> For the complete documentation index, see [llms.txt](https://docs.bextree.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bextree.com/getting-started/marketplace-overview.md).

# Marketplace Overview

Every listing on Bextree moves through the same pipeline, regardless of asset class:

```
DISCOVER → VERIFY → LIST → SELL → SETTLE → COMPLETE
```

* **Discover** — connect a wallet and Bextree scans it for eligible assets across all supported protocols.
* **Verify** — Bextree confirms on-chain that you actually own the asset and that it's transferable.
* **List** — set a reserve price and auction length (6 hours to 7 days). LP positions move into the on-chain vault at this point; Streamflow sellers post their settlement bond.
* **Sell** — the auction runs. Bidding is free and non-binding; no funds move while an auction is live.
* **Settle** — the winner funds escrow in USDC and the asset transfers (automatically for vaulted LP positions; within a settlement window for Streamflow).
* **Complete** — the seller is paid, minus the platform fee. Bonds are refunded.

## Auctions, not order books

Bextree uses timed auctions rather than an order book because locked positions are heterogeneous: every vesting contract has a different token, size, and unlock date, and every LP position a different pool and range. Auctions let the market price each one individually.

Auctions end at a **fixed time**. There is no anti-sniping extension window — last-second bids are allowed and the end time never moves.

## What a listing shows

Every listing displays the current bid, time remaining, and how far below market value the position is priced. Face-value estimates are derived from on-chain data, and discount badges are computed against them — but the auction price is set purely by bidding.