETH is a top-performing cryptocurrency that is universally accepted in the market. Additionally, this approach saves investors both time and effort because they don’t have to transfer their funds to an outside exchange to convert ETH rewards. Best of all, this strategy prevents inflation. 

Unique Auctions

DefiBids’ users are also privy to a huge selection of interesting and unique auction types. For example, there are auctions such as “Lower Unique Bid.” In this scenario, the individual who has placed the smallest bid wins the auction.

Price Reveal Auction (PRA)

PRA auctions are another cool feature. These auctions start with the price at a premium. This price remains hidden from all bidders. Users need to hit the Show Price button to reveal the current price of the package. Every time someone hits the reveal price button, the price of the package decreases slightly in value. This reverse auction continues until someone accepts the package price.  

Token Lockup

As part of DefiBids’ strategy to increase investor confidence in the project’s long-term merits, the foundation tokens will remain locked for one year. Additionally, tokens earmarked for marketing are locked for shorter times. These tokens are set to be gradually released. Specifically, 250 ETH and 2.5 million BIDS have been locked up.

NFTs (Non-Fungible Tokens)

DefiBids supports the trading and auction of thousands of NFT’s. NFT (non-fungible tokens) differ from regular tokens in that they are 100% unique. These tokens can represent anything from a one-of-kind piece of digital art, all the way to real estate or in-game purchases. Over the last couple of years, NFTs have seen considerable growth, with some in-game NFTs fetching over $100,000 in auctions.  

Deflationary

DeFiBids takes a 2% fee from every auction. The network takes these funds and sends 1% to be burned to address 0x0. The other 1% goes into the staking pool to further its overall value. Deflationary DeFi protocols are more popular than ever. These systems help developers to maintain more control over their token value. 

How Does Defi Bids Work?

At its core, DefiBids is a decentralized cryptocurrency auction platform. The network specifically focuses on the growing number of ERC20 tokens, DeFi projects, NFTs, and stablecoins. The network earns a profit from a percentage of each bid via gas fees. 

Auction Package

The main product for DefiBids is its Auction Packages. These packages include a variety of ERC-20 tokens. Every time a bid is made, the bidder pays a fee for each bid placed. Notably, users can place as many bids as they like. Also, you can participate and bid on unlimited auctions simultaneously. This strategy helps users better their probability of winning. The auction continues until the Bid Bar fills. At that time, the winner is announced, and payment is due. Users can buy credits with ETH or TRX right on the auction site to participate in the auctions. 

Staking

DefiBids is the only DeFi auction that allows users to stake tokens to earn APY rewards at this time. A small portion of every bid is distributed across all users staking the BIDS token. In this way, everyone involved in the network benefits from transaction and auction rewards. Notably, the amount of your staking reward is based on your percentage of the staking pool.

Staking rewards are paid out to users every 24 hours at 00:00 UTC. Users then have the option to reinvest their earnings or to withdraw the funds. The network has a 48-hour withdrawal time frame. 

$BID Tokens

BID is the native token for the DefiBids’ network. Users can stake BIDs and increase their ROIs via staking rewards. Impressively, $BID stakers will receive a portion of every auction credit purchase. Interestingly, the max supply of BID was only 50,000,000 tokens. However, with more BID’s being burned daily, BID’s current supply is just over 46 million. 

Defi Bids – A New Approach that Combines the Excitement of Auctions with the Profitability of DeFi

You have to hand it to the developers behind this platform. DefiBids entered the market at the perfect time. Users are sure to appreciate the chance to save considerably on their next DeFi purchase. Also, the chance to earn extra rewards via the staking protocols is sure to become a major draw for the network. 

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.