Ability to make multiple offers with one balance

With the increase in interest lately in .sol names I was thinking that re-visiting an bid offer system that allows the use of a single balance to support many bids would be something to consider. This is already in use on Magic Eden, Opensea, and ENS vision. I think this would make offers become much more the norm that it is now. Currently I think not many use it due to funds being locked up just for one bid. You would be able to bid on 100 domains with a bid of 1 SOL and if one offers accepts then the rest are temporarily inactive until the bid balance is replenished. Opensea accomplishes this with wrapped ETH. Magic eden does this with Solana by some other means. I think it creates a contract for this balance to separate it.

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Good idea. I use WETH bidding extensively on OpenSea. My bidding activity would be less by a factor of 100 I guess if WETH bids required custody of funds.

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hey @Yoyodyne

Thanks for your suggestion here. We have discussed internally, though we are interested in exploring more, we are afraid that the underlying metaplex auction program doesn’t support it at the moment. In addition, we are concerned with unclaimed domains having to go through auctions again due to users not able to top up on time.

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I see. Yes hopefully in the future it can be looked at in a different way to make it work.

Regarding the latter issue, the bid would be automatically retracted if the balance falls below the bid amount. There’s no manual settlement process. If the WETH isn’t in the bidders wallet, the bid becomes inactive, and reactivates if and when the WETH balance is replenished to > or = to the bid amount.

For example, say you list a domain for sale, for 100 SOL. My balance is 75 wSOL (wrapped SOL). I bid 50 wSOL on your domain. Then, I convert 50 wSOL into SOL to buy an NFT, so my balance is now 25 wSOL (ie. less than the bid I made on your domain). My bid becomes inactive.

I recommend spending a little time on OpenSea and using their WETH bids to understand what we are proposing.