How to participant an Auction
Before participating in the auction of any assets on Chemix Pad, there are two key steps to perform:
- Firstly, users need to apply for KYC verification (for non-Chinese and US users).
- Secondly, users need to provide 10 USD worth of BUSD/QSD LP liquidity on PancakeSwap, and keep the LP token in crypto wallet address. A random snapshot of users' wallet addresses will check for the existence of LP token. In the near future, our project token CEC will also be counted in the whitelist requirement, user can choose either to provide LP liquidity or just holding CEC in crypto wallets.
Among the LP pair, QSD is an algorithmic USD stablecoin issued by Chemix Labs. QSD can be purchased on PanCakeSwap, DODOswap, or be minted on https://chemix.io/
After getting eligible, users can select intended auctions to participate in. It should be noted that the bidding tool is USDT, BUSD, or QSD according to issuer's requirement, so users need to ensure that their wallet has enough USDT, BUSD, or QSD, and every time a user enters the purchase amount, the equivalent stablecoin will be paid to auction smart contract.