How to Bid on Collateral
This simple steps will guide you on how to bid on collateral (ATOM in this particular case) on ORCA.
Last updated
This simple steps will guide you on how to bid on collateral (ATOM in this particular case) on ORCA.
Last updated
Navigate to orca.kujira.app
Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
Select the appropriate collateral market–in this case ATOM/USK and click the blue ‘View Market’ button on the far right. The types of collateral markets can also be toggled by clicking on lending & perpetuals to allow or prevent those associated markets from showing (whether lending or perpetuals)
Look at the spread of user bids on the dashboard displayed on the left side of the screen. Use that information to perform the next few steps
To place a bid, select a desired premium (discount) for liquidated collateral
Select the total amount of USK that you would like to bid to purchase liquidated ATOM
Deselect the first toggle if you aren’t comfortable with SeaShanty autoactivating your ORCA bid. If you do deselect this, you will need to manually activate it yourself 10 minutes later or else the bid will not be active and will not purchase liquidated collateral in case of liquidation
Select the second toggle to confirm that you acknowledge that withdrawals of a successful bid will include a 0.5% fee–with all fees paid to KUJI stakers
Finally, once the above steps have been completed, click the blue “Place my Bid” button and pay gas fees