Assets
What assets can I use as collateral?
What assets can I use as collateral?
Any Solana asset (verified tokens on Jupiter) can be used as collateral. NFTs will be supported after launch, with expansion to RWAs planned.
What asset can I borrow or lend?
What asset can I borrow or lend?
USDC is the only asset that can be borrowed or lent on Offerbook.
Offers
How do I create an offer?
How do I create an offer?
Both borrowers and lenders can create offers through a step-by-step flow: choose a side (borrow or lend), define the collateral asset and amount, USDC amount, LTV (Loan-to-Value, the ratio between borrowed USDC and collateral value), and APR (Annual Percentage Rate, for borrowers) or APY (Annual Percentage Yield, for lenders). The offer is then published in the offerbook.Lenders: Make sure your escrow wallet has sufficient USDC before publishing. Offers without enough balance will not be visible to other users.
Can I edit an offer after publishing it?
Can I edit an offer after publishing it?
No. To change the terms of an offer, you need to remove it and create a new one.
Can I remove an offer before it expires?
Can I remove an offer before it expires?
Yes. An offer can be removed at any time before it is accepted. No fees are charged.
How long does an offer stay in the offerbook?
How long does an offer stay in the offerbook?
All offers expire after 24 hours. Because Offerbook does not use price oracles, the 24-hour expiration limits the risk of offers being accepted at terms that no longer reflect current market conditions.
Can I accept an offer partially?
Can I accept an offer partially?
Yes. Offers can be accepted partially or in full. Partial acceptance is not available for offers using NFT collateral, since an NFT cannot be partially transferred.
Is there a minimum or maximum amount for an offer?
Is there a minimum or maximum amount for an offer?
No. There are no minimum or maximum limits on offer amounts.
Is there a limit on the number of active offers?
Is there a limit on the number of active offers?
No. Users can have multiple offers active at the same time.
Loans
How does a loan start?
How does a loan start?
A loan starts when an offer is accepted. Once matched, the collateral is locked onchain via a smart contract (a PDA, or Program Derived Address, which is a program-owned account on Solana with no private key) and the USDC is transferred. All loan terms are fixed and immutable from that point.
How long does a loan last?
How long does a loan last?
All loans on Offerbook have a fixed duration of 3 days. This cannot be changed once the loan starts.
Can a borrower repay the loan early?
Can a borrower repay the loan early?
Yes. Borrowers can repay the loan at any time before maturity. The full interest for the agreed 3-day duration is owed regardless of when the repayment occurs. There is no partial interest or fee reduction for early repayment.
What happens at maturity if the loan is not repaid?
What happens at maturity if the loan is not repaid?
At the end of the 3-day loan duration, if the loan has not been repaid, the entire collateral is transferred to the lender. There is no sale on the market; the collateral goes directly to the lender. There are no reminders, extensions, or margin calls. No fees are charged on the transfer.
Can a loan be affected by market movements during its duration?
Can a loan be affected by market movements during its duration?
No. There are no price-based liquidations on Offerbook. Collateral value is not monitored during the loan. The collateral can only be transferred to the lender at maturity if the loan is not repaid.
Where is the collateral stored during the loan?
Where is the collateral stored during the loan?
The collateral is locked onchain via a smart contract (technically a PDA, Program Derived Address) for the full duration of the loan. Neither the borrower nor the lender can access it during this period.
What happens if my collateral is a yield-bearing token (e.g., an LST)?
What happens if my collateral is a yield-bearing token (e.g., an LST)?
For tokens where yield accrues in the token value itself (such as liquid staking tokens), the collateral value will grow during the loan. For tokens where yield must be actively claimed, the yield may not be accessible while the collateral is locked.
Fees
What fees does Offerbook charge?
What fees does Offerbook charge?
Offerbook applies fees at two stages:
- At loan start: 25% of the estimated total interest is taken immediately (USDC).
- At repayment: 10% of the interest is deducted from the borrower’s repayment.
Who pays the fees?
Who pays the fees?
The borrower pays fees at loan start and at repayment. No fees are charged on collateral transfers.
How does the fee at loan start work in practice?
How does the fee at loan start work in practice?
If a lender fills a borrow offer, the borrower receives the USDC amount minus the fee. If a borrower fills a lend offer, the borrower pays the fee right after receiving the USDC.
Is interest reduced if I repay early?
Is interest reduced if I repay early?
No. The full interest for the agreed 3-day duration is always owed, regardless of when the repayment occurs.
What is the referral program?
What is the referral program?
Offerbook offers a referral system where up to 50% of protocol fees can be shared:
- Referrers earn 30% of the protocol fees generated by their referees
- Referees receive a 20% fee rebate
- The protocol retains the remaining 50%
Can fees change?
Can fees change?
Yes. Fees are set in the onchain configuration and can be updated by protocol admins. The rates described above are the current defaults.
Risks
What are the main risks for borrowers?
What are the main risks for borrowers?
If you do not repay before the end of the 3-day loan duration, your entire collateral is transferred to the lender. There are no margin calls, reminders, or extensions. Repayment timing is your responsibility. The full interest is always owed, even if you repay early.
What are the main risks for lenders?
What are the main risks for lenders?
Collateral value is not monitored during the 3-day loan. If the collateral loses significant value before maturity, you receive the collateral token directly (not USDC), and may need to sell it at a loss. The higher the LTV (Loan-to-Value), the higher this risk.
Are there price-based liquidations?
Are there price-based liquidations?
No. Offerbook loans are time-based. Market price movements during the loan do not trigger any liquidation or margin call. If the loan is not repaid at maturity, the collateral is simply transferred to the lender.
Has Offerbook been audited?
Has Offerbook been audited?
Yes. Offerbook has been audited by Spearbit.
Escrow Wallet
What is the escrow wallet?
What is the escrow wallet?
The escrow wallet is a dedicated wallet for lenders, separate from the main Solana wallet, used to hold USDC while interacting with Offerbook. Each lender has one escrow wallet, visible in the interface alongside the main wallet balance.
Do I need to deposit USDC into my escrow before creating a lend offer?
Do I need to deposit USDC into my escrow before creating a lend offer?
Yes. Lenders need to deposit USDC manually before creating offers. You can create offers without sufficient balance, but they will not be visible to other users until the balance covers them.
Can my escrow balance support multiple offers?
Can my escrow balance support multiple offers?
Yes. The escrow allows lenders to create multiple offers using the same USDC balance. Only offers covered by the current balance are visible. When an offer is accepted and USDC is transferred, remaining offers may become hidden if the balance no longer covers them.
Can I withdraw from my escrow at any time?
Can I withdraw from my escrow at any time?
Yes. You can withdraw USDC at any time. If withdrawing makes your balance insufficient to cover active offers, those offers are automatically hidden.
Is there a cost to create the escrow wallet?
Is there a cost to create the escrow wallet?
Yes. Creating your escrow wallet requires a small amount of SOL to cover Solana account rent for the escrow account and its token accounts.
Do borrowers use the escrow wallet?
Do borrowers use the escrow wallet?
No. Borrowers do not use the escrow wallet. When a borrow offer is accepted, collateral is locked directly from the borrower’s wallet.