Bidder and ticket guide

A claim ticket is the right to buy a stated amount of stock from a vault at an agreed sale price before a deadline.

The current app can show tickets, claim refunds, exercise, and transfer. It does not yet place bids or mint a winning ticket. This guide does not invent those controls.

Before you bid

Read these auction terms in a compatible bidding interface:

• the stock token;
• the amount offered;
• the agreed sale price;
• the time when bidding closes;
• the time when the option ends;
• the minimum premium; and
• the maximum number of bids.

Do not bid from a copied message or an unverified address. Read the auction from the contract or an approved interface.

How a bid works

A bid states:

• how many tickets you want; and
• the highest premium that you will pay for each ticket.

The bid also holds enough dollar tokens to cover that maximum.

This held amount is not the final cost. It is the most that the auction can charge.

One clearing price

After bidding closes, the auction orders active bids from the highest maximum price to the lowest.

It fills bids until the offered stock amount is used or demand ends. Every winner pays the same clearing price.

The clearing price is the lowest accepted price. A bid can receive:

• a full fill;
• a partial fill; or
• no fill.

The final result comes from the contract. A live estimate before close can change when another bid arrives.

What a winner receives

A winning fill creates an allocation. The winner can mint the matching claim ticket.

The ticket records:

• the stock amount;
• the agreed sale price;
• the end time; and
• the ticket series.

The current app does not show the mint action yet. Use only a compatible interface that shows the exact allocation and ticket contract.

Why a refund can appear

The bid can hold more money than the final charge.

A refund can contain:

• the difference between your maximum and the clearing price;
• money for an unfilled part of the bid;
• all held money from a losing bid; or
• all held money after a cancelled or skipped auction.

The auction does not push this money to your wallet. It records a refund that you claim.

Claim a refund

1. Connect the wallet that owns the refund.
2. Open the Tickets tab.
3. Find the row marked Refund claimable.
4. Check the amount.
5. Select Claim refund.
6. Read the transaction preview.
7. Confirm the transaction in your wallet.

A refund claim does not need a ticket balance.

Read a claim ticket

The Tickets tab shows:

• the series number;
• your ticket amount;
• the agreed sale price;
• the end date;
• the premium paid;
• the current state;
• an exercise cost when exercise is open; and
• a refund when one is available.

The current holder owns the right. The original bidder does not keep the right after a transfer.

What happens at the weekly result

If the recorded stock price is below the agreed sale price, the ticket cannot exercise. It ends without a stock purchase.

If the recorded stock price is at or above the agreed sale price, exercise opens for a limited time.

An unsafe price delays the result. It does not create an exercise right.

Exercise a ticket

Exercise means that you pay the agreed sale price and receive the matching stock tokens.

The app uses two wallet transactions:

1. an exact dollar-token approval to the vault; and
2. the exercise transaction.

To exercise:

1. Open the Tickets tab.
2. Find a ticket with an Exercise action.
3. Read the ticket amount and exercise cost.
4. Select Exercise.
5. Confirm Approve exact quote in your wallet.
6. Wait for that approval to confirm.
7. Read the exercise preview.
8. Confirm Exercise claim in your wallet.
9. Check the stock-token balance after confirmation.

The app approves the vault, because the vault takes the payment. It does not approve the auction.

The preview can fail if the deadline passes or the chain state changes.

Transfer a ticket

A ticket can move to another wallet.

1. Open the ticket row.
2. Enter the receiver address.
3. Enter the amount.
4. Select Preview transfer.
5. Read the receiver and amount.
6. Confirm the transfer in your wallet.

Do not use the zero address. It destroys the transferred amount.

If the receiver is a contract, the app shows a warning. A contract that cannot receive or move the ticket can lock it permanently.

When a ticket ends

An unused ticket ends when its exercise window closes.

After that time:

• the holder cannot exercise it;
• the remaining stock stays in the vault; and
• the premium stays with the vault.

The ticket can remain visible as a record after its right has ended.

Safety checklist

Before a bid or ticket action:

1. Check the network.
2. Check the auction and vault addresses.
3. Check the stock amount.
4. Check the maximum or final price.
5. Check the close time and exercise deadline.
6. Check whether the action approves the vault, claims a refund, exercises, or transfers.
7. Reject an unexpected unlimited approval.

Next: read what the strategy can cost.