Auction Design: Winning Bids after finish date?

Hello everyone,

Would anyone be so kind and explain the following scenario to me:

I am going through some liquidation auctions and do see that bids which are submitted past the finish timestamp of an auction seem to be winning the auction according to defiexplorer.com

Take this liquidation for example: example 1

The subtitle says said 58.59ETH were sold off for 29,312 DAI and the auction ended December 17, 2019.

Looking at the bids for phase 1 I see the timestamp for 29,312 DAI is November 26, 2020 which is over a year past the auction finishes. Same goes for phase 2.

I see multiple liquidations like this. Here another example where the time and price difference is less extreme: example 2

Could anyone explain what is going on there?

Thanks!

Hi McRaccoon! The DeFi Explore interface is incorrectly showing the results of two distinct liquidation auctions for different vaults on the same page.

Example 1 above looks like one liquidation for the ETH-A vault with CDP ID 2668, kicked at block 9117206 (16 Dec 2019), combined with another for the ETH-A vault with CDP ID 7489, kicked at block 11333071 (26 Nov 2020). These are totally separate vaults, and totally unrelated auctions, so it looks very weird. Further, the DeFi Explore UI is deriving some data for the second auction based on parameters from the first one, which is why you see really strange stuff like a DAI amount raised of 29,312, but a tab of 22.6: it’s showing the DAI raised from the second auction, but the tab from the first one.

It looks like DeFi Explore is assuming liquidation IDs are unique per collateral type, but this is not actually the case. The “liquidation ID” displayed on DeFi Explore is that auction’s index in the Flipper contract’s array of bids. This is unique per Flipper contract, not unique per collateral type. In the case of ETH-A, there have been three different Flipper contracts: one from release 1.0.0 to 1.0.8, one from release 1.0.9, and one from 1.1.0 to today. So there are two ETH-A liquidations with bid ID 152: one from the flipper at 0xd8a04F5412223F513DC55F839574430f5EC15531 (the 2019 auction), and one from the flipper at 0xF32836B9E1f47a0515c6Ec431592D5EbC276407f (the 2020 auction).

I think there are a few different tools that were built with the assumption that bid IDs are unique per collateral type. That was a safe assumption for a while, but it changed out from under them as soon as there were revisions to the flipper.

Hope this helps!

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Excellent! Thank you very much for this detailed explanation ecmendenhall!

You bet! I reported this to the DeFi Explore team on chat yesterday, so hopefully a fix is on the way soon.