Auctions

Auction and related components digram

The Auction module facilitates the distribution of rewards to protocol depositors. It operates as follows: the Rewards Treasury collects rewards from target protocols. Once these rewards are gathered, the Relayer transmits the necessary information to the Auction module within the ENJ MS. This module allows any user to initiate an auction and place bids, exclusively using gigaAsset tokens. Users can acquire these tokens through AMM pools on supported blockchain networks and then bridge them into the ENJ MS using the specialized gigaAsset Bridge.

At the conclusion of an auction, the winner receives a voucher specifying the blockchain network and the exact quantity of rewards they are eligible to claim. This voucher can then be redeemed at the Rewards Treasury to access the rewards.

The majority of the gigaAsset tokens collected from winning bids are distributed to protocol depositors as rewards for providing liquidity. A smaller portion is allocated to the Insurance Pool to ensure the protocol's sustainability and security.