litemint-auction-contract

Litemint auction smart contract powering the Litemint marketplace.

Licensed under MIT. This software is provided "AS IS", no liability assumed. More details.

• litemint-auction-contract
  • Introduction
  • Feature List
  • Dependencies
    • soroban-kit
  • Getting Started
  • Contributing
  • License
  • Contact

Introduction

Since 2021, the Litemint marketplace has utilized the Stellar DEX for time-based auctions, leveraging time-bound, pre-auth transactions details in our blog. While these auctions offer security and interoperability, they lack flexibilities, such as anti-snipe mechanisms and varied bidding strategies like descending auctions.

The Litemint Auction Contract on Soroban (Stellar's Rust-based smart contracts platform), addresses these limitations. The smart contract enhances the Litemint marketplace while co-existing with our SDEX-based method, offering users a comprehensive and versatile auction experience.

Feature List

• Time-based auctions with decentralized resolution.
• Sealed bid auctions.
• Descending price auctions (see behavior_descending_price.rs) supporting linear or compound discount, and customizable frequency/rate.
• Ascending price auctions (see behavior_ascending_price.rs) with "buy now" option.
• Support for reserve price and ask price.
• Anti-snipe mechanism. Auction sniping automatically increases the auction duration (time configurable by admin) and prevents the sniper to either cancel or submit a new bid.
• Configurable marketplace commission rate.
• Extendable auction duration by seller.
• Support for concurrent and cancellable bids.
• Strategy design pattern for easily adding new auction behaviors.

Dependencies

soroban-kit

soroban-kit provides fast, lightweight functions and macros with lean, targeted functionality for Soroban smart contract development: https://github.com/FredericRezeau/soroban-kit.

The Litemint auction contract uses the following features from soroban-kit:

• commitment-scheme to implement sealed bid auctions.
• state-machine to manage auction phases.
• storage for type safety with storage operations.

Getting Started

From the workspace root:

1. Cloning the repository:

   git clone https://github.com/Litemint/litemint-soroban-contracts.git
   

2. Building the contracts:

   soroban contract build
   

3. Running Tests:

   cargo test -- --nocapture
   

4. Deploying to testnet:

   soroban contract deploy --wasm target/wasm32-unknown-unknown/release/litemint_auction_contract.wasm --source ACCOUNT --rpc-url https://soroban-testnet.stellar.org:443 --network-passphrase "Test SDF Network ; September 2015"
   

   output > CONTRACT_ID
   

5. Initialize admin:

   soroban contract invoke --id CONTRACT_ID --source ACCOUNT --rpc-url https://soroban-testnet.stellar.org:443 --network-passphrase "Test SDF Network ; September 2015" -- initialize --admin ACCOUNT --anti_snipe_time 60 --commission_rate 5 --extendable_auctions true
   

Contributing

If you have a suggestion that would make this better, please fork the repo and create a pull request. You can also simply open an issue with the tag "enhancement". Don't forget to give the project a star! Thanks again!

1. Fork the Project
2. Create your Feature Branch (git checkout -b feature/feature)
3. Commit your Changes (git commit -m 'Add some feature')
4. Push to the Branch (git push origin feature/feature)
5. Open a Pull Request

License

Distributed under the MIT License. See LICENSE for more information.

Contact

LitemintHQ on X - @LitemintHQ

Litemint Marketplace: https://litemint.com

Join our discord server: https://litemint.gg