💲Auction Swap

Let’s get the necessary equipment from the auction before starting the space journey.

What is an Auction Swap?

Auction Swap is an auction-style swap.

Users can acquire the initial UFO token through Auction Swap. However, Auction Swap is for the initial purpose of distributing UFO tokens, and you can earn UFO tokens later, through Staking or Liquidity supply.

Holders participating in Auction Swap can acquire UFO tokens in advance, and UFO tokens are a governance token used for UFOSwap. Also, UFO tokens are required to purchase UFOSwap’s own NFT.

Aim of the Auction Swap

The initial liquidity supply of UFOSwap through Auction Swap is as follows.

1. To provide liquidity to the initial UFOSwap.

2. To proceed in auction method to prevent arbitrage due to bots during initial liquidity supply.

3. To avoid extreme pump & dump in the early stage.

Auction Swap Method

Auction Swap proceeds as follows.

• The bidding starts on October 23, 2021, at 5 pm (GMT+9). The duration of the process is two weeks.

• Available Swap amount is a total of 5,000,000.

• Bidding continues for two weeks, and bidders cannot withdraw.

• Bidding is only available with Klay, and there is no minimum and maximum amount of Klay during the bidding. Also, you can bid multiple times.

• At the end of the auction, the swap ratio of the UFO token is determined according to the total amount of KLAY deposited. You receive the UFO by paying the bid KLAY according to the determined ratio. The price of UFO tokens is determined in proportion to the total number of KLAY deposited. (e.g., person A bids 500 KLAY and person B bids 0.1 KLAY. After the auction, the swap ratio of UFO: KLAY is 5 UFO tokens per KLAY. Then, person A receives 2,500 UFO, and person B receives 0.5 UFO).

• The auction of Auction Swap successfully ends when the minimum amount of KLAY is collected; the minimum amount is 800,000 KLAY 100,000 KLAY. If the total amount of KLAY bids doesn't exceed 800,000 100,000* at the end of the auction on November 6, 2021, at 5 pm (GMT +9), the auction will be canceled, and all KLAY used in the bidding will be returned.

• If the auction ends successfully and you receive $UFO, the acquired $UFO through AuctionSwap will be distributed linearly for 60 days to maintain the value of $UFO.

*Reason for change: Changed the quantity to reduce the burden due to the recent Klay surge and increase the number of participants.

How to participate in the Auction Swap

Auction Swap is similar to an auction because it takes the same method. How to participate in the Auction Swap to acquire the UFO token is as follows.

1. Move to UFOSwap and connect the wallet.

2. Bid Klay to purchase UFO tokens.

3. After the auction, if completed, claim UFO tokens. Otherwise, claim Klay.

Auction Swap Schedule and Content

• October 23, 5 pm (GMT+9) ~ October 30, 5 pm. November 6, 5 pm. (GTM+9)*

• Amount of UFO through Auction Swap: 5,000,000 UFO

• Amount of Klay to succeed in Auction: 800,000 KLAY 100,000 KLAY

*Reason for change: Adjusted the timeframe for a complete LaunchPad release with more participants. Accordingly, NFT issuance and its usage along with the LaunchPad are offered.