Skip to main content
Offerbook is a peer-to-peer lending protocol on Solana built around fixed-term, time-based loans. Users borrow or lend USDC against onchain collateral, with no price oracles and no price-based liquidations. All loans have a fixed duration of 3 days. This page covers the core concepts behind Offerbook: how loans work, what happens at each stage, and how risk is managed.

​
Key Terms

The onchain asset locked by the borrower for the duration of the loan. The lender can claim this asset if the loan is not repaid after maturity.Collateral can be any Solana asset (verified tokens on Jupiter, RWAs such as xStocks). NFTs will be supported after launch.
The liquidity provided by the lender and received by the borrower. On Offerbook, USDC is the only asset that can be borrowed or lent. This applies to both sides: borrowers receive USDC, lenders supply USDC.
The ratio (in %) between the borrowed USDC amount and the collateral value. It represents how much liquidity is taken out compared to the value of the collateral locked.Example: If you lock $1,000 worth of collateral and set the LTV to 70%, you can borrow 700 USDC.
The fixed time period during which the collateral is locked and the loan is active. On Offerbook, loan duration is fixed at 3 days.The 3-day countdown starts when the offer is accepted (the loan begins), not when the offer is published. Once the loan starts, the duration cannot be changed.
Published offers expire after a set period. Because Offerbook does not use price oracles, the terms of an offer are based on market conditions at the time of creation. Expiration limits the risk of offers being accepted at stale terms.
  • Lend offers expire after 24 hours (fixed).
  • Borrow offers expire after 1 to 7 days (set by the borrower at offer creation).
Once an offer expires, it can be renewed directly without having to recreate it from scratch.
Displayed when creating a borrow offer. Represents the annualized cost of borrowing, fixed for the entire loan duration.
Displayed when creating a lend offer. Represents the annualized return for the lender, fixed for the entire loan duration.
The point at which the loan duration ends (3 days after the offer was accepted). At maturity, the borrower should have repaid the loan (principal + interest). If not, the lender can claim the collateral.
When a loan is not repaid after maturity, the lender can claim the collateral by signing a transaction. The collateral is then transferred directly to the lender. This is not a sale on the market; the lender receives the collateral token itself.Unlike price-based liquidations in classical lending protocols, this event can only happen after maturity, never during the loan. A 0.1% fee is deducted from the collateral at transfer (no fee on NFT/RWA collateral).The borrower can still repay and recover the collateral at any time, as long as the lender has not claimed it.
The ability to accept only a portion of an offer. This allows a counterparty to take a smaller amount than the full offer.Available for all offers except those using NFT collateral, since an NFT cannot be partially transferred.
A dedicated wallet, separate from your main Solana wallet, used to hold funds while interacting with Offerbook. Each user has one escrow wallet. All funds transit through the escrow when creating or accepting offers.For lenders: The escrow is visible in the interface. Lenders deposit USDC manually and can create multiple offers from the same balance. When an offer is accepted, the USDC leaves the escrow. You can deposit and withdraw at any time.For borrowers: The escrow is used in the background but is not visible in the interface. Collateral transits through the escrow automatically in a single transaction. When you repay, collateral is returned directly to your wallet.Creating the escrow wallet requires a small amount of SOL for Solana account rent.

​
How Offerbook Loans Work

Offerbook loans are time-based, not price-based. This is the core difference with classical lending protocols. Once a loan starts:
  • Collateral is locked onchain for the full duration of the loan (3 days)
  • Loan terms cannot be changed
  • No margin calls or price-based liquidations can occur before maturity
Borrowers can choose to repay the loan at any time. The full interest for the agreed 3-day duration is owed regardless of when the repayment occurs.
If the loan is not repaid by maturity, the lender can claim the entire collateral at any time by signing a transaction. Do not rely on any delay after maturity. Always plan to repay before the loan expires.
With time-based loans, risk management is shared between lenders and borrowers. The collateral value at maturity can be higher or lower (in USD terms) than the amount borrowed.

​
Loan Lifecycle

A loan on Offerbook follows a deterministic lifecycle.
1

Offer created

A borrower or lender publishes an offer in the offerbook with their desired terms (collateral, USDC amount, LTV, APR/APY), expressing their intentions openly. Lend offers are visible for 24 hours. Borrow offers are visible for 1 to 7 days (set by the borrower). Expired offers can be renewed without recreating them.
2

Offer accepted — Loan starts

A counterparty accepts the offer, partially or in full. The loan starts immediately. Collateral is locked onchain via a smart contract (). The 3-day loan duration begins at this moment.A calendar reminder can be added at this stage to track the loan’s maturity date.
3

Loan active (3 days)

The loan runs for the full duration. Collateral cannot be accessed by either party. No price-based events can occur. The borrower can repay at any time.
4

Loan resolved

At maturity, the loan resolves in one of two ways:
  • Repaid: The borrower repays principal + full interest. Collateral is returned directly to the borrower’s wallet.
  • Not repaid: The lender can claim the collateral by signing a transaction. A 0.1% fee is deducted from the collateral (no fee on NFT/RWA). The borrower can still repay until the lender claims.
If an offer expires without being accepted (after 24 hours), it is automatically removed from the offerbook. No fees are charged.

​
Offers and Loans

Both borrowers and lenders can create offers. For each offer, the following terms are defined:
ParameterDescriptionConfigurable?
Collateral asset and amountThe onchain asset locked as securityYes
USDC amountThe liquidity borrowed or lentYes
LTVRatio between USDC amount and collateral value (in %)Yes (linked to USDC amount)
APR / APYCost of borrowing (APR) or return for lending (APY), annualizedYes
Loan durationTime period of the loan (starts at acceptance)Fixed at 3 days
Partial or full acceptanceWhether the offer can be partially filledYes (except NFT collateral)
Offer expirationHow long the offer stays visible (separate from loan duration)Lend: fixed at 24h / Borrow: 1-7 days
Together, these parameters determine an offer’s attractiveness. Matching occurs when the terms align with current market demand.

​
Oracles and Pricing

Offerbook does not use price oracles for loan execution. Loans are time-based with fixed terms, so there are no price-based liquidations or margin calls, and no onchain price tracking is required.
Prices shown in the interface are provided by Jupiter’s pricing API and are informational only. They help users estimate values such as LTV, but do not affect loan execution or outcomes.