The New Polygon (MATIC) Web3 Subscription Platform Is Jumping on the Trend of Dutch Auctions
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Dutch auctions are becoming more and more popular in the crypto market. They offer fairer conditions for all participants to bid. Particularly when we weigh in the challenges crypto, IEOs and IPOs face today. Namely – crypto whales closing sales quickly by buying everything before anyone else has a chance.
After successfully closing a 500K USD strategic investor round and a 625K USD private sale round, FrontFanz has moved onto a 20-day IEO sale on ExMarkets that started on the 20th of July and is currently on day 5 of the sale and has sold out all previous days. The current sale is held in the style of the very same Dutch auction.
A Dutch auction, also known as clock auction or descending-price auction, is a type of auction where there’s no fixed price. Instead, auction participants are invited to offer their own prices for the desired amount. When all the bids are placed, the auction holders start the auction with the highest price of all bids placed.
To put it into perspective, if a person bids 100 USD for 100 stocks, but the highest price for 100 stocks is 70 USD, then the person would get the 100 stocks for 70 USD. Essentially, a Dutch auction is often looked at as a more democratized type of auction, particularly in the crypto market. As there’s no set price, the Dutch auction allows all interested parties to bid, regardless of their net worth and financial standing.
FrontFanz is a censorless subscription content Web3 platform built on the Polygon (MATIC) blockchain. Founded by Rosey Sin and Stacey Carlaa, two well-known figures in social media, FrontFanz is the answer to some content-sharing platform limitations of Web2
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