# Bid Rakeback

Bid Rakeback is an innovative feature that sets Degen Bid apart from other penny auction sites. With Bid Rakeback, users have the opportunity to receive a percentage of their bids back even if they don't win the auction. This unique feature is made possible by the fact that Degen Bid's transactions happen on-chain, using the Solana blockchain.

Here's how Bid Rakeback works: when a user places a bid on an auction, they risk losing that bid if they are outbid. However, with Bid Rakeback, they will receive a portion of that bid back if they don't win the auction. This means that users can participate in auctions with reduced risk, as they won't lose all of their bids if they don't win.

The amount of Bid Rakeback a user receives depends on the number of Degen Bid NFTs they hold. NFT holders can receive anywhere from 10% to 20% of their spent SPL tokens back, depending on the number of NFTs they hold. This gives users an added incentive to hold Degen Bid NFTs and participate in the platform.

* 1 NFT - 10% Rakeback
* 10 NFTs - 15% Rakeback
* 25 NFTs - 20% Rakeback

Overall, Bid Rakeback is a unique feature that provides a new level of engagement and excitement to penny auction enthusiasts. By reducing the risk of participating in auctions and providing an additional benefit to NFT holders, Bid Rakeback helps make Degen Bid a truly innovative and rewarding platform.
