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Auctions

Introduction​

Yearn regularly holds permissionless Dutch auctions, most notably for V3 strategies and YFI buybacks. This process has been standardized to encourage integration by searchers.

How it works​

  • Each want token has a dedicated auction contract. Many different sell tokens can be offered through distinct auctions through this contract, receiving the same asset in return. In other words, "Sell DAI for YFI" and "Sell WETH for YFI" can both supported through the same contract with WETH as the asset, but any one auction will only sell either DAI or WETH, never both.
  • Tokens for sale accumulate either in their respective auction contracts directly, or in the contracts that rely on the auctions (and get transferred to the auction contract at the start of the auction).
  • An auction can be initiated either once a sufficient sell amount accumulates, or upon a manual kick() call that is permissionless. Auctions can last up to 24 hours and occur no more than once within some configurable interval, like weekly.
  • The initial price is set high and decreases with time, halving every hour.
  • Takers can take() the sell token on offer at the current price, providing asset to the contract in return.
  • The auction concludes once all sell in the batch is sold or 24 hours elapse.
  • Unsold sell carries over to the subsequent auction.

Addresses​

NameAddress
Auction factory0xE6aB098E8582178A76DC80d55ca304d1Dec11AD8
YFI buyback auctions0x4349ed200029e6Cf38F1455B9dA88981F1806df3

Specification​

Events​

AuctionEnabled​

Emitted when an auction is enabled to tell parties to track it.

 - name: AuctionEnabled
   type: event
   
   inputs:
    - name: auctionId
      indexed: false
      type: bytes32
      
    - name: sell
      indexed: true
      type: address
      
    - name: want
      indexed: true
      type: address
      
    - name: auctionAddress
      indexed: true
      type: address

AuctionDisabled​

Emitted when an Auction is disabled so it no longer needs to be tracked.

 - name: AuctionDisabled
   type: event
   
   inputs:
    - name: auctionId
      indexed: false
      type: bytes32
      
    - name: sell
      indexed: true
      type: address
      
    - name: want
      indexed: true
      type: address
      
    - name: auctionAddress
      indexed: true
      type: address

AuctionKicked​

Emitted when a new auction is kicked off.

 - name: AuctionKicked
   type: event
   
   inputs:
    - name: auctionId
      indexed: true
      type: bytes32
      
    - name: sellAvailable
      indexed: false
      type: uint256

AuctionTaken​

Emitted when some amount of sell is taken.

 - name: AuctionTaken
   type: event
   
   inputs:
    - name: auctionId
      indexed: true
      type: bytes32
      
    - name: amountTaken
      indexed: false
      type: uint256
      
    - name: amountLeft
      indexed: false
      type: uint256

View methods​

auctionLength​

Get the time length of each auction.

 - name: auctionLength
   type: function
   stateMutability: view
   
   inputs: []
   
   outputs:
    - name: auctionLengthTime
      type: uint256

auctionCooldown​

Get the minimum time inbetween auction kicks.

 - name: auctionCooldown
   type: function
   stateMutability: view
   
   inputs: []
   
   outputs:
    - name: auctionCooldownTime
      type: uint256

auctionInfo​

Get all of the info for a specific auction.

 - name: auctionInfo
   type: function
   stateMutability: view
   
   inputs:
     - name: auctionId
       type: bytes32
       
    outputs:
     - name: sell
       type: address
       
     - name: want
       type: address
       
     - name: kicked
       type: uint256
       
     - name: available
       type: uint256

getAmountNeeded​

Get the exact amount of want needed to buy sell.

  • Will return 0 if nothing to take.
- name: getAmountNeeded
  type: function
  stateMutability: view

  inputs: 
    - name: id
      type: bytes32
      
    - name: amoutToTake
      type: uint256
      
    - name: timestamp
      type: uint256
      default: block.timestamp
      
  outputs:
    - name: currentPrice
      type: uint256

price​

Get the current price of sell in terms of want.

- name: price
  type: function
  stateMutability: view

  inputs: 
    - name: id
      type: bytes32
      
    - name: timestamp
      type: uint256
      default: block.timestamp
      
  outputs:
    - name: currentPrice
      type: uint256

kickable​

Get the expected amount of sell that would be available if auction was kicked.

  • Inclusive of anything left over unsold from the last auction
  • May not be entirely accurate of the effect of an actual kick.
- name: kickable
  type: function
  stateMutability: view

  inputs: 
    - name: id
      type: bytes32
      
  outputs:
    - name: expectedAvailable
      type: uint256

Write methods​

kick​

Kicks an auction.

 - name: kick
   type: function
   stateMutability: nonpayable
   
   inputs:
    - name: auctionId
      type: bytes32
      
    outputs:
     - name: amountAvailable
       type: uint256

take​

Take some amount of sell for want at the current price.

 - name: take
   type: function
   stateMutability: nonpayable
   
   inputs:
    - name: auctionId
      type: bytes32
      
    - name: maxAmount
      type: uint256
      default: 2 ** 256 - 1
      
    - name: receiver
      type: address
      default: msg.sender
      
    - name: data
      type: bytes
      default: empty

NOTE:

If the optional 'data' parameter is supplied the auction will do a callback to the receiver address after sending the sell but before pulling the want.

The receiver will need to implement following function to receive the callback:

 - name: auctionTakeCallback 
   type: function
   stateMutability: nonpayable
   
   inputs:
    - name: auctionId
      type: bytes32
      
    - name: sender
      type: address
      
    - name: amountTaken
      type: uint256
      
    - name: amountNeeded
      type: uint256
      
    - name: data
      type: bytes
      default: empty
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