Introduction

BIDSHOP is an innovative project that aims to revolutionize the world of auctions for web3 assets, combining elements of gamification, privacy, and decentralized finance (DeFi). Built on the Polygon Network, BIDSHOP introduces new ways to generate liquidity for various web3 assets through its fully privatized on-chain Auction House. This review will provide an overview of BIDSHOP’s key features and functionalities.

Privacy-as-a-service and Liquidity Generation

BIDSHOP’s unique selling point lies in its Privacy-as-a-service encryption layer, which enhances the privacy and security of the auction process. By leveraging this encryption layer on top of any Ethereum Virtual Machine (EVM) network, BIDSHOP opens up new possibilities for generating liquidity for web3 assets. Both crypto protocols and individuals can utilize BIDSHOP to generate liquidity through a variety of auction products quickly.

Innovative Auction Products

BIDSHOP offers a range of innovative auction products that cater to different asset types and market demands. Here are a few examples:

• Initial Bid Offering (IBO): This mechanism introduces the “Highest unique offer auction,” where bidders compete to win Non-Fungible Tokens (NFTs) or Fungible underlying assets. Bidders only pay small Bid Fees for each bid placed.

• Silent NFT Auctions: Sellers can sell non-floor NFTs at the highest possible price by choosing a secret minimum price, while buyers compete in a closed auction. This ensures the highest possible price for in-demand assets.

• Fair NFT Mint Auction: Projects can launch NFT Mints at true market valuation while involving the future holders’ community. A novel secret bidding mechanism allows bidders to determine the fair mint value, incentivizing bids close to the final mint price.

• Fair Launch IDO Auction: Similar to the Fair NFT Mint auction, this auction allows projects to launch their fungible tokens at the fairest possible price. It also provides anti-bot protection and fights against inflated Initial DEX Offerings (IDOs).

• Debt Auction: Users can sell DeFi debt positions to anyone at competitive prices on the IOUs.

Backed by Top-tier Crypto VCs

BIDSHOP has gained significant support from top-tier crypto venture capital firms such as KuCoin Labs and Republic Capital. This backing adds credibility to the project and demonstrates its potential in the crypto industry.

BIDSHOP’s Token Distribution and Liquidity Flywheel

To encourage participation and engagement on the platform, BIDSHOP rewards users through the fair distribution of its native $BIDS token. During the Creation Month, users can earn $BIDS tokens by participating in auctions and farming the auctions’ volume rewards.

The liquidity flywheel operates in three steps:

• Place bids in IBO auctions to win wETH: Bidders in IBO auctions during the Creation Month can claim wETH as the underlying asset.

• Farm the auctions to earn $BIDS tokens: Regardless of the auction results, all bidders earn Volume Rewards in $BIDS tokens every two hours. The more a bidder contributes compared to others in each cycle, the larger their portion of $BIDS tokens becomes.

• Stake and boost: After claiming $BIDS tokens, users can stake them in the BIDSHOP staking mechanism to earn extra $BIDS rewards and 100% of platform fees in wETH. Locking $BIDS tokens boosts the staking Annual Percentage Rate (APR) and provides advantages in bidding activities.

In conclusion, BIDSHOP presents a compelling and innovative NFT and DeFi space solution through its gamified auction platform built on the Polygon Network. With a focus on privacy and security, BIDSHOP’s encryption layer enhances user confidence and trust in the platform.

The project’s strong backing from reputable crypto VCs and its fair token distribution model provides a solid foundation for growth and adoption. BIDSHOP’s unique auction products and liquidity flywheel mechanism offer exciting opportunities for generating liquidity and unlocking value for web3 assets.

By fostering open-source development and encouraging wider participation, BIDSHOP aims to drive further advancements and democratize the world of decentralized auctions.

Stay tuned with the action, join the community today!⚡️

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