Auction
Anyone is eligible to create a loan once the liquidation conditions are fulfilled. Please follow these steps using the leNFT frontend:
Navigate to the "Search" page to browse available loans.
Seek out a loan where the health level has dropped to 0%.
If the loan hasn't been auctioned yet, you'll have the opportunity to initiate an auction. However, if an auction already exists, you'll need to place a bid instead.
Please note, the inaugural bid (from the auctioneer) should exceed the value of the collateral less the maximum discount permissible for that particular pool.
In the event that the borrower repays the loan within the first 24 hours, the auctioneer will receive a reward equivalent to 1% of the total loan debt. This serves as an incentive for initiating the auction.
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