> For the complete documentation index, see [llms.txt](https://docs.ribbon.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ribbon.finance/theta-vault/theta-vault/auctions.md).

# Auctions

After an initial period of public auctions on Gnosis, we have partnered with [Paradigm](https://www.paradigm.co/) to bring the auctions to their platform and achieve more favorable execution for vault depositors. If you want to participate, take a look at [this section](/theta-vault/user-guides/how-to-participate-in-paradigm-auctions.md).

Among the main reasons for the change is a structural limitation of Gnosis: it clears at the *lowest* possible price where demand meets supply. This means that if A is willing to buy half the supply for $10, and B is willing to buy the other half at $9, the entire auction will clear at $9.

Using the Paradigm system, we are able to run [blind auctions](https://en.wikipedia.org/wiki/First-price_sealed-bid_auction), in all-or-nothing format. This helps to create more price competition between bidders and reduce gaming of the on-chain auction system, ultimately leading to better pricing.

For an in-depth analysis of the auctions, you can check this [Ribbon Research post](https://www.research.ribbon.finance/blog/ribbon-auction-performance-analysis).

As a fee structure, 4bps of the notional volume done by Ribbon go to Paradigm.

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