I've seen a few people mention that "the auction is offchain," but in fact all the auction mechanisms are in a smart contract that handles bidding, escrow, refunds, and settlement. Similar to Nouns, Zora Auction House, and Mirror.

Bids are authorized with an offchain signature in order to limit participation to Farcaster accounts. (At least for now). But the mechanism and logic are transparent and onchain.

Has been fun to revisit an old idea (ascending escrowed auction with refunds) with cheap gas and much better tech on the frontend.

https://github.com/farcasterxyz/collectible-casts/blob/main/src/Auction.sol

Bids are offchain but the auction is onchain thanks for clearing that up no more questions it makes perfect sense and I am sure @nounishprof will ask me, the resident tech expert, to explain tomorrow in more detail 😪

building /gmfarcaster network |
blockchain ENT prof |  ⌐◧-◧ Nouncillor, Nouner, BuilderDAO community resident /builder

Cohost of /gmfarcaster, a live stream Farcaster news show.  Engineer. Mom x 3.

ummmm this is one area where I may have more experience— please note the “like nouns” in his cast lol

👌 Smart contract auction but bidding is permissioned, requiring a signature from centralized entity (farcaster) to limit who can bid (only fc users) and what they can bid on (opted in) 

Tres elegante

and so people can't bid on things that aren't opted in, etc

hahah nooo it's actually all onchain! the only offchain part is a centralized server signs the bid and the contract doesn't approve bids without that signature, it makes it so i can't bid under your FID, for instance