Continuous Rental Auction

Summary

In a Continuous Rental Auction, bidders can place/remove/update bids in the form of Superfluid streams at any time and the highest bidder in the contract's list of bids is the current renter. Bidding is ongoing and the renter can change instantly.

The highest bidder (or renter) streams money to the auction owner according to their bid. All other bidders do not pay unless they become the renter.

New bids do not need to be greater than the current highest bid, they will still be put into the contract's bid list.

Example

1. Alice bids 10 DAI / day

   1. Alice is now the renter and is paying 10 DAI / day

2. Bob bids 20 DAI / day

   1. Bob is now the renter and is paying 20 DAI / day

   2. Alice is still in the list of bidders with her 10 DAI / day bid, but she is not paying

3. Bob cancels his bid

   1. Alice is now the renter again and is paying 10 DAI / day

Parameters

A new Continuous Rental Auction takes the following parameters:

• Currency

  • The asset that renters will pay with

• Minimum Bid Factor

  • When placing a bid, it must be at least this factor times the next highest bid.

  • For example, if the minimum bid factor is 1.05 (for 5%), then if Alice bids 100 DAI/day, then Bob must bid less than 100 or more than 105.

• Reserve Rate

  • The minimum rate of any bid. If the reserve rate is set to 1 DAI/day, any bid must be at least 1 DAI/day.

• Controller

  • Address of the controller contract

Visual Overview