Auction

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.

MsgBid

This message is used to submit a bid on the auction held weekly to allow members to use INJ to bid for the basket of trading fees (60%) collected by Injective that week.

import {
  MsgBid,
  ChainGrpcAuctionApi,
  MsgBroadcasterWithPk,
} from '@injectivelabs/sdk-ts'
import { ChainId } from '@injectivelabs/ts-types'
import { INJ_DENOM, BigNumberInBase } from '@injectivelabs/utils'
import { getNetworkEndpoints, Network } from '@injectivelabs/networks'

const endpointsForNetwork = getNetworkEndpoints(Network.Mainnet)
const auctionApi = new ChainGrpcAuctionApi(endpointsForNetwork.grpc)

const injectiveAddress = 'inj1...'
/* format amount for bid, note that bid amount has to be higher than the current highest bid */
const amount = {
  denom: INJ_DENOM,
  amount: new BigNumberInBase(1).toWei(),
}

const latestAuctionModuleState = await auctionApi.fetchModuleState()
const latestRound = latestAuctionModuleState.auctionRound

/* create message in proto format */
const msg = MsgBid.fromJSON({
  amount,
  injectiveAddress,
  round: latestRound,
})

const privateKey = '0x...'

/* broadcast transaction */
const txHash = await new MsgBroadcasterWithPk({
  network: Network.Mainnet,
  privateKey,
}).broadcast({
  msgs: msg,
})

console.log(txHash)

Burn Auction Deposit via MsgExternalTransfer

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:

• you can query your existing subaccountIds via the account portfolio api.

How to use funds that are currently associated with your Injective Address in bank module:

• If you have existing non-default subaccounts, you'll want to do a MsgDeposit to 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 MsgDeposit to a new default subaccountId, which would be done via importing getSubaccountId from sdk-ts and setting the subaccountId field in MsgDeposit to getSubaccountId(injectiveAddress, 1).

For more info, check out the burn auction pool docs.

import {
  DenomClient,
  MsgExternalTransfer,
  MsgBroadcasterWithPk,
} from '@injectivelabs/sdk-ts'
import { BigNumberInBase } from '@injectivelabs/utils'
import { Network } from '@injectivelabs/networks'

const denomClient = new DenomClient(Network.Mainnet)

const injectiveAddress = 'inj1...'
const srcSubaccountId = '0x...'
const POOL_SUBACCOUNT_ID = `0x1111111111111111111111111111111111111111111111111111111111111111`
const USDT_TOKEN_SYMBOL = 'USDT'
const tokenMeta = denomClient.getTokenMetaDataBySymbol(USDT_TOKEN_SYMBOL)
const tokenDenom = `peggy${tokenMeta.erc20.address}`

/* format amount to add to the burn auction pool */
const amount = {
  denom: tokenDenom,
  amount: new BigNumberInBase(1).toWei(tokenMeta.decimals).toFixed(),
}

/* create message in proto format */
const msg = MsgExternalTransfer.fromJSON({
  amount,
  srcSubaccountId,
  injectiveAddress,
  dstSubaccountId: POOL_SUBACCOUNT_ID,
})

const privateKey = '0x...'

/* broadcast transaction */
const txHash = await new MsgBroadcasterWithPk({
  network: Network.Mainnet,
  privateKey,
}).broadcast({
  msgs: msg,
})

console.log(txHash)