What is a second-bid auction system?

A second-bid auction is a system where the highest bidder only pays as much as the second-highest bidder.

 Here’s an example:

  1. You bid 3.0% of your listing price.
  2. Someone clicks on your listing from a bump slot and then purchases it for $100 within the 7-day attribution window.
  3. The next highest bidder bid 2.0% of the listing price.
  4. You’re charged $2 (2% of the $100 listing price) plus the usual selling fees.
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