AuctraX Documentation
Decentralized Auction Protocol
AuctraX is a decentralized, trustless auction protocol that allows users to create and participate in on-chain auctions for any supported token. The platform ensures transparent bidding, automatic fund handling via smart contracts, and instant settlement after auction completion.
Trustless Trading
All auctions are handled by smart contracts with no intermediaries.
Automatic Refunds
Outbid participants automatically receive their funds back.
Key Features
Home Page Navigation
Users land on the Home Page when visiting the app. From here, users can:
- Click the Launch App button in the header
- Click the Start Auction button on the hero section
Both actions redirect the user into the main application interface.
Creating an Auction
Required Fields
Users can create a new auction by clicking the Create button in the header. On the Create Auction page, fill in the following details:
Token Offered
Token the creator is selling
Amount Offered
Quantity of tokens to auction
Token to Receive
Token expected from bidders
Minimum Bid
Starting bid amount
End Date & Time
When the auction closes
Auction Creation Logic
Once the auction is created, the offered token amount is deducted from the creator's wallet. These tokens are locked and stored in the smart contract until the auction is finalized or canceled.
Dashboard & Browsing Auctions
Dashboard Displays
- Active auctions
- Auction statistics (total volume, bids, duration, etc.)
Available Actions
- Browse all active auctions
- View detailed auction information
- Place bids directly from auction cards or detail view
Placing a Bid
Bid Modal
When a user clicks the Place Bid button on an auction, a bid popup/modal opens displaying:
- Current highest bid
- Minimum next bid amount
Bid Placement
User enters a bid amount ≥ minimum required. On confirmation, bid amount is deducted and stored in the smart contract.
Automatic Refund
If outbid, the previous highest bidder is automatically refunded directly from the contract.
My Auctions Page
Users can access My Auctions from the header. This page contains two main sections:
My Auctions
Auctions created by the user
My Bids
Auctions where the user has placed bids
Available Actions
- View auction details
- Track bid status
- Place new bids
- Monitor ended or active auctions
Finalizing an Auction
After the auction end time has passed, the auction creator and the highest bidder can finalize the auction.
Finalization Process
Token Transfer
The offered tokens are transferred to the highest bidder
Payment Settlement
The highest bid amount is transferred to the auction creator
Instant On-Chain
Settlement is instant and fully on-chain
Auction Cancellation & Early Closure
Coming Soon
The auction creator (bid owner) will be able to:
- Cancel an auction
- Close an auction before the end time
⚠️ This feature is planned for a future release and is not currently active.
Security & Trust Model
Smart Contract Handling
All funds are handled by smart contracts with no manual intervention or centralized custody.
Automatic Refunds
Automatic bid refunds prevent fund locking and ensure fair participation.
Transparent Outcomes
All auction outcomes are transparent and verifiable on-chain, ensuring complete trust in the auction process.