Social verified pool mechanism
The mechanism of the social verified pools is similar to the original Bounce auction pools. However, there are two main differences:
1. To create a social verified pool, a project information page must be completed, to inform participants about the pool or project. The information page includes verifiable data such as project name, website and related details. This data is recorded on-chain and presented on the information page.
2. Creators of a social verified pool are not able to launch the pool themselves. Instead, the social verified pool needs to be “approved” by the Bounce community.
When a social verified pool is launched, it will start in pending status, for a 48 hour time window. Within the 48 hours, AUCTION token holders can stake their AUCTION tokens to verify the pool. Once the total staked amount in a social pool reaches 300 AUCTION, the pool will automatically launch publicly.
Staked AUCTION tokens are locked until the pool is closed. There is no systematic incentive for AUCTION staking in social verified pools, but projects themselves can provide incentives for their supporters.
A user can be both a supporter (staker) and participant in a social verified pool.
If a pool does not get enough support in the 48 hours time window, the pool creator and existing stakers need to claim their tokens back.
If a pool is successfully launched, stakers need to claim their supported AUCTION stake back.