Auctions

Bidding

Each new DAOpunk starts with an initial bid of 0.00 ETH
The minimum first bid must be at least 0.01 ETH
Each subsequent bid must be at least 2% (or 0.01 ETH) greater than the previous bid
Whatever bid amount you place is the price that will be accepted if you win
A timer will countdown to the end of the auction, from 24 hours: 0 minutes: 0 seconds
If a bid is placed within the last 5 minutes of the auction, the timer will reset to 5 minutes
The winning bid is confirmed when the timer reaches 0 hours: 0 minutes: 0 seconds
On average, each bid will cost about 70k gas

After the winning bid is confirmed, a grace period will begin lasting for 5 minutes
Once the 5 minute grace period has passed, anyone can manually settle the auction
To settle the auction, anyone is permitted to call the settle() function
On average the settle() function will cost 468k gas
Once a concluded auction settles, (i) the ETH from the winning bid is transferred to the DAO treasury, (ii) the next DAOpunk is generated, and (iii) the next day’s auction begins (example: here is the first settlement tx)