Litemint has launched decentralized NFT auctions on the Stellar blockchain, utilizing time-bound transactions, pre-authorized transactions, and path payments for secure, trustless execution. The system ensures no third-party custody, bid protection until auction end, reserve price enforcement, and participant withdrawal rights. Full settlement occurs on the Stellar DEX via a pre-authorized contract transaction.
Litemint's new Auctions feature enables NFT owners to run live, time-limited auctions with reserve prices on the Stellar network, fully decentralized without escrow. Key requirements include no third-party asset control, bid protection until expiry, reserve price guarantees, and pre-end withdrawal options for both sellers and bidders. Stellar's toolbox—time-bound transactions prevent early settlement, pre-authorized transactions lock accounts for specific operations, and pathPaymentStrictSend enforces minimums. These primitives form a binding contract via a pre-authorized transaction submitted at auction end, visualized in a sequence diagram. A sample XDR is provided via Stellar Laboratory, with a live auction example available on Litemint.
