Auction
Last updated
Last updated
The auction
module is heart of the buy-back-and-burn
on chain mechanism, where 60% of the weekly trading fees are collected and auctioned off to the highest INJ bidder where the submitted INJ of the highest bidder are burned in the process.
This message is used to submit a bid on the held weekly to allow members to use INJ to bid for the basket of trading fees (60%) collected by Injective that week.
If you would like to grow the burn auction's pool size, you can directly send funds to the Auction subaccount.
Notes:
You will need to send funds to the pool's subaccount 0x1111111111111111111111111111111111111111111111111111111111111111
.
Be aware that any funds you send will be reflected in the next auction, not the current one.
You cannot transfer from your default subaccountId since that balance is now associated with your Injective address in the bank module. Therefore, in order for MsgExternalTransfer
to work, you will need to transfer from a non-default subaccountId.
How to find the subaccountId that you will be transferring from:
How to use funds that are currently associated with your Injective Address in bank module:
you can query your existing subaccountIds via the .
If you have existing non-default subaccounts, you'll want to do ato one of your existing non-default subaccountIds and use that subaccountId as the srcSubaccountId
below.
If you don't have existing non-default subaccounts, you can do a to a new default subaccountId, which would be done via importing getSubaccountId
from sdk-ts
and setting the subaccountId
field in to getSubaccountId(injectiveAddress, 1)
.
For more info, check out the .