English Auction

An English auction is an auction mechanism that takes place on a blockchain platform. In an English auction, the auctioneer starts with a low price and gradually increases it until a bidder is willing to pay the highest amount. The auction typically has a set end time, and the highest bidder at that time wins the auction.

In an onchain English auction, the entire auction process is executed on the blockchain platform, and the bids are recorded on the blockchain. This ensures that the auction is transparent and tamper-proof, as all the bids and the final winning bid are recorded on the immutable blockchain ledger.