Documentation
Mica Bid ($MCBD) is a continuous Solana auction market where live bids and asks—not a bonding curve—set the clearing price. Buyers and sellers post limit orders with their desired prices and limits. The program escrows funds and matches compatible orders using price and time priority, settling crossed orders on-chain. Unmatched orders remain available until filled or canceled.
Market Features
Post Limit Orders
Buyers and sellers submit token amount and price limits; unmatched orders stay on the book until filled or canceled.
Match By Priority
The program ranks compatible orders by best price, then arrival time, and matches them when bid and ask prices cross.
Escrow Before Matching
Order placement escrows the offered asset in the Solana program, preventing a match from settling against unavailable funds.
Settle Crossed Orders
When a bid meets an ask, the program transfers the matched token amount and payment atomically between both parties.
Cancel And Reclaim
A trader can cancel an unfilled order and reclaim its remaining escrow through an on-chain instruction.
How the Auction Works
Place
Choose a token, enter a bid or ask price and amount, then authorize the program to escrow the offered asset.
Match
The program checks open orders for compatible prices and applies price priority followed by order arrival time.
Settle
A crossed order transfers both assets on-chain; any unfilled amount remains open or can be canceled and reclaimed.