Welcome to Summa Auctions

Summa is the world’s only provider of cross-chain auctions. They represent an evolution in cryptocurrency markets featuring fast on-chain settlement, trustless and non-custodial transactions, and smaller fees than traditional exchanges.

During this series of bi-weekly cross-chain auctions (held every other Thursday), participants have the opportunity to purchase ETH using BTC.

Summa’s auctions are the fastest and most secure way to buy Ether and participation is open to anyone interested in cryptocurrency with no sign up necessary!

BENEFITS

FAST

Summa is the fastest way to trade BTC for ETH, with on-chain settlement in just one hour.*

SECURE

Our transactions are validated and secured by Bitcoin and Ethereum. We are never in possession of your money.

EASY

All you need to do is download the app, fund your wallet, and participate in the auction. There is no sign up required!

HOW DO OUR CROSS-CHAIN AUCTIONS WORK?

Summa will post Ether for sale by calling an Ethereum smart contract.

That call includes several specially formatted Bitcoin transactions.

Bidders use those transactions to build Bitcoin bids.

If many people bid, the Bitcoin network selects a single winning bid for each auction.

After a bid is selected, the Ethereum smart contract validates the winning bid and distributes the Ether.

The entire process takes about an hour.

Summa will post Ether for sale by calling an Ethereum smart contract.

That call includes several specially formatted Bitcoin transactions.

Bidders use those transactions to build Bitcoin bids.

If many people bid, the Bitcoin network selects a single winning bid for each auction.

After a bid is selected, the Ethereum smart contract validates the winning bid and distributes the Ether.

The entire process takes about an hour.

MORE INFORMATION

Why is Summa hosting cross-chain auctions?

Summa’s Auctions is the first product in our upcoming suite of cross-chain financial products. Our technology uses a first-of-its-kind series of smart contracts to enable cross-chain transactions between Bitcoin, Ethereum, Litecoin, and Zcash. Summa’s products aim to help mature the cryptocurrency financial landscape by allowing users to express cryptocurrency price sentiment and manage portfolio risk and volatility.

How do I participate?

Participating in a Summa auction is easy! Simply:

  1. Download the Summa app at: https://summa.one/auction/download
  2. Make sure you have a Bitcoin wallet such as:
    1. Electrum
    2. Breadwallet
    3. Samourai Wallet
  3. Make sure your wallet is funded with enough BTC to participate in the auction.
  4. Open the Summa Auction app and follow the setup procedure.
That's it!

How are auctions priced?

In this series of auctions, the price of ETH will start near the previous day’s price and will fall throughout the auction. The price drops in increments throughout the duration of the auction until it reaches a price floor. This floor is often times lower than the prevailing market price of ETH during the auction!

What are Dutch auctions?

We are hosting a series of Dutch auctions, meaning that the price will start high and drop over time throughout the duration of the auction. Each auction will run for 12 Bitcoin blocks, or approximately 2 hours every other Thursday.

AUCTION SCHEDULE

  1. February 7, 2019
  2. February 21, 2019
  3. March 7, 2019
  4. March 14, 2019

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