04CoreModulesAuction

The auction module is heart of the buy-back-and-burn on chain mechanism, where 60% of the weekly trading fees are colleted and auctioned off to the highest INJ bidder where the submitted INJ of the highest bidder are burned in the process.

MsgBid

This message is used to submit a bid on the auction held weekly to allow members to use INJ to bid for the basket of trading fees (60%) collected by Injective that week.

import {
  MsgBid,
  ChainGrpcAuctionApi,
  MsgBroadcasterWithPk,
} from "@injectivelabs/sdk-ts";
import { ChainId } from "@injectivelabs/ts-types";
import { BigNumberInBase } from "@injectivelabs/utils";
import { getNetworkEndpoints, Network } from "@injectivelabs/networks";
import { INJ_DENOM, UiAuctionTransformer } from "@injectivelabs/sdk-ui-ts";

const endpointsForNetwork = getNetworkEndpoints(Network.Mainnet);
const auctionApi = new ChainGrpcAuctionApi(endpointsForNetwork.grpc);

const injectiveAddress = "inj1...";
/* format amount for bid, note that bid amount has to be higher than the current highest bid */
const amount = {
  denom: INJ,
  amount: new BigNumberInBase(1).toWei(),
};

const latestAuctionModuleState = await auctionApi.fetchModuleState();
const uiLatestAuctionModuleState =
  UiAuctionTransformer.grpcAuctionModuleStateToModuleState(
    latestAuctionModuleState
  );
const latestRound = uiLatestAuctionModuleState.auctionRound;

/* create message in proto format */
const msg = MsgBid.fromJSON({
  amount,
  injectiveAddress,
  round: latestRound,
});

const privateKey = "0x...";

/* broadcast transaction */
const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  chainId: ChainId.Mainnet,
  endpoints: endpointsForNetwork,
}).broadcast({
  msgs: msg,
  injectiveAddress,
});

console.log(txHash);