Auction rules

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Dear Cell mates,

As everyone knows, our first auction starts on October 11th. We are super proud and excited to present to you the rules that will be applied to participate in the auctions.

We are cell, we are here!
. . .

Rule #1

The end of the auction is signaled by the expiration of a candle flame, which is intended to ensure that no one could know exactly when the auction would end and make a last bid.

Rule #2

Anyone can register their project to participate in our Cellslot auction. Required are: project name, briefing, website and 1000 #CELL deposit.(returns after win or loss in auction)

Rule #3

CellSlots have a range between 1 and 8. Each range point equals to 3 month. For example if Alice bids 100 #CELL on range 1–3 it gives 300 scores, Bob bids 200 #CELL on range 1–1 and it gives him 200 scores. Joe bids 50 #CELL on 1–8 range and it gives 400 scores, so Joe won.

Rule #4

A project could be crowdloan or private. In case of crowdloan everybody can bid on it, receiving project tokens (usualy governance but thats up to project’s owner) for locking their #CELL tokens in.

Rule #5

Winner gets CellSlot NFT with unique number. It can then be used to connect CellChain to the Cellframe Backbone or resell it. If this is the case and the new owner wants to use it to include their project on the backbone, they must pass the review of the #cellframe team.

Rule #6

To get a slot for two years, participant must collect at least 250'000 CELL. Minimal is 3 month period (31'250 CELL).All this time CELL will be locked.

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