PIP-71 Reduce the auction time to 12h auctions

Abstract

Many recent auctions have shown that most of the bidding occurs in the final minutes of the auction. To improve the liquidation process, the proposal is to reduce the auction time from 24 hours to 12 hours, with auctions running twice a day starting at 00:00 UTC and 12:00 UTC. This will ensure more efficient liquidation of assets.

Background

As a lender, JPEG’d needs to ensure the smoothest liquidation process it can to avoid bad debt. As past auctions have shown, most of the bidding happens in the last minutes of the auctions.

In order to improve the liquidation process, we believe that it would be best to reduce the auction time from 24h to 12h. To maximize coverage of timezones and make sure the maximum amount of participants can take part, auctions would run twice a day and start at 00:00 UTC and 12:00 UTC, whichever is first, and run for 12h.

This will ensure a more efficient liquidation of assets.

Specification

Update the auctions to start at 00:00 UTC and 12:00 UTC

Update the duration of the auctions from 24h to 12h