> For the complete documentation index, see [llms.txt](https://docs.bounce.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bounce.finance/bounce-auction-mechanisms/orderbook-auction.md). # Orderbook Auction An on-chain order book auction is a type of auction that takes place on a blockchain platform, where buyers and sellers place orders to buy or sell a particular asset, and these orders are matched based on certain criteria. In an on-chain order book auction, the buyers and sellers place their orders on the blockchain platform, and the platform matches the orders based on their price and volume. The auction typically has a set end time, and at the end of the auction, the orders that have been matched are executed, and the trades are settled on the blockchain. The on-chain order book auction is commonly used in the trading of cryptocurrencies and other digital assets on blockchain platforms. It provides a decentralized, transparent, and efficient way to trade these assets, as all the orders and trades are recorded on the blockchain and can be accessed by anyone. Unlike centralized exchanges, where the order book is maintained by the exchange operator, in an on-chain order book auction, the order book is maintained on the blockchain and is accessible to anyone. This ensures that the auction is transparent and tamper-proof, as all the orders and trades are recorded on the immutable blockchain ledger. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.bounce.finance/bounce-auction-mechanisms/orderbook-auction.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.