What Is Bounce (AUCTION)?

Bounce (AUCTION) is a blockchain-based auction platform that connects traders without intermediaries. Bounce's products are available on multiple blockchains for more significant potential and flexibility. As described in the official document, Bounce's basic idea is based on the reality that resources are finite, creating a competitive atmosphere for swapping.  

Bounce was inspired by Uniswap, a decentralized exchange that offers players an endless liquidity pool. However, Bounce creates a competitive environment for tokens or other assets such as NFTs with a limited supply. Users can trade the assets in various ways, including token sales. Here, tokens are auctioned with different sale principles and time limits, such as fixed price (fixed swap auction), decreasing cost (Dutch auction), or hidden price (sealed-bid auction). NFTs, like token sales, can also be auctioned. However, there are typically fewer (or only one unique piece) NFTs available for purchase. 

Bounce works through the following channels:

• Bounce Finance: It is decentralized and trustless auction platform that trades rare digital assets in a competitive swap market.

• The Fangible: It is an NFT marketplace that connects fans with artists who offer them collectibles. 

• Freelancer DAO: It is Bounce's upcoming product that aims to link digital freelancing supply with demand. Besides traditional paintings and electronic posters, NFTs also include customized, non-standard works delivered electronically.

• Bounce DAO Toolbox: It is a new feature that plans to give users the tools they need to create their decentralized auction site.

Bounce Finance's native token is AUCTION. The token makes operations easier while adding utility and value recognition on the platform. There is no monetary value for the AUCTION token. The following are some of the token's applications: 

• Governance Voting: Each AUCTION token represents one vote in the decision-making process of the Bounce platform governance. Users with more AUCTION tokens in their wallets have more voting power and influence on proposals. 

• Medium of Exchange: Creators can receive payments from their auction proceeds in the form of AUCTION tokens.

• Exclusive Auction Creation and Participation: AUCTION token holders are the only ones who can create more advanced auction types. Also, AUCTION token holders get access to unique pools with favorable token prices. 

• Social Trust Verification: Through staking, AUCTION token holders can take up the task of creating socially verified pools to eliminate fake/scam pools.  

The Bounce web app is compatible with assets based on Ethereum and Binance Smart Chain. In 2021, the developers introduced the next generation of the Bounce platform, Bounce V2, with an improved user experience. Bounce V2 offers a fresh new OTC feature that allows users to trade any ERC20 token over the counter without restrictions or slippage at a competitive price. Further, Bounce V2 intends to become the Google of decentralized auctions as per the official document, where, instead of an open list, visitors can now search for auctions on the top page using a search bar.

History of Bounce (AUCTION)

The Bounce decentralized governance system substitutes the administrator structure with community governance driven by the AUCTION token. The protocol allows users to discuss, debate, and implement platform changes without relying on a team. 

Having said that, Kain Warwick, founder of Synthetix; Calvin Liu, fead of compound strategy; Stani Kulechov, founder of Aave; and George Lambeth, head of balancer strategy are all available to assist in the long-term management of Bounce.

How Are New BOUNCE Tokens Created & Staked?

A community of governors (token holders) oversees the Bounce platform. As described in the official document of Bounce, to earn votes, governors must stake their AUCTION tokens in the transaction fee staking pool. The quantity of AUCTION tokens staked in the pool equals the voting power. Meanwhile, a minimum of 2% of the total votes (the total number of staked tokens in the transaction fee staking pool) are required to make a proposal. 

Further, each proposal and project on the social trust board has equal votes. (For example, if the user stakes 100 AUCTION tokens, they get 100 votes in each proposal and project). In addition to transaction cost staking benefits, governance participants receive 60% of the daily payouts. Participants are rewarded based on their voting power relative to the overall electoral power. If a governor votes in 4 proposals and has 100 votes in each proposal, their total voting power for reward calculation is 400. Moreover, governors who make proposals are eligible for 2% of the daily governance prizes. 98% of the day-to-day governance incentives go to voters. 

How to Buy BOUNCE Tokens

You have a lot of options when it comes to Bounce, including Coinbase. You can buy Bounce on Coinbase.com or Coinbase app, anywhere Coinbase is available.