FAQs

Algo Auction Overview

How do the Algo Auctions work?

For detailed information, please visit https://algorand.foundation/algo-auctions

How will Algo Auctions be announced?

What are the auction parameters?

The parameters for each individual auction will be announced in advance and will include, at a minimum, the number of blocks that the auction will run for, the starting price, and the reserve price.

How should I prepare to participate in an Algo Auction?

At least a week in advance of an auction, ensure that you have registered with the Algorand Foundation, completed compliance checks, funded your auctions account and created or imported an Algorand wallet. Read more.

I didn’t find an answer to my question, what can I do?

No worries! Please contact us at [email protected]

Compliance & Funding

Who can participate in the auction?

Anyone who does not reside in an excluded jurisdiction and successfully passes Know Your Customer (KYC) and Anti-Money Laundering (AML) checks may participate in the auctions. Please note that participation in auctions is not possible for the following excluded jurisdictions: United States of America and its territories, Canada, Democratic People's Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People's Republic of China, and jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.

Can I participate in the auction without going through KYC?

No. Anyone who wants to participate in the auction must go through KYC/AML (Know Your Customer/Anti-Money Laundering) checks.

How do you determine crypto conversion prices?

Neither CoinList nor Algorand take a fee on crypto deposits or withdrawals. BTC and ETH will be converted to USD at the liquidity adjusted conversion rate determined by the liquidation partner (Wyre) upon receipt. The estimated conversion rate displayed includes a 0.25% transaction fee to Wyre.

There will be some delay between the time the transaction is confirmed on the blockchain and the transaction is liquidated. During periods of high volatility, the resulting conversion rate may be higher or lower than shown on the deposit page.

How can I withdraw crypto?

Our partner, Wyre, immediately converts crypto to USD upon receipt. Upon withdrawal, the USD amount will be converted back into crypto at a rate determined by Wyre at that time. In addition, Wyre will charge a 0.25% transaction fee for such withdrawal. Because of price fluctuations, you may receive more or less crypto than you deposited.

Participating in Algo Auctions

How do I place a bid in an Algorand Foundation Auction?

If you have completed the registration steps and an auction has been announced, you can place your bids through the Algo auction website.

When can I place a bid?

Bids can be submitted any time after an auction announcement and pre bidding is available. However, bids will not be submitted to the blockchain until the auction starts and the bid price matches the auction price.

Can I make bids using crypto?

You’ll be able to fund your account with crypto (ETH & BTC), but it will be converted to USD for the auctions. The conversion rate will be set when you fund your account at the current rate as determined by our partner Wyre. You will also incur a 0.25% transaction fee from Wyre, for converting such funds.

Can I make bids using USD?

Yes, all bids will be made in USD.

Do I get my money back if my bid fails?

Bids are considered in their order of appearance on the Algorand MainNet Blockchain. If your bid appears after the entire auction token supply is allocated to valid bidders, you will not enter into a binding agreement for the purchase of tokens and your bid shall be deemed null and void. Algorand Foundation will not deduct any funds and you will be able to withdraw your funds or keep them in the account for the next auction. Please reference Section 3 of the Terms and Conditions for more information.

When and how is the final (or “clearing”) price set for the Algorand Dutch Auction?

The final price is set once the auction ends, which happens when either (a) current demand meets or exceeds supply or (b) the reserve price is met (which is $0.10 for the first auction). The price for all successful bids will be the same as the lowest successful bid, regardless of the price at the time of the original bid. This means all bidders in the auction pay the same USD price per Algo.

For further details, please read here.

Can I increase the likelihood that I receive Algos in the Algorand Dutch Auction?

Bids are processed in the order they appear on the blockchain and pre-bids will be sent to the network once their price matches the auction price at order of arrival. The sooner you bid and the higher your bid will result in the highest probability to be successful.

Can I guarantee that I receive Algos at a specific price?

Generally, no. However, the final price may only be equal or lower than the price you bid at, never higher.

Can I guarantee the number of Algos I receive?

Since the number of Algos you receive is determined by the clearing price, which is not set until the auction ends, you can’t guarantee it.

My bid was partially filled, what happened?

Bids are processed in the order in which they appeared on the blockchain. Each successful bid will receive Algos based on the bid amount and the auction closing price. As such, if you were the last successful bid, there may not be enough Algos left to completely fulfill your bid.

How many people read FAQs?

Good question! We would like to know the answer as well! Please send us an email to [email protected] and we might post a blog with data at some point.

Do I have to stay online during the auction if I want to bid at a lower price?

No, you can pre-bid. Your bid will be kept securely and will be automatically sent to the network once the auction starts and your max price is reached.

Does the Refund Policy apply to the Algos that I have purchased?

Yes, all successful bids for Algos are entitled to the refund policy. See the Refund Policy section for further details.

Can I retract a bid?

Bids can only be retracted if they are in 'Queued' status.

Wallets/Security

How can I backup my primary wallet?

If you switch computers or your browser’s storage is cleared, access to your primary wallet will be lost if you haven’t backed up your passphrase. This is true even if you still have your login account as neither Coinlist nor the Algorand Foundation have access to your primary wallet. To avoid this issue, make sure to back up your passphrase for your primary wallet.

Backup your primary Algorand wallet

Where can I access my Algos?

Algos can be accessed through the wallet you have set up. This can be either the primary wallet you created during the registration process or, if you took the recommended step, your secondary wallet.

What is a Secondary wallet and can I set one up?

During the onboarding process, you created a primary wallet and saved its 25 word passphrase in a secure place. This wallet is used to sign your bids during the auction.

By default, the Algos received from successful bids will be sent to this wallet.

For additional security, it’s highly recommended to setup a secondary wallet to store your Algos. While bids will be signed by your primary wallet, Algos received from successful bids will be sent to your secondary wallet.

There are several options to set-up a secondary wallet:

  • Mobile option - This is the simplest way to get a secondary wallet. Available from App Store or Google Play. Download the app your mobile device, follow the on screen instructions to setup a wallet and update your account with the new wallet address here
  • Advanced option - setup your secondary wallet using goal or algokey.

Technical

What does my bid status mean?

Queued
Bid has not yet been sent to the blockchain and can be retracted.

Pending
Bid was sent to the blockchain but has not yet appeared in a block

Accepted
Bid has appeared in a block and is awaiting the auction settlement to determine if it has been successful or unsuccessful

Retracted
Bid has been retracted prior to it being sent to the blockchain. This is a final status for the bid.

Successful
Bid has received an allocation of Algos at auction settlement.

Unsuccessful
Bid has not received an allocation of Algos at the auction settlement. This is a final status for the bid.

Paid
Algos were transferred into the user’s account. This is a final status for the bid.

How do I check the status of a bid?

You can find your bid status under 'Your Bids' section in the website.

What is tracked on the Algorand blockchain?

All details related to Algo auctions, including:

  • Auctions parameters such as Start Price, AuctionKey, Starting Round, etc.
  • Bids
  • US dollar deposits: amount of USD available for you to bid , based on the USD that you have deposited.
  • Settlement: commitment for the Information about the keys which successfully purchased Algos through the auction.

When are bids sent to the the blockchain?

Bids are sent to the blockchain the moment the bid price is greater or equal to the auction price.

Does CoinList have my private keys?

No, private keys are always generated and stored locally, whether if you choose to use the browser or mobile application. Do not ever share your private keys with anyone. Neither CoinList nor Algorand will ever ask for your private key.

Can CoinList place a bid in my name without my authorization?

No, all bids must be signed using your private key. As mentioned above, private keys are generated and stored locally so CoinList cannot access them.

How can I verify the results of the auction on my own?

You can download our Auction Console, Auction Minion, and Auction Master from our website (the code is also available on our GitHub repo). These tools run against the blockchain directly. You can use them to produce the results yourself as well and verify the online ones.

Refund Policy

How can I learn more about the refund policy?

The June 2020 90% refund policy will apply to all Algos sold at an Algorand Foundation Dutch Auction. You can read more about the refund policy here.

When can I exercise my refund option?

You may request a refund from 12:00 AM June 19th, 2020 to 11:59PM June 26th, 2020 Singapore Time. You will only be able to request your refund during this period.

When will I receive my refund?

You should expect to receive your refund by 11:59PM July 1st, 2020 Singapore Time.

How do I request a refund?

On June 19th, 2020, you will be able to go to https://auctions.algorand.foundation/algorand/refund/2 to request a refund.

What currency will I receive my refund in?

When you withdraw, funds will be denominated in USD but returned in the currency you used for the ALGO auction. For example, if you participated in the ALGO auction in BTC, your wallet will display the refund amount in USD but you will receive your refund in an equivalent amount of BTC using the exchange rate at the time of the refund. Refunds in crypto will be sent in 24 hours, while refunds in USD will follow normal wire-processing times (between 1-5 days).

Can I request a partial refund?

Yes. You can request a partial or full refund.

How much will I be refunded?

You will be refunded 90% of your original auction amount.

Which address should I send my Algos from?

You must send your ALGOs from the address in which you received your auction tokens. You will be able to see your original address on the refund page.

Which address should I send my Algos to?

You must send the amount you wish to be refunded to your uniquely assigned ALGO address. You will be able to see your original address on the refund page.

How do I withdraw my refund?

To withdraw your funds from your Algorand Auctions USD wallet, click on the “View your USD wallet” tab and hit the “Withdraw” button.

If I bought Algos on the secondary market after having participated in the Algorand auction, do those Algos have a refund policy as well?

Yes. A buyer of x Algos at an Algorand auction can sell back any number of Algos up to x to the foundation. Such buyers need not continually own any Algos to take advantage of the refund policy, but must retain their original auction account.

Can I transfer or trade my refund policy?

No, the rights under the refund policy are not transferable, negotiable, or tradeable. Any attempts to transfer or trade the rights under the refund policy will result in the invalidation of such rights.

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