DeFi auction platform puts ‘diamond hand’ necklace under gavel

Bounce Finance will test its “mutant English auction” format with NFT-paired diamond necklace

article-image

Bounce Finance modified by Blockworks

share

Bounce Finance, which is pioneering new DeFi auction mechanics, debuted the proof of concept for its “mutant English auction” format at 10 am ET Friday.

The item on offer is a “Diamond Hand” necklace paired with two NFTs which Bounce calls an “homage to the ‘Hodl’ philosophy” — a reference to the oft used meme of crypto holders through thick and thin having “diamond hands.”

The auction system is not intended to compete with auction houses, CEO Jack Lu told Blockworks.

“For a long time we wanted to work with Christie’s and Sotheby’s,” Lu said, adding they proved to be very conservative. “But I think it’s a good opportunity for us to experiment.”

Read more: Not just for the highest bidder: ‘Mutant’ auction seeks to ensure everyone benefits

The necklace features a lab-created 5.5 carat diamond at its center, cradled by a hand on a 14-carat diamond chain.

From a floor price of 5 ether (about $8,300), bids will increase in 3% intervals until no higher bid is placed within a 24 hours period.

The auction mechanics reward early bidders as subsequent bids not only refund the unsuccessful bidders’ gas fees on the Ethereum mainnet, but also generate a small bonus.

Loading Tweet..

The necklace is designed by artist Nahiya Su and produced by FOUNDO, which describes itself as a Web3-native jewelry brand.

The final winner will receive a pair of NFTs — one embedded in the necklace using a Near-Field Communication chip — and a second commemorative NFT designed by a Sotheby’s featured surrealist artist called 1dontknows.

Bounce’s aim is to apply its research on auction formats to a variety of DeFi use cases including NFTs, tokens and advertising space. Currently, four standardized auction formats, which have been audited by Salus Security, are available to developers via an SDK.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (2).png

Research

Uniswap confronts structural headwinds as Ethereum's dominance in DEX volume erodes while Solana emerges as the leading ecosystem. Despite massive historical volume, UNI token holders receive no revenue distribution after four years of operation, while multi-chain expansion efforts consistently underperform due to subsidized local competitors. Recent initiatives including Unichain L2 and V4 protocol upgrades have failed to generate meaningful organic adoption despite substantial incentive programs, highlighting the challenge of competing in increasingly fragmented markets without sustainable value accrual mechanisms.

article-image

Total stablecoin supply sits at $249 billion

article-image

Why nobody can ever truly “win” Bitcoin mining

article-image

Privy said it would still operate as an “independent product” despite the acquisition

article-image

Franklin Templeton’s Roger Bayston tells Blockworks that stablecoins and market funds ‘complement’ each other

article-image

Analysts are lowering their earnings estimates for Big Tech, while BTC continues to outperform top names

article-image

The updates could set the Solana ETFs on a path to approval within the next few months