Dutch Auction

An auction that starts at a high price and lowers it steadily until a buyer accepts, discovering the clearing price by descent rather than by bidding up. In crypto it's used for fairer token launches (avoiding the gas-war stampede and instant-flipper problems of fixed-price sales) and for DeFi liquidations (selling seized collateral at the best price the market will bear rather than a fixed discount). Parameter choices — starting price and rate of decline — materially shape the outcome.