🟣Dropout!

Penny auctions, also known as "pay-to-bid" auctions or "bidding fee" auctions, are a type of auction where participants pay a non-refundable fee to place a bid. Each bid increases the auction price by a small amount. Buying will have a 3 minute cool-down before the next person can buy again (randomly) instead of adding time to the auction clock, That way the next buy is unpredictable. The auction ends when the timer runs out, and the highest bidder at that time wins the BUSD pot. You can only participate in the auctions only when The Droplit token (LIT) is under peg. Enter Winners will get paid in BUSD right from "The Balancer".

Enter with BUSD (Buys and Burns $LIT Tokens) Ensures a fun way to get lit and $LIT back to peg. When the timer runs out the highest bidder will win.

• Dropout is automatically enabled as soon as the $Lit Token is under peg After 3/27. Feed back from the community will be encouraged in order to make this truly impeccable.

• Say you enter with 10 BUSD , If someone enters with 20 BUSD you are Dropped out and the 20 BUSD Contestant is in the lead.

• If the person is still in the lead by the time the timer runs out, that person wins the jackpot.

• Buying will have a 3 minute cool-down before the next person can buy again instead of adding time to the auction clock.

• Winner pot eligibility will be within 24hrs when the timer ends.

• Pot size will be anywhere from $50 Min - $1000 max depending on participants.

Be part of the developing! If you would like any changes to make the system better, please reach out to any of the team members!

Please note the risk compared to buying bonds. When under peg bonds is the safer way to help get back to peg. Dropout is a fun but risky way to not only try to win a jackpot but also help get back to peg.