Cellframe — Cellchain Auction Rules

Cellchain auctions are held in the form of draws of Cell Slots. Each Cell Slot will be represented as a specific collectively managed NFT token. This token can be sold on the market or used for its intended purpose. When used for its intended purpose, it will be transferred to a special smart contract, from where it can be picked up on request within a week — this is necessary so that the Cell Slots do not connect unexpectedly and the system has time to prepare for changes.

To mint a Cell Slot NFT, it is necessary to issue a special smart contract, where the auction participants will have to upload a certain amount of CELL paired with the token of their project. If successful, these funds would be locked for 2 years. In exchange, they will receive LP tokens, which will then be able to participate in the management of the project. Also, the funds will later be able to be staked to participate in the work of the bridge between the project blockchain and the central network. They can also be delegated to other network participants for collateral to ensure service operation, participation in the Proof-of-Stake emission or other cases, depending on the internal rules of the new network.

Auction procedure

Cell Slots are played at random, 50 in total. Applicants for Cell Slots deploy contracts and either upload their funds there, or call on their community to collect in exchange for the release of their LP tokens. The average time for each Cell Slot auction is two weeks, but it is not strictly specified so that the auction participants are motivated to keep the normal price.

By the end of the auction, a winner is selected and an NFT token is issued on his smart contract, the subsequent fate of which is determined by LP holders or network owners (depending on the type of project, private or public).

If necessary, a project can occupy more than one Cell Slot, for example, projects with a decentralized exchange may require increased bandwidth or an additional Cell Slot for pairing order books. The starting price for each Cell Slot is 50,000 USD in CELL plus the same volume of the project token.

Due to current market conditions, the exact starting date of the Cellchain auctions are still under consideration to ensure its success. All details are not final and are subject to change.

About Cellframe

Cellframe is a quantum-resistant layer-1 network focused on facilitating secure and scalable cross-chain transfers. Cellframe aims to create an infrastructure for decentralized low-level services through its multichain nature. It is quantum-safe — it uses post-quantum encryption by default. Cellframe is built from scratch with plain C, which results in more efficient utilization of CPU and memory.

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Website: https://cellframe.net/

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