Surplus Auctions

Surplus auctions sell OD that has accrued inside the protocol in exchange for ODG. The ODG that is received by an auction is burned.

How do I bid?

During a surplus auction, you will bid an increasing amount of ODG for a fixed amount of OD. A practical example: if the current ODG bid is 100 for 20K OD (resulting in a price of 200 OD/ODG), the next bidder must bid more ODG for the same amount of OD. The auction also makes sure that each bid must be at least a certain percentage higher than the previous one (e.g., the next bid must be at least 3% higher).

What does the Claim Tokens button do?

In case someone outbids you in a surplus auction, your ODG bid will be reimbursed to your Open Dollar Account. The “Claim Tokens” button can be used to retrieve ODG (and OD) that is kept in your Account.