{
  "schema": 1,
  "state": "not-open",
  "stateNote": "Designed, not operational. No bids are accepted and no money can change hands. The tax and advertising-law setup is not finished.",
  "generated": "2026-09-08",

  "currency": "USD",
  "floor": 3,
  "increment": 1,
  "termDays": 30,
  "reopenFraction": 0.5,
  "antiSnipeMinutes": 10,
  "reviewHours": 48,
  "auctionDays": 7,

  "phases": ["open", "review", "held", "reopening"],

  "slots": [
    { "t": 0,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 1,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 2,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 3,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 4,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 5,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 6,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 7,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 8,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 9,  "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 10, "state": "closed", "opening": 3, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null },
    { "t": 11, "state": "not-for-sale", "opening": null, "current": null, "bids": 0, "holder": null, "endsAt": null, "lastClearing": null }
  ],

  "notes": {
    "floor": "One floor for every tier, deliberately. The slots are worth very different amounts — the largest covers 71x the area of the smallest — but a floor is not a valuation. Price discovery is the auction's job; setting eleven different reserves would be guessing eleven times.",
    "t11": "The black hole is not for sale at any price: it pulls the other planets in, so a brand holding it would swallow every other sponsor's mark on the board.",
    "decay": "reopenFraction 0.5 keeps a slot liquid but, with a single interested bidder, walks the price down to the floor in about three cycles (10 -> 5 -> 3). See the page for the alternative."
  }
}