[Signal Request] Adjusting ttl on flap-auctions


Back in January we changed Minimum Bid Increase (beg) to 4% and Bid Duration (ttl) to 60 minutes. @dmitri.z and I have been watching and participating in the flap auctions casually and observed and experienced a small downside on the current configuration we would like to fix with this Signal Request.

The ttl is the amount of time an auction runs after the last bet, so having it set to 60 minutes means that an auction participant needs to commit to a MKR price for an hour - basically making a prediction of the MKR price in one hour.

If you are lucky, the price after your bid (usually ~4% discount to market) is not changing too much - if it goes up more than ~2% you are already about to make a loss as the uniswap fees alone are 0.6%, not speaking of hedging, kicking and gas costs.

A 2% swing within an hour on the MKR/DAI-price is actually not too rare.

Of course we could increase the beg but that would just increase the discount on the auctions resulting in less MKR being burned.

We think we should decrease the ttl, observe the effects for a while, and then maybe even reduce the beg later on.


  • less time keepers need to commit to a MKR price
  • smaller discount, higher MKR burn
  • potentially attracts more participants in flap auctions


  • higher risk for 0-bids

Adjust the ttl on flap-auctions

Please vote for all options you would support in an onchain poll

  • No change (60 minutes)
  • 45 minutes
  • 30 minutes
  • Abstain

0 voters

Next Steps

The Polls will run until 2021-06-24T13:00:00Z; their outcomes will either result in on-chain-polls assuming the outcome of the polls deems it necessary or its intermediate results are going to be taken to another initiative - another signal, onchain-poll or urgency executive.


During the crash of Wild Wednesday, were there enough bids coming in so that the lower ttl and lower beg would have still been sufficient to avoid 0-bids or lowball bids winning?

I have been trying to snipe some auctions during WW and can say that I just got <10 wins and half of the flaps I was participating were won by another actor later on. I was expecting a lot more stealing happening there, but it actually did not happen. Maybe @Primoz has some more solid data what happened on WW w.r.t. flaps?

Imho especially with a lot of flaps happening within a couple of hours a lower ttl would actually be helpful as the bids are locked for less time.

I am not advocating for lowering the beg here btw - right now I don’t think less than 4% is reasonable

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