Auction

Learn about Rewards Auction in Enjoyoors Protocol.

Auction process sequence diagram

Auction step-by-step:

1. The Target Protocol generates rewards and sends them to Rewards Treasury.

2. The Rewards Treasury emits the corresponding event.

3. The Relayer reads the event from Rewards Treasury.

4. The Relayer reaches consensus.

5. The Relayer broadcasts signed transaction to the Auction.

6. The Participant starts an auction.

7. The Participant makes a bid for opene lots.

8. The Auction chooses the auction winner.

9. The Participant receives rewards voucher for winning the auction.

10. The Auction issues rewards voucher for the winner (Participant).

11. The Auction sends a portion (determined by Governance) gigaAssets to Insurance Pool.

12. The Auction sends gigaAssets to gigaCDP. These funds are distributed to the depositors as rewards for their participation.

13. The Winner (Participant) redeems rewards by using rewards voucher from Rewards Treasury.

@startuml
autonumber

actor Participant
participant "Target Protocol"
participant "Rewards Treasury"
participant Relayer
participant "gigaCDP"
participant "Auction"
participant "Insurance Pool"


"Target Protocol" -> "Rewards Treasury": Send rewards
"Rewards Treasury" -> "Rewards Treasury": Emit event
Relayer -> "Rewards Treasury": Listen to event
Relayer -> Relayer : Reach consensus
Relayer -> "Auction": Broadcast signed transaction
Participant -> "Auction": Start auction
Participant -> "Auction": Make a bid
"Auction" -> "Auction": Choose a winner
Participant -> "Auction": Request rewards voucher 
"Auction" -> Participant: Issue the rewards voucher
"Auction" -> "Insurance Pool": Send gigaAssets
"Auction" -> "gigaCDP": Send gigaAssets
Participant -> "Rewards Treasury": Redeem the rewards
"Rewards Treasury" -> Participant: Transfer the rewards
@enduml