Auction parameters
Standardizing commitments between buyers and sellers
Each auction is created from a set of predefined parameters that determines the grade and characteristics of the order flow being auctioned. This information is essential for market makers to price order flow.
| Field | Example Input | Description |
|---|---|---|
Network | Ethereum | DFlow supports order flow from multiple chains. Network defines the chain where order flow is coming from. |
Base | ETH | Each auction specifies the order flow for one token pair. The base is the first token listed in the pair. EVM auctions can specify the native token using the value 0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee. Auctions that specify the native token will receive order flow for both the wrapped and unwrapped variants of the native token. DFlow auctions do not support specifying the wrapped variant of the native token as the base or quote. |
Quote | USDC | The quote is the second token listed in the pair. EVM auctions can specify the native token using the value 0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee. Auctions that specify the native token will receive order flow for both the wrapped and unwrapped variants of the native token. DFlow auctions do not support specifying the wrapped variant of the native token as the base or quote. |
Notional size | $500,000 | Each auction needs to specify the maximum amount of order flow to sell. Notional size specifies the amount, in USD, of order flow per epoch. E.g. if notional size is $500,000, auction's epoch 2 will aim to deliver $500,000, epoch 3 will aim to deliver $500,000 and so on. |
Order size min | $100 | DFlow lets auction owners set the size range on the order flow. Order size min, in USD, is the lower bound and is inclusive. |
Order size max | $500 | Order size max, in USD, is the upper bound and is exclusive. |
Delivery period | 30 minutes | Defines the maximum delivery period. Order flow sources should deliver the above notional size within this period. Actual delivery period may be sooner if notional size is reached and failure to deliver the notional size will return bid amount pro-rata back to the market maker. E.g. if bid is $100 and the order flow source only delivered 70% of notional size, $30 will be handed back to the market maker. |
Payment in lieu | Enabled | Each auction has a flag that indicates whether the order flow source may accept a payment in lieu if the market maker doesn't offer a firm quote. The payment in lieu replaces the payment that would be made if the market maker had offered a firm quote and the order flow source had delivered the order to the market maker. If the market maker doesn't offer a firm quote in response to a firm quote request routed via the auction, payment in lieu will be offered to the order flow source if and only if payment in lieu is enabled for the auction. The order flow source has the option to accept or decline the payment when offered a payment in lieu. |
Fee payer mode | Market Maker | On EVM networks, fee payer mode specifies who sends the swap transaction. On Solana, fee payer mode specifies who is the network fee payer. The options are: Retail Trader or Market Maker. Wallets can select Market Maker to enable a gasless UX (i.e. users do not need to hold native tokens to trade). Note on EVM networks, when Market Maker is selected, the market maker will receive a reimbursement for the network gas costs from the retail trader's swap order. |
Client auction ID | Sample-Auction-1 | An tracking ID defined by the wallet. |
Updated about 1 month ago