> For the complete documentation index, see [llms.txt](https://docs.babylon.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.babylon.finance/prophets/the-prophets-arrival-concluded/great-prophets-auction.md). # Great Prophets Auction ## When From: Monday, Nov 15th 2021 at 8:00 am PST. To: Friday, Nov 19th 2021 at 4:00pm PST. ## Auction Summary The 1,000 great prophets are auctioned. The Great Prophets are sorted by their value. The auction will collect bits until the auction ends. **The top 1,000 bids will receive the great prophets**. * In order to **maximize price discovery**, the great prophets will be auction-based. They don’t have a per-person limit. * To avoid **gas wars**, the great prophets sale will use an off-chain auction. Signatures will be used to represent and store the user bids. We’ll use a [Vickrey auction](http://timroughgarden.org/f13/l/l2.pdf). A second-price or Vickrey auction is a **sealed-bid auction** in which the highest bidder wins and pays a price equal to the second-highest bid. You only pay enough to beat the second person, which provides strong performance guarantees and promotes people to truthfully bid their value. In simpler terms: * The 1,000 great prophets will be sorted by their floor price. * You cannot see other people's bids until the auction has ended. * Every person can submit **multiple bids**. You cannot see what amount other people bid. * A bid needs to be above the floor price of a great prophet to qualify for it. * A specific bid qualifies you for all the great prophets whose floor price is below your bid. * Once the event ends, all bids will be disclosed. The **top 1,000 bids will receive the 1,000 great prophets**\* ## Auction FAQ ### What asset do I need to place a bid on the auction? You need to have WETH in your wallet. ### How many bids can I submit? You can place as many bids as you want. We recommend distributing bids across different price ranges. ### Where can I see all the great prophets? Head to the [gallery](https://www.babylon.finance/prophets/gallery?page=334). ### What happens if there is a tie? The one submitted first wins. ### Can I bid just for a specific prophet? No. Your bid will qualify you for all the prophets below your bid amount. Great prophets will be sorted and given in order to the top 1,000 bids. ### Do I need to pay for gas? You only need to approve WETH from your wallet once. Bidding is done through off-chain signatures and it's free. ### Does the bid include the minting cost? Yes, once the auction ends, winning bids will receive the minted great prophets in their wallet. ### How do I know that the bids are legit? You can see the live feed of bids [here](https://babylon.finance/prophets/bids). While the auction is live, the amounts will be hidden. Once the auction ends, you will be able to see the bid amounts and who wins which prophet. ### What's the minimum amount I can bid? 0.4 WETH. It's the floor price of the cheapest great prophet [Assoros](https://babylon.finance/prophets/gallery/8001). ### What's the maximum amount I can bid? 200 WETH ### What happens if I am the only bid that qualifies for a prophet? You will win the bid and you will only need to pay the floor price of the prophet. ### What happens if I a great prophet doesn't have any bids? The treasury will keep ownership of the great prophet and may decide to put it again for sale later. ### When can I claim the BABL loot? As soon as the auction ends, there will be a claim page available where you can claim your tokens.