DefiBids wants to make buying ERC-20 tokens fun and more profitable for everyone. This unique DeFi online auction allows users to BID on packages of ERC-20 tokens and NFTs at discounted rates compared to market value. The DeFi market is on fire right now. This sector has seen explosive growth due to a combination of healthy investor ROIs and market hype. Consequently, DeFi continues to be one of the fastest-growing sectors in blockchain.
Why You Should Consider Buying DeFi Tokens via Auctions
For many crypto investors, the thought of buying tokens via an auction has never crossed their minds. With all of the exchanges currently available to users, you may not see any reason to venture out into the world of online auctions. However, you may want to reconsider your stance as there are some serious benefits gained from auctions, especially when you look at the growing risk of hacks and centralization in the current exchange markets.
One of the primary reasons to consider buying ERC-20 tokens, in particular, from an auction is the savings. When you bid on an Auction Package, you have an opportunity to save a bundle on your next purchase. Notably, DefiBids allows you to place unlimited bids, across multiple auctions simultaneously. This strategy allows you to further your chances of winning the auction.
Not Your Ordinary Auction
There are some features that make DefiBids a better option than the competition. Specifically, there is an impressive selection of auction types available. When you think of auctions, many people envision a fast-talking host spitting out numbers in what seems like gibberish. Nowadays, there are all types of auctions.
DefiBids supports your traditional auction in which the highest bidder wins. There are also Lower Unique Bid options available to users. In this scenario, it’s the lowest bidder that wins the auction. The network introduces stealth auctions as another powerful tool to help you save on your next DeFi token purchase.
Stealth Auctions are a really cool concept. Users don’t bid directly on Auction Packages in this format. Instead, you pay a small fee to reveal the price of the Auction Package. Every time the package price is revealed, the auction price drops slightly. Eventually, the price gets so low that a bidder accepts the offer.
Everyone Wins on DefiBids
DefiBids changes the game with the introduction of its staking model. This protocol not only rewards the auction winners, but it also provides an opportunity for BID holders to secure added profits. Notably, 1% of all the fees collected from auctions are distributed to stakers via a side pool.
Impressively, you don’t have to wait months to get your staking rewards from the network. Every 24-hours at 00:00 UTC, these rewards are paid out in Ethereum. Paying rewards in ETH adds value to the network and reduces inflationary risks. Recently, DeFi platforms have experienced inflationary issues due to the fact that they pay rewards in their native tokens. DefiBids users avoid these concerns and save time and money because their rewards arrive in ETH directly.
DefiBids — A New Type of Auction for the New Economy
DefiBids appears ahead of the curve with their latest release. This platform combines the excitement of auctions, with the security of staking protocols. As such, DefiBids is an example of how decentralization provides greater opportunity for all market participants.
You can expect to see a lot more from this development team as their project continues to take flight in the coming weeks. For now, interested investors can participate in any of DefiBids’ auctions here.
DefiBids Seeks to Make Crypto Auctions Profitable for Everyone was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.