How to participate in MCR collateral auctions

Users on the Land platform can participate in MonolithosDAO Flip collateral currency auctions. An auction is carried out when the collateral ratio drops to its minimum of 125%. In this case the collateral ETH is auctioned off in a Flip auction, and this is a great opportunity for users to buy cryptocurrency below the market.

Flip auctions are carried out in 2 stages:

➡️ During the first stage users bid MCR they are ready to pay for the collateral crypto. The target amount for this stage is equal to the size of the collateral +7% liquidation fee.

➡️ The second stage has bidders compete at how much less collateral they take for the amount of MCR established in the first stage of the auction.

The bidder who offers the most attractive deal, wins.