🌊 Liquid Staking's TVL has soared to a new all-time high of $63.3B, according to @DefiLlama!

This monumental achievement underscores the surging interest and confidence in liquid staking solutions

A huge shout out to the communities and innovators driving this growth! 💙 https://t.co/RhESflEHY4
— Open Dollar (@open_dollar)
Apr 27, 2024

We're excited to announce that the $OD stablecoin token is now live on @CamelotDEX!

You can find the OD/ETH pool here:
https://t.co/gZkU2W9X73 https://t.co/M6Zyx4Pt99
— Open Dollar (@open_dollar)
Apr 29, 2024

https://t.co/q4eTFy3JKF
— Open Dollar (@open_dollar)
Apr 29, 2024

Join us this Thursday at 3 PM UTC as we explore the ideal DAO governance mechanics with our CEO @CupOJoseph and @AragonProject, an industry leader in DAO software 🌐

Don't miss it! https://t.co/DDdYMXG042
— Open Dollar (@open_dollar)
Apr 29, 2024

🌟 Breaking records and planting futures!

Congratulations to our sponsee @JimiCohen for setting a new @GWR by planting over 30,000 trees in 24 hours! 💪

We're proud to support his mission to make a brighter future for the planet 🌍

Let's all echo Jimi's call to action and… https://t.co/53o0LEYaZz https://t.co/hwvAnDJnTb
— Open Dollar (@open_dollar)
Apr 30, 2024

📰 The Open Dollar Newsletter releases today!

📥 Check your inboxes for all our April highlights and a preview of what’s to come!

📬 If you haven’t yet, be sure to subscribe to stay updated with all the latest news!

https://t.co/3PVOnbfWlb https://t.co/ESiN5GpNQY
— Open Dollar (@open_dollar)
Apr 30, 2024

The supply of stablecoins rose more than 14% in the first quarter as market participants continued to increase their usage 📈

🔗https://t.co/nla4hJPA3o https://t.co/oEuaB2zkob
— Open Dollar (@open_dollar)
May 1, 2024

⌛️ Just one hour left until the DAO Mechanics X Spaces with @AragonProject & our CEO @CupOJoseph!

🔗 https://t.co/uiiSkYfURu

See you there 👀 https://t.co/P27MDQVcDd
— Open Dollar (@open_dollar)
May 2, 2024

You can currently borrow the OD stablecoin against Rocketpool's rETH for 1.75% APY, with no other fees.

And you keep earning 100% of the yield from your deposit.

Only on Open Dollar. https://t.co/fd2VDln1tS
— Open Dollar (@open_dollar)
May 3, 2024

We proudly support @Giveth on their mission to make the world a better place via funding public goods projects!🙌💙 https://t.co/MPNE2hhJ4p
— Open Dollar (@open_dollar)
May 3, 2024

Congratulations @Arbitrum! 🎉

Being the first L2 to surpass $150B in swap volume is a testament to the scalability and efficiency of the platform.

Open Dollar is proud to be built on Arbitrum, powering the next wave of decentralized innovation! 🚀 https://t.co/Roun96RF4f
— Open Dollar (@open_dollar)
May 6, 2024

1️⃣ Exciting times ahead for Open Dollar with the launch of mainnet featuring unique auction mechanisms designed to boost protocol stability and liquidity 🌊

Let's dive into how these auctions work and what they mean for you 👇 https://t.co/GYRckszfXx
— Open Dollar (@open_dollar)
May 7, 2024

2️⃣ Collateral Auctions

These are triggered during vault liquidations 🌊

The seized collateral is sold in exchange for OD 💱

The OD that is received by an auction is burned 🔥 https://t.co/YV2GELpfKe
— Open Dollar (@open_dollar)
May 7, 2024

3️⃣ Increasing Discount

To attract bidders, collateral is sold at an initial discount

This discount increases until a maximum value is reached at the discount deadline timestamp

This ensures that the auctions are competitive and fair 📉
— Open Dollar (@open_dollar)
May 7, 2024

4️⃣ Settlement

These auctions have no set deadline and continue until all collateral is sold or the needed amount of OD is raised

If the latter occurs, any remaining collateral is returned to the vault owner

This ensures no excess collateral is sold off 🔄
— Open Dollar (@open_dollar)
May 7, 2024

5️⃣ Surplus Auctions

Here, surplus OD inside the protocol is auctioned off for ODG

The ODG collected is also burned 🔥 https://t.co/PU2lCCF2ME
— Open Dollar (@open_dollar)
May 7, 2024

6️⃣ How to Bid in Surplus Auctions?

You'll need to bid a higher amount of ODG for a fixed amount of OD

Each subsequent bid must be at least 3% higher than the last
— Open Dollar (@open_dollar)
May 7, 2024

7️⃣ Debt Auctions

Reserved for emergency circumstances in the event of uncovered bad debt, these auctions mint and sell new ODG in exchange for OD

This process ensures the protocol can recover from debts efficiently by leveraging its own governance token 🪙 https://t.co/zQAPUYeMrC
— Open Dollar (@open_dollar)
May 7, 2024

8️⃣ How to Bid in Debt Auctions?

You bid a fixed amount of OD for a decreasing amount of ODG

This means each new bid must accept less ODG for the same amount of OD, ensuring the most efficient debt recovery possible ⬇️
— Open Dollar (@open_dollar)
May 7, 2024

9️⃣ Claim Tokens

Both auction types feature a 'Claim Tokens' button, allowing you to retrieve your OD or ODG if outbid

This ensures that even if you don't win the auction, your funds are returned to your account promptly 🔄
— Open Dollar (@open_dollar)
May 7, 2024

🔟 Why It Matters

These auction mechanisms are crucial for maintaining the health and stability of the Open Dollar protocol

By participating, users help ensure the system is robust and capable of handling market dynamics🌍
— Open Dollar (@open_dollar)
May 7, 2024