everPay is Launching its First NFT Auction on Arweave

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everPay, an Arweave native DeFi platform, that bridged $AR to Ethereum’s main DEX Uniswap in the last year, continues its development and is launching the first gasless auction from a series of 9 on January 6th, 2022. The NFTs will have utility inside the everPay platform. What kind of utility? This is still a secret to be revealed at the right time by the everFinance team.

Why are we so excited about this event? From what we know so far this will be the first NFT auction held on Arweave. And let me repeat: is gasless! Even if the NFTs put to auction are created on Ethereum, the actual auction will be stored on Arweave and the bids will be made in $AR. One will have to deposit $AR or $wAR (Wrapped $AR) on everPay in order to participate, so, in a sense it is a cross-chain auction too.

More notably the mechanism of the auction is quite different from the usual auction types we encounter on other platforms. It’s a classic ascending dynamic auction, but with a twist: the person who is outbid will receive an extra 2% from his own bid. Even more, there is in place a referral system that will incentivise users to onboard new bidders; this feature could encourage bidding war more effectively than the traditional mechanisms. If you want to learn more we recommend reading the section called Advanced Tutorial from the everPay initial announcement.

The auction is powered by everPay’s own protocol named SCP (Storage-Based Consensus Paradigm). In the words of its own creator:

The SCP uses off-chain smart contracts, which can be written in any programming language, with all the inputs coming from a storage-based blockchain. In this paradigm, the blockchain is very much like a hard drive and the off-chain smart contracts can be run on any device with computing capabilities. Using a blockchain as a hard drive ensures the immutability and traceability of the stored data, which is thus guaranteed to be trusted. As a result, off-chain smart contracts can ensure the ultimate consistency of state by performing computations on trustable data.

SCP looks impressive when you read about it but you have to experience it to truly understand its value in comparison to other blockchain technologies. The everFinance team was nice enough to let me test their whitelist and auction features and I can tell you that it works like a charm. In almost no time I was spending test tokens on cute elephants as a maniac. I even got into a little bid war with outprog.eth (the everFinance founder), which escalated quickly in bids of over 100 $AR.

Here the bidding party was still early, in the whitelist phase, where you can bid 30 minutes earlier than the official start of the auction – George received a lot more attention than “just” 90 $AR.

In this phase, the auction had officially begun and my earnings from bidding and referring were visible. I have to admit that is pretty cool to win even if you lost the bidding war. And yeah, I quite like those chubby fellas.

If you like the idea of bidding earlier than the official start of the auction, there is still a possibility for you to join the whitelist, just check this:

And participate in guessing how much this piece will be sold for to win 1 $AR:

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