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There are three types of auctions in the Open Dollar protocol:

  • Collateral Auctions
  • Surplus Auctions
  • Debt Auctions

These auctions occur automatically in the event of vault liquidations, surplus OD, or surplus ODG, providing incentives and opportunities to users to take actions that maintain the health of the protocol.

These auctions are an essential mechanism, ensuring that collateral is sold off in an orderly and fair manner to cover any outstanding obligations.

The process is designed to be transparent and efficient, allowing participants to bid on the assets, thereby contributing to the protocol's stability and liquidity.