Debt Auctions

Debt auctions mint and auction new ODG in exchange for OD. The OD that is received by an auction will be used to eliminate bad (uncovered) debt from the system.

How do I bid?

During a debt auction, you will bid a fixed amount of OD for a decreasing amount of ODG. A practical example: if the current ODG bid is 100 for 20,000 OD (resulting in a price of 200 OD/ODG), the next bid must accept less ODG for the same amount of OD. The auction also makes sure that each bid must be at least a certain percentage smaller than the previous one (e.g., the next bid must be at least 3% smaller).

What does the Claim Tokens button do?

In case someone outbids you in a debt auction, your OD bid will be reimbursed to your Open Dollar Account. Claim Tokens can be used to get back OD (and ODG) that is kept in your account.