Yuga Labs\’ TwelveFold auction model caused dissatisfaction from the creators of the Ordinals protocol and the encryption community

According to the news on March 6, Yuga Labs’ TwelveFold auction model caused dissatisfaction from the encryption community. According to the auction rules, the bidder was required to send all its BTC bid amount to the only BTC address controlled by Yuga. The winning bidder only needed to pay the BTC they bid, and Yuga said that it would return the BTC to the bidder who failed. Some people pointed out that unsuccessful bids must be refunded manually, just like in the “Stone Age”.

Interpretation of this information:

The recent news on March 6th about Yuga Labs’ TwelveFold auction model appears to have caused some dissatisfaction amongst members of the encryption community. Specifically, the auction model is being criticized for what some see as potentially unfair rules around the bidding process. The main point of contention appears to be the requirement that the bidder send all of their BTC to Yuga’s BTC address, with only the winning bidder ultimately paying the amount they bid.

While some may see this as a reasonable way to ensure that users are committed to the auction and that there is a level of trust established between the user and the auction platform, others in the community appear to think that this creates an uneven playing field. Specifically, concerns have been raised about what would happen if the auction were to fall through or if bids were unsuccessful.

According to reports, Yuga has said that it will refund the BTC to bidders who fail to win the auction. However, some in the community have pointed out that this refund process is manual, which seems to suggest that it may not be a quick or efficient process. As such, they argue that this auction model may be outdated and reminiscent of the “Stone Age”.

Overall, it seems that the key issue with Yuga’s TwelveFold auction model is that it has created a perception of unfairness or lack of transparency. As members of the encryption community, people have come to expect a high level of trust, visibility, and fairness in how auctions are conducted. When these expectations are not met, it can create feelings of mistrust, resentment, and dissatisfaction.

To address these concerns, Yuga may need to consider revising or clarifying their auction model to make it more transparent, efficient, and fair. This may involve revisiting key rules, providing more information and support for participants, and finding ways to automate the refund process. By doing so, they may be able to regain the trust and goodwill of the encryption community, and ensure that their platform is seen as a fair and trustworthy way to conduct auctions.