Reverse Auctions

The game will be the opposite of Classic Auction Bonding. This time users will compete to earn BUSD rewards, and the biddings will be done with NMSP.

Bond Mechanics:

The BUSD Bond will allocate 1% of the remaining tokens in the contract each round. If the bond size starts at 10,000 BUSD then the round rewards start at 100 BUSD and decrease gradually until the bond depletes. Bids are placed using NMSP tokens, requiring at least a 0.5 NMSP 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). A round begins with a 360-minute timer; if there are less than 30 minutes remaining, the last bidder resets it 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

While winners do not receive their bidding tokens back, as the auction emphasizes competition, players who drop from the Top 5 Leaderboard will receive 90% of their bid amounts back. Consequently, a 10% bidding fee will be deducted upon expelling from the leaderboard.

After each round, the next one automatically begins with the first bid, triggering the distribution of the previous round's rewards. NMSP collected by contract being allocated accordingly: 50% of collected NMSP will be Burned. 50% converted to BUSD and added to Treasury Reserves.

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