Using the fund
Fill an auction
Reading an auction, the fill transaction, and its protections.
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Using the fund
Reading an auction, the fill transaction, and its protections.
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Using the fund
Reading an auction, the fill transaction, and its protections.
An auction is a strategy selling the USDC it has collected for its asset. You pay the asset, you receive the whole pool of USDC.
A fund's Auctions tab, which appears when you switch the fund page to Advanced, lists its auctions best deal first. The Available filter (the default) hides auctions with nothing to sell; All auctions shows every one. Each row shows:
| Column | Meaning |
|---|---|
| Pay | The current asking price in the strategy's asset, with its dollar value. It falls every second and reaches zero at the end of the epoch. |
| Get | The USDC you receive: the strategy's balance plus any revenue accrued for it but not yet distributed. |
| Return | How much more or less value you get than you pay, in percent and dollars, before gas. It shows N/A when the asset has no price. |
Tags mark the Best deal, auctions that take LP tokens, and Stopped strategies, which no longer receive revenue but can still sell any remaining USDC. Rows with nothing to sell say Waiting for revenue or No revenue remaining. On mock deployments, the Auctions page also lists every fund's auctions.
The return is the number to watch. Compare it with the cost of sourcing the asset, price impact and gas. A favorable displayed return does not guarantee profit.
Press Fill on a row, or use the Auction control in the panel to choose a strategy. Larger lists open a searchable picker; you can find an asset by name, symbol, token address or strategy address. Choosing a strategy updates the quote before you submit.
If someone fills first, your transaction reverts with an epoch mismatch rather than paying for the next epoch. If the price moves above your maximum before execution, it reverts too. A fill at zero price collects nothing and only moves the USDC.
There is no minimum USDC output parameter on buy. Bind the epoch you observed before signing; an integrator that reads a fresh epoch at execution can accept a different lot. The report records this as an acknowledged finding. Auction USDC can also include donations, so reported purchase volume is not proof of earned revenue. See Security and audit.
Your payment is split: the snapshotted signal reward share (0 to 20%) to the strategy's BribeRouter, the remainder to the treasury. The entire USDC balance is transferred to you. The next epoch starts immediately at the price you paid times the strategy's multiplier, never below its minimum price. The treasury now holds more of that asset, and every fund token is redeemable for a share of it.