Auction House: Features

[austbot]

Right now Auction house accomplished Instant sales and is useful mainly for marketplaces. Due to the complexity of the current Auction contracts (Metaplex, Vault, Auction), there is a desire to provide other Auction functionality to the Auction House.

Auction House's Core feature set:

1. Escrowless Sales
2. No buyer Claim is needed
3. Allow Sale Price Change
4. Allows OptionalAuthority Signoff

Features Auction House Lacks:

• 1. Timed Auctions (Auctioneer Changes)
• 2. Auto Cancel Low Bids/Highest bid tracking. (Auctioneer Changes)
• 3. Floor Price and Minimum Price Sale restrictions (Auctioneer Changes)
• 4. Allowlist based on Collection
• 5. More information in tradestates to allow better indexing and backend simplicity (On mainnet)
• 6. Open(non Private) bids where the bid can be executed even if the Token has been sold after the bid. (On mainnet)
• 7. Use Freeze Authority to freeze token accounts on sale.
• 8. Sale specific delegates

Metaplex has committed to a few of these features and is planning their implementation, but we would like to get feedback on what the community needs and get a pulse on which if any of these are most important to you.

See https://docs.metaplex.com/auction-house/definition for more information on what we are looking to do.

UPDATE:

We have begun work on 1, 2,3,4,7

1,2,3,4 are tracked in this issue as the parent design idea please leave comments below.

#275

[austbot]

For the OpenBids feature see #216

[ohaddahan]

Features Auction House Lacks:

1. Timed Auctions

This can probably be enforce rather simply by adding an optional expiry date on the trade state.

2. Auto Cancel Low Bids

More clarification needed, low bids of same user or low bids that aren't competitive anymore?
If it's of the same user, no need, is the trade state seeds will remove the price and only one trade state per auction-house/mint/bidder , you'll always override it to the most recent and relevant one.

If for other users, you're causing an issue that if someone out bid you, and then they cancel it, then auto-cancel effectively cancelled all lower bids too. This is actually an exploit. I can bid high, get all lowers to cancel and then cancel it and bid low and win an auction.

3. Floor Price and Minimum Price Sale restrictions

Out of scope, floor price is related to collections etc., unless you want to add lots of extra info to support it.
I think this should be regular logic on the operator side.

4. Allowlist based on Collection

Not clear, can elaborate?

5. More information in tradestates to allow better indexing and backend simplicity

seeds = [auction-house, user, type, mint] - will make querying quite straightforward.
data = [price, expiry? , more?] - data holding the price will help ensure less bugs/exploits + will make the trade state easier to search for.

[dborstelmann]

Our priorities (reordered for us):

1. Auto Cancel Low Bids/Highest bid tracking with highest bid cancellation prevention
2. Timed Auctions
3. Floor Price and Minimum Price Sale restrictions

Highest bid far and away number one, but timed auctions matter too. These all seem inflight to me on #275 so thanks for that. We will be following along!

[austbot]

Update, the Auctioneer base PR has been merged in #402 and more support for auctioneer and a sample auctioneer is coming in #427