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.

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

Playing “The SIMS Pets” except this feels real. Cannelle is dog. Cruella is cat. I am mother.

ok should i use my collectibles money to get you a flight or come visit you? i have a passport ofc

Obviously! Bc internet and computers are dumb! So is typing.

my handwriting is atrocious you have to come over and let me tell you it out loud