Democratized DeFi Liquidations
Built on Kujira, ORCA is the world's first public marketplace for bidding on liquidated collateral. By effectively participating in a Dutch auction, users are able to obtain liquidated collateral at up to a 30% discount. To bid on liquidated collateral on ORCA, users can select the desired market and premium, input the amount they want to bid, and hit the "Place My Bid" button.
ORCA operates using a queue-based and anti-bot approach, filling bids from the smallest discount to the biggest. This helps to find an optimal discount rate and prevents immediate selling and damage to the market by bot operators. Instead, liquidated assets are purchased by community members who often have a stake in the longer-term success of partner platforms and may increase their ownership rather than immediately selling.
In this way, ORCA offers several benefits for partner money markets and users, including a user-friendly interface, transparent bidding process, nearly instant settlement of liquidations, robust yet capital efficient approach, and strong community. Users can report bugs and give feedback on our Telegram or Discord.
Furthermore, at present we have basic ORCA liquidation analytics available for all users on all of our ORCA markets. In the future, we will have more sophisticated liquidation analytics incorporated as well.
FIN, ORCA, and USK all have co-integrations. USK relies on ORCA as a liquidation settlement layer. You can read more here. FIN will be using ORCA in the near future to support Kuijra Futures.