# YFI Buyback Auctions **URL:** \ **Category:** Feedback\ **Created:** [17 April 2021 09:33 UTC](https://gov.yearn.fi/t/yfi-buyback-auctions/10491 "2021-04-17T09:33:10Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![banteg](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.yearn.fi/banteg/32/3608_2.png) [@banteg](https://gov.yearn.fi/u/banteg)\ **Post date:** [17 April 2021 09:33 UTC](https://gov.yearn.fi/t/yfi-buyback-auctions/10491/1 "2021-04-17T09:33:10Z")
As per YIP-56, we periodically buy back YFI with a portion of protocol earnings. We’ve been experimenting with different options such as market orders on DEXes, OTC deals and, most lately, auctions. Gnosis has recently unveiled their system for [batch auctions](https://medium.com/@gnosisPM/introducing-gnosis-auction-ac30232b3595) which seems like a perfect fit because it allows to determine a fair price and it’s not susceptible to frontrunning and is not dependent on the time of the bid. There are currently two live auctions to buy back YFI: - [Sell YFI for USDC](https://gnosis-auction.eth.link/#/auction?auctionId=15&chainId=1#topAnchor) - [Sell YFI for DAI](https://gnosis-auction.eth.link/#/auction?auctionId=16&chainId=1#topAnchor) The batch auction mechanism is presented below: ![Gnosis_auction_doc_diagram_GP_auction_diagram](https://europe1.discourse-cdn.com/flex013/uploads/yearn/original/2X/e/ec2a1ca3acae63314f9c7ca30ecb6813e1374bd6.jpeg) In case of inverted price (i.e. DAI per YFI) it works like this: 1. The auctioneer sets the **maximum price** they want to pay (e.g. 1 YFI = 404,789 DAI) 2. Bidders bid any amount of YFI at the **minimum price** they’d accept (e.g. 1 YFI = 60,000 DAI) 3. Orders are sorted by increasing price and tallied until they fill the requested amount **at the price of the current order** , e.g. if there are orders for 1 YFI each at 60k, 80k, 100k, 125k, they will all be filled at 125k, with the last one being only partially filled, and the remaining orders untouched. Update: [another explainer](https://hackmd.io/@JKXxohZKQIq1pvaefaYeJA/BJ_2IVdI_) ---
**Author:** ![banteg](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.yearn.fi/banteg/32/3608_2.png) [@banteg](https://gov.yearn.fi/u/banteg)\ **Post date:** [18 April 2021 09:38 UTC](https://gov.yearn.fi/t/yfi-buyback-auctions/10491/3 "2021-04-18T09:38:10Z")
The [first auction](https://etherscan.io/tx/0xd98fbb7bf97afe0b71a0da98f9140e75d2ca2b825509b843da18b5d213fd1cf1) was only partially filled, it has bought 2.4291771207816 YFI for 109,422 USDC (45,045 USDC/YFI). The [second auction](https://etherscan.io/tx/0xcb0730339b003546355f455f0267e12822c568e0a13736fb1f2afabcaef6ec22) I deem successful, it has bought 8.6327361910850445 YFI for 404,789 DAI (46,890 DAI/YFI), which is very close to the market price at the moment ($46,887) and better than what we’d get with a market buy. ## Previous buybacks | Date | Method | Bought | Sold | Transactions | | --- | --- | --- | --- | --- | | 2020-12-01 | Sushiswap | 4.256402968 | 180 ETH | [swap](https://etherscan.io/tx/0x898ab224087ec7127435a33ee114e6b392e51cdc82a4409fb9db67775bd1edca) | | 2020-12-26 | Uniswap | 2.172542 | 79.98 ETH | [swap](https://etherscan.io/tx/0x76dc403213e0bf584a9f9c8a6894efdb15696102e06eba5b4ae811eb68e1594a) | | 2021-02-11 | Sushiswap | 3 | 76.04 ETH | [swap](https://etherscan.io/tx/0x3ba7f549aff129df62cc5b98491d11f57465b6d71627261ef2c9c6e0d54ff9b2) | | 2021-03-25 | OTC | 6.180626332 | 200,000 USDC | [incoming](https://etherscan.io/tx/0x6b03dc7095e693f399c862705f9095d1dac92f7d1f84a6fefdba1e877c965cce), [outgoing](https://etherscan.io/tx/0x4cf8c8409e0363e83c32e5feaba5453ff6d23870482b39aa3674a475d73fd1b0) | | 2021-04-07 | OTC | 5.169962518 | 200,000 USDC | [incoming](https://etherscan.io/tx/0xc8a7d4719e84b061a9557e9a4ddc540e8d04455fbbe0a7a855cf81dd23e3f595), [outgoing](https://etherscan.io/tx/0x0316f8c28c2b92421df4586ce8732e20acb556bd84bc72cb10a1001ac5213947) | | 2021-04-14 | OTC | 5.558643690 | 250,000 USDC | [incoming](https://etherscan.io/tx/0xea25b0ecceeade5039be3c864a440a27dde70b72c85ba8a399c56bde1e21bdf2), [outgoing](https://etherscan.io/tx/0xe9894091d0e8ecc53c1448c5fa15b1ffd60738fd56587537db9e9395edb4235d) | | 2021-04-17 | Gnosis Auction | 2.429177120 | 109,422 USDC | [initiate](https://etherscan.io/tx/0xf1932d22978b0e084ddf6b3c86e4d3aba8c7f937abde4f91748a95cd9e99dcca), [settle](https://etherscan.io/tx/0xd98fbb7bf97afe0b71a0da98f9140e75d2ca2b825509b843da18b5d213fd1cf1) | | 2021-04-18 | Gnosis Auction | 8.632736191 | 404,789 DAI | [initiate](https://etherscan.io/tx/0x44e6c3f3b90c4a8d96489f36ac17701eda9ad61cd87f5131b4c1389ee36f8ff9), [settle](https://etherscan.io/tx/0xcb0730339b003546355f455f0267e12822c568e0a13736fb1f2afabcaef6ec22) | | 2021-04-24 | 1inch | 2.430758034 | 100,000 USDC | [outgoing](https://etherscan.io/tx/0x17faddb9126e2117cdb3be0a0c70b41ed0ea32e7dd4bfcfee2efc2115acef304), [trade](https://etherscan.io/tx/0xa9ff710554b57e9f753c020f1ec227b69ad64a1931a924f86b8961219a410874), [incoming](https://etherscan.io/tx/0xbe44b7bce997c4312366158b3b71da28b5df708b36e80d8def31250c4107918a) | | 2021-04-26 | 1inch | 2.302923104 | 100,000 USDC | [outgoing](https://etherscan.io/address/0x5f0845101857d2A91627478e302357860b1598a1), [trade](https://etherscan.io/tx/0x1f694a56d0d7e63a88b9b523d6b8dfce14b5c58452151790688f75d174b935d5), [incoming](https://etherscan.io/tx/0xc0f200d1dc865ad491d9c8af8717a0ac0d949e78ad5e755ab301bba07a43a5c9) | ---
**Author:** ![system](https://europe1.discourse-cdn.com/flex013/uploads/yearn/original/2X/9/9ae7183c96201b2e9a60ad06d0d7664a3e90aeb0.png) [@system](https://gov.yearn.fi/u/system)\ **Post date:** [25 April 2021 09:38 UTC](https://gov.yearn.fi/t/yfi-buyback-auctions/10491/4 "2021-04-25T09:38:32Z")
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