⚙️Mechanics
LastChance is a decentralized crypto auction platform operating and available on the BNB Chain & Harmony blockchains. The platform offers crypto auctions - a brand-new way to trade crypto assets - and staking functionality. It supports the most widely used cryptocurrency wallets, such as MetaMask and Binance Wallet, as well as 100+ mobile & desktop wallets connectable via the WalletConnect protocol integrated with the platform.
Featuring Solidity as its smart contracts’ language, LastChance was built using the latest tech to maximize security. The platform’s fundamental framework was put together implementing time-tested practices and novel solutions.
Auction Types
There are two main types of LastChance auctions: cryptocurrency (coins & tokens) auctions and NFT auctions. The auction type names are meant to communicate their main purpose as clearly as possible - the former feature cryptos - sought-after token and coins - as auction lots, while the latter put NFTs on the block.
Each auction is run by its own smart contract featuring unique settings:
Auction Start Time
Auction End Time
Lot Asset Type (NFT/Coin/Token)
Asset Amount
Lot Starting Price
Bid Type
Minimum Bid Increment
Maximum Bid Increment
Added Bid-Time
LastChance gives customers one last chance to buy crypto assets at a price that drastically differs from its market value. It is almost impossible to buy a desired asset at a price below the market price on decentralized platforms. LastChance makes the impossible possible through auctions run by smart contracts. Here’s how our auctions work:
Bidding Currency Types
There are two LastChance auction types:
LCT Auctions
Blockchain Coin Auctions (BNB, ONE) Both types have their own defining mechanics yet operate on the same principle.
LCT Auctions
LCT - LastChance’s native utility token - is one of the easiest ways to enter an auction on the platform. BEP-20 and devised to ensure a win-win situation, the LCT token allows you to “partake it till you make it” at virtually no cost to you. Once the auction is over and you’re not the highest bidder the tokens you put in simply return to your account so you can give it a shot in another one. This way, you definitely want to be in the LCT holders club ASAP.
BNB Auctions
Having launched on the BNB Chain blockchain, LastChance naturally features its native coin - BNB - as one of its bidding currencies. Joining BNB auctions, your bids & their increments will be registered in the BNB Chain blockchain.
ONE Auctions
Recently, LastChance welcomed its first major expansion — the Harmony blockchain.
Harmony’s ONE token entered the platform biding currency list the same as BNB Chain’s BNB did.
Joining ONE auctions, your bids & their increments will be registered in the Harmony blockchain accordingly.
More Blockchain Coin Auctions
LastChance’s substructure is that of a multichain platform, with preparations made for smooth blockchain integrations. Its mechanics are designed keeping multichain practices in mind. With new prominent blockchains arriving on the platform, so do their respective native coins that become bidding currency options for LastChance auctions. Check LastChance’s relevant documentation to find out what blockchain networks and their coins the platform has already been integrated with at the time of reading.
Auction Process
LastChance provides its customers with one last chance to buy crypto assets at a price that may be significantly different from their market averages.
The point is, it’s virtually impossible to buy a desired crypto asset at a price below its average value on centralized platforms. LastChance makes the impossible possible by introducing its one-of-a-kind smart contract-run crypto auctions and challenging commonplace exchanges.
Here’s how the LastChance auction process works:
Place Bid
Once you place a bid, its amount is charged to your wallet account, then transferred and stored securely in the LastChance smart contract.
Bidding Process
You can outbid someone else, but not yourself. Should someone outbid you, you can always take your price offer further up (within the bid increment range available in your specific situation). Your wallet account will then be charged only the increment amount, not the whole amount of your higher bid.
Auction Ends
Each new bid extends the auction for a couple of minutes (2-5 typically). This way, the auction ends once its minimum duration & added bid-time expire. The final bid is considered the winner.
Claim Lot
The winner claims the lot by clicking the “Claim Lot” button. All other auction participants receive their bids back in highly liquid LCT tokens they may use to participate in other auctions to emerge victorious eventually or just swap for another asset. The lot is claimable for 48 hours after the auction ends.
Bid Distribution and Return Mechanics
As we can observe in the picture, auction participants (Users 1, 2, 3, and others) compete for the lot, bidding their BNB and outbidding one another. The one whose bid or bid aggregate is the highest is always on top. This way, User 2 Total Bids > User n Bid 1 > User 3 Bid 1 > User 1 Total Bids).
Bid Return Mechanics
LastChance users compete for auction lots, placing bids that are then stored by the auction’s smart contract. The latest highest bid wins the auction and grants the bidder the right to claim the lot, which is typically a trending crypto gotten at a price that may differ substantially from the market average, within 48 hours after the auction ends (once its main time and added bid-time elapse). All runners-up get their bids back in the form of highly liquid LCT tokens. Each one of them gets 100% of their total bids back at the BNB/LCT exchange rate valid at the time the auction finishes.
Bid Distribution
Each bid is smart contract-recorded and then distributed as follows: 60% Token Buyback* 25% Liquidity Enhancement 10% New Auctions 5% Platform Income
* 60% or more of each auction's Nonwinning Bids Pool (LCT) is funded from its respective Bid Pool (BNB) with the help of the DEX LCT auto-buyback mechanism that’s activated with each new BNB bid submitted in the auction.
Once Auction Ends
The winner - User 2, whose bid was the last, claims the lot (User 2 Bid 3).
The amount needed to be added to the LCT Return Pool to hand bids back to nonwinners in full is calculated according to the BNB/LCT exchange rate. This amount is always less than 40% and is provided from the Auction Maintenance Allocation funds.
All other participants (User 1, User 3, User n) get their bids back in the form of highly liquid LCT tokens.
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