Great Prophets Auction

The 1,000 Great Prophets are coming to Babylon...

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. 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.

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. 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.

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.