The settlement of a given auction round occurs when
blockTime ≥ EndingTimeStamp. If a non-zero INJ bid was placed during this period (i.e. there exists a
LastBid), the following procedure will take place:
- The winning INJ bid amount is burned.
- The basket of coins held by the auction module is transferred to the winning bidder.
- The AuctionRound is incremented by 1 and the EndingTimestamp is incremented by
- The accumulated exchange fees are transferred from the
exchangemodule to the
auctionmodule for the new upcoming auction.
If the round closed without any successful bids, the existing coin basket will be rolled over into the next auction and combined with the new accumulated fee basket.