Auction Mechanism
How the auction mechanism on Polysynth works
Supported Wallets: Metamask and all the wallets supported by Wallet Connect
Network: Ethereum (ETH) and Polygon (MATIC)
Market makers can approve and execute the transaction to buy oTokens after winning the bid. Vaults won by the market maker will be visible upon wallet connection.
Step 1: Token Approval
Market Makers are required to approve the bidding token to enable the swap. This step is only required the first time.
Approve Token Spending on Polysynth
Step 2: Swapping oTokens
Swapping oTokens
Swap Successful
When executing the swap, you need sufficient bidding tokens in your wallet; otherwise, the transaction will get rejected. For example, WETH covered call vault requires a balance equivalent to:
Premium x Number of oTokens in the wallet
Copy link