# Reverse Auctions

The first reverse bo*nd (HELENA V2) has been unlocked after* [Auction Bonding](/helena-financial-whitepaper/protocol-features/auction-bonding.md) (BETA) ***with upgraded parameters**,* and the protocol allocated 15,000 HELENA V2 for this bond.

### **Bond Mechanics:**

In each round, the HELENA V2 will allocate 1.0% of the remaining tokens in the contract. This means round rewards start at 150 HELENA V2 and decrease gradually until the bond depletes.\
\ <mark style="color:red;">Bids are placed using BUSD tokens, with each bid requiring at least a 3 BUSD increase over the previous bid. (Avoiding last-minute bidding is advised due to potential network congestion and delayed block updates as the contract timer counts blocks).</mark>\
\
A round begins with a 180-minute timer, and if less than 30 minutes remain, the last bidder resets the timer back to 30 minutes. If no bids occur within this window, the top five leaderboard bidders will share the rewards as follows:

***1st Place:     50.00% of Round Reward***\
***2nd Place:   25.00% of Round Reward***\
***3rd Place:   12.50% of Round Reward***\
***4th Place:   7.50% of Round Reward***\
***5th Place:   5.00% of Round Reward***<br>

While winners do not receive their bidding tokens back, as the auction emphasizes competition, players who drop from the leaderboard will receive 90% of their bid amounts back.&#x20;

Consequently, this means a 10% bidding fee will be deducted upon expelling from the leaderboard.<br>

**After each round, the next one automatically begins with the first bid, triggering the distribution of the previous round's rewards. BUSD collected by contract being allocated accordingly:**\
*100% of the collect BUSD will added to* [*<mark style="color:blue;">**NMS LP Reward Pool**</mark>*](/helena-financial-whitepaper/network-features/nms-lp-reward-pool.md)*<mark style="color:purple;">.</mark>*


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