New Autobuy Purchasing Prices
Ever since we launched autobuy we’ve been overjoyed by the community response. The same goes for the recent speed improvements made to combat the latest bots on the chain. Who doesn’t love a system that beats out 99% of the bots, and passes on the profit to you, the human customers?
As with any system, we’ve started to see the first abuser. If you know anything about us over at Chain Champs, abuse is something we won’t stand for. So, let’s dive into an example of what’s going on, and how we’re going to solve it.
- As a big Funko collector you love nabbing those low mint Funkos, and set up a rule to buy them for $1.
- To make sure our rules are fair, auditable, and transparent they are written to the blockchain.
- Someone else sees the rule, and using our bidding system sets one up for $1.05
- Some Funkos hit the market for 5 cents.
- This other person gets all the Funkos for 5 cents, as they have the higher bid.
- They keep a mint #3, and then put the rest on the market for $1, knowing that your rule is there.
- You get the leftover Funkos for the full $1.
The problem is that any bidding system where you don’t pay your bid price is rife for abuse like this, especially when people know the real items on the market will be well below their bid price.
To solve this, we’re going to make autobuy charge the bid price, regardless of the sale price. This change will result in you getting just as many items at the price you want them. In fact, you may get more at lower prices, since there won’t be someone outbidding you just to sell items they don’t want back to you. This also brings autobuy more in line with a general buy order system.
We want to make sure we’re being fair, so we’ll also be looking at potential changes to the value of 1 CHMP, and how many buys that translates into.
Of course, this wouldn’t be a Chain Champs blog post without some graphs!
Here’s a visualization of what your savings look like under the current autobuy structure:
Most rules are buying items well below the price they set, which is itself already well below market value. What happens if we change it to buy at the rule price?
The savings stay up in the 90% range for the majority of deals people’s rules are hunting for!
And if you were setting rules within 10% of the real market price, you won’t notice a thing, just more buys at no additional cost!
These changes will be live and effective Monday, March 13th, 2023.