> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Auctions

> Stall Permits, Shepherd orders and new Barns from the daily Barn lot.

## Stall Permits

### Buy Permits now

1. Open **Auctions**, then **Permit stalls**. You will see the price per stall, how many are left in this roll and when the roll ends.
2. Choose the Barn and 1 to 3 stalls. A Barn can hold at most 9 Permit stalls.
3. Press **Buy**. The app sets your highest price per stall and a deadline. The Barn's balance pays first. If you choose, your wallet pays the rest after it allows the Ledger to take it.

You can also press **Add Permit stalls** on [Your Barns](https://docs.cashmere.exchange/mountain/barns.md). Each new stall counts toward the Barn's limit of 3 new stalls in a 24-hour window. The CSM you pay is burned out of supply.

### A Permit roll

Permits sell in 12-hour rolls, counted from one hour after the issuance start. The price falls through each roll toward a floor.

Prices are set in [days of one stall's Forage](https://docs.cashmere.exchange/mountain/forage.md#one-stalls-day).

* **Price** = floor + (start - floor) x 2^(-t / half-life). The half-life is 2 hours at launch settings.
* **Floor** = 2 days of one stall's Forage at launch settings.
* **Start**: after a roll that sold, it is the highest of 2 x the last sold close (a roll's close is the price its last Permit sold at), the floor and the Raising price. After a roll that did not sell, it is the higher of 2 x the floor and the Raising price.
* **Raising price** = 35 days of one stall's Forage, less a sixth for each roll that has sold. It is gone once 6 rolls have sold.

![A worked example of one Permit roll's price falling toward the floor.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/permit-roll-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=0257e6e68b94ae47297d9ef2c4904213)

![A worked example of one Permit roll's price falling toward the floor.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/permit-roll-phone-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=adc8c9ff85967f13407938eb3366b6d5)

The numbers are fixed when a roll opens. A new roll is due every 12 hours. The next action opens it, or anyone can press **Open the new roll**. Its price runs from the roll's set start time, so the moment it is opened does not change the price. A new roll usually starts above the last roll's end price. If it opens above your highest price, the buy fails.

### How many Permits

* The day's count is level x Season. The level starts at 10, which gives 10 a day at Season 1.00.
* Each roll offers half of what is left of the day's count after subtracting the goat weight brought In Barn and the Salt Blocks of the last day. No more than 100 are offered in a day.
* The level steps once a day, after the day's two rolls:
  * A day that offered Permits and did not sell out: level x 3/4.
  * Three sold-out days in a row, each closing at 40 days of one stall's Forage or more: level x 1.10. Then the count starts again.
  * The level stays between 5 and the larger of 5 and 1% of all Barn weight.
* **Raising Week** is the first 14 rolls, or 7 days. It offers at least 5 Permits a day (fewer only when the day's count is under 5), a smaller [goat lane](https://docs.cashmere.exchange/mountain/herding-toll.md#the-goat-lane) and one Bring In per Barn per roll.

## Shepherd orders

A Shepherd order buys Permits for you when the price comes down to your limit.

1. Open **Auctions**, then **Shepherd order**, and choose the Barn.
2. Enter 1 to 3 Permits and the most you will pay per stall.
3. Press **Place an order**. With your first order, the app names Mountain's filler account to fill it for you. The filler gets nothing for this.

* Each Barn can have one order, placed by the Deed holder.
* The order is paid only from the Barn's balance when it fills, never from a wallet. Keep the Barn topped up.
* It fills in full when the price reaches your limit, as long as Permits and stall room are left. Only you or the filler you named can fill it. You can name another filler or clear the filler, or press **Fill now** under **Your orders**.
* You can **Cancel the order** at any time. Cancelling is never paused.
* If the Deed changes hands, the order goes stale for good. Anyone can remove a stale order, or an order whose Barn has closed.

## Barn lots

1. Open **Auctions**, then **New Barn**. You will see the current price and the lots left today.
2. Press **Buy a Barn for** the shown price. The app sets your limit at the shown price plus 5%. Any ETH above the price comes back in the same transaction.

Anyone can buy, including contract wallets. The ETH goes to the Gatehouse. The new Barn has one stall and a Deed ID from 1,001 up, and it starts to forage at once.

### The lot price

* There is 1 lot in each 24-hour period at launch settings, starting one hour after the issuance start.
* **Price** = the larger of the reserve now and reserve + (start - reserve) x 2^(-t / half-life). The half-life is 4 hours and the reserve 0.25 ETH at launch settings. The reserve can never go lower.
* **Start** = 3 x the larger of the reference and the reserve. The first period's reference is the final Public price of the founding sale. After that, it is the last sale price if the period before sold, and the reserve if it did not.
* A sale opens the period's next lot at once, at 3 x the larger of that price and the reserve. Unsold lots lapse at the end of the period.


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