Want to jump straight to the answer? You can buy AUCTION on Coinbase.
Bounce is a platform that is hoping to change the future of decentralized finance (DeFi) by offering a swap exchange and a non-fungible token (NFT) platform that’s interoperable across Ethereum, Solana, Polkadot and other blockchains. Its native token, AUCTION, hit all-time highs of more than $70 in early April. AUCTION is currently approaching a new all-time high as of October.
What Is Bounce Token (AUCTION)?
Bounce is a platform built on the Ethereum network. It is mainly used for the swapping of ether (ETH) to other cryptocurrencies and NFT purchases. AUCTION is the ERC-20 token that powers the project. It is a governance token, meaning ownership gives holders voting rights within the network. Bounce also uses Polkadot to help with cross-chain transactions.
Bounce’s swapping platform differs from others in that it allows individuals to create their own pools. Traditionally, users add funds to a single liquidity pool that holds a lot of value. Others can use the funds in the liquidity pool to facilitate swaps of 2 cryptocurrencies, and those who add liquidity are rewarded. In Bounce’s pools, individuals create pools and set the terms for their own pools. They can change criteria such as the amount of time the pool will be active and the amount of swaps they are looking to facilitate.
Once the terms are set, other users can begin to auction with ETH tokens. Users can send ETH to the auction pool until the amount of ETH equals the terms of time runs out. This allows for a level of competition in the market, creating more stable prices. In short, there are a finite amount of swap opportunities in each pool, so an auction-style sale helps determine who will get the swap opportunities.
Bounce also houses an NFT marketplace called Fangible. Fangible is looking to make NFTs more accessible by lowering transaction fees and making it easier for creators to sell their NFTs.
Brief History of Bounce Token (AUCTION)
Recent college grads Jack Lu and Ryan Fang launched Bounce in July 2020. At that time, its native token was BOT, which was launched directly on the Bounce exchange. The on-chain governance voted to migrate to AUCTION in early 2021, allowing for more use cases on the exchange, such as an enhanced auction system and Fangible. AUCTION was released by converting BOT to AUCTION of a 1:100 ratio (e.g. 1 AUCTION = 0.01 BOT.)
The project started to quickly gain steam after the migration. The price soared, hitting an all-time high of $70.56 in early April. This caught the eye of prominent investors and celebrities alike. Many firms are invested in Bounce, but Coinbase Ventures is the most notable. Pro athletes, including NFL wide receiver De’Andre Hopkins and NBA player Kyle Kuzma, have also endorsed the project.
Since the migration from BOT to AUCTION, Bounce has continued to add more features, including a search function and OTC transactions. This allows users to directly search for certain pools and also allows for the buying and selling of ERC-20 tokens through over-the-counter transactions.
How To Buy Bounce Token (AUCTION)
Now that you understand the basic operations of the Bounce platform, you may be interested in buying AUCTION. Fortunately, it is fairly easy to buy the token.
- Open an online account.
Because of recent upsurges in price and funding from Coinbase Ventures, the token is available on several prominent exchanges. However, 1 exchange stands out in particular because of its focus on education, ease of use and secure storage.
Coinbase is a great option for those looking to purchase AUCTION. It became available on Coinbase in September. Opening a Coinbase account typically only takes a few minutes. Funds can be traded the same day they are deposited, so you can quickly begin trading AUCTION.
- Buy a wallet (optional).
Though Coinbase offers several security measures to maintain the safety of your assets, you may be looking for an even more secure way to store your funds. Wallets are a great way to add an extra level of security to your assets. While wallets are not needed, they can offer peace of mind.
- Make your purchase.
Once you have a funded Coinbase account, use the search bar to locate AUCTION. Once you have located it, press “Trade” and then buy. Select the amount of AUCTION to purchase and execute the trade.
Cryptocurrency Wallets For AUCTION
Best Hardware Wallet: Ledger
Ledger is a hardware wallet that supports ERC-20 tokens. A hardware wallet is a physical object that holds the private key to your crypto. Without the physical key, your crypto is inaccessible. This is arguably the most secure way to hold crypto.
Ledger currently has 2 models: the Ledger Nano S and the Nano X. The Nano S is a bare-bones wallet meant for beginners to safely store crypto. The Nano X is for more advanced users, bolstering bluetooth capabilities and more storage.
Best Software Wallet: MetaMask
MetaMask is a software wallet that also supports all ERC-20 tokens. A software wallet is an application that holds crypto separate from a centralized exchange. It also uses private keys to mitigate risks of hacking.
Creating a MetaMask account is very simple, only requiring an email. Once you set up your account, you will be assigned a wallet address where you can send and receive crypto.
Watch out for the release of Bounce Toolbox. This will greatly increase the functionality and may impact the price.
Trade, Sell or Convert your Bounce Token (AUCTION)
To sell your AUCTION, navigate to your position on Coinbase and hit “Trade” and then “Sell.” Select the amount of AUCTION to sell and execute the trade.
There are 2 options to convert your AUCTION to another token. You can use your sold AUCTION to buy another token with U.S. dollars (USD). This may cost a lot in fees, so another option is using a decentralized exchange (DEX.)
Once you have AUCTION in your coinbase account, select “Trade” and then “Send.” Then send it to the address of either your hardware or software wallet. Once it is in your wallet, you can connect your wallet to a decentralized exchange such as Uniswap or SushiSwap. These exchanges allow you to swap your AUCTION for other tokens.
Current Crypto Prices
Toward the end of October, Bitcoin hit new all time highs of nearly $70,000. This made waves in the crypto community. Many other tokens followed suit, resulting in an overall increase across the market.
These highs come after unprecedented institutional involvement in crypto. ProShares released a Bitcoin ETF (NYSEARCA: BITO), and France finished a study surrounding the uses of crypto in government.
Is Bounce Token (AUCTION) a Good Investment?
Bounce is hoping to make an impact on the DeFi community by providing a more equitable system of swapping. However, it is not the easiest to use and currently lacks some major features such as user interface kits. If its platform becomes easier to use and more functional, it has the chance of changing the future of DeFi.
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About Caden Pok
Caden has been involved with cryptocurrency for several years. He began trading and investing in crypto in 2018. Now, we mines multiple coins and holds positions in Cardano and Ethereum. He is very experienced with DeFi technology.