Auction Mechanics

This document provides an explanation of the core concepts behind XGA auctions.

Auction Lifecycle

XGA auctions follow a lifecycle that ensures a fair and orderly process for selling blockspace.

Concept	Description
Slot	A specific future block number for which blockspace is being auctioned.
TOB	Top of Block - The most valuable and high-priority space in a block.
ROB	Rest of Block - The remaining space in a block for regular transactions.
Bid Price	The amount a bidder is willing to pay per unit of blockspace.
Quantity	The amount of blockspace a bidder is requesting.

Understanding these concepts is crucial for effective participation in XGA auctions

\begin{align} t_{start} &= t_{slot} - 48s \quad \text{(4 blocks before)} \\ t_{bidding\_end} &= t_{slot} - 12s \quad \text{(1 slot before)} \\ t_{settlement\_end} &= t_{slot} \quad \text{(slot start time)} \end{align} `` #### Progress percentage ```math progress_{percent} = \begin{cases} 0 & \text{if } t_{now} < t_{start} \\ \frac{t_{now} - t_{start}}{t_{bidding\_end} - t_{start}} \times 80 & \text{if } t_{start} \leq t_{now} < t_{bidding\_end} \\ 80 + \frac{t_{now} - t_{bidding\_end}}{t_{settlement\_end} - t_{bidding\_end}} \times 20 & \text{if } t_{bidding\_end} \leq t_{now} < t_{settlement\_end} \\ 100 & \text{if } t_{now} \geq t_{settlement\_end} \end{cases} ``