Key Terms
Collateral (Locked asset)
Collateral (Locked asset)
The onchain asset locked by the borrower for the duration of the loan. The lender receives this asset if the loan is not repaid at maturity.Collateral can be any Solana asset (verified tokens on Jupiter). NFTs will be supported after launch.
USDC (Borrowed / Lent asset)
USDC (Borrowed / Lent asset)
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.
LTV (Loan-to-Value)
LTV (Loan-to-Value)
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.
Loan duration
Loan duration
The fixed time period during which the collateral is locked and the loan is active. On Offerbook, loan duration is fixed at 3 days. Once the loan starts, it cannot be changed.
APR (Annual Percentage Rate)
APR (Annual Percentage Rate)
Displayed when creating a borrow offer. Represents the annualized cost of borrowing, fixed for the entire loan duration.
APY (Annual Percentage Yield)
APY (Annual Percentage Yield)
Displayed when creating a lend offer. Represents the annualized return for the lender, fixed for the entire loan duration.
Maturity
Maturity
The point at which the loan duration ends. At maturity, the borrower must have repaid the loan (principal + interest). If not, the collateral is transferred to the lender.
Collateral transfer
Collateral transfer
The transfer of collateral from the borrower to the lender when the loan is not repaid at maturity.Unlike price-based liquidations in classical lending protocols, this event is triggered only by the passage of time, not by collateral price movements. There is no sale on the market; the collateral is simply transferred to the lender. No fees are charged on the transfer.
Partial acceptance
Partial acceptance
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.
Offer expiration (24h)
Offer expiration (24h)
All published offers expire after 24 hours. Because Offerbook does not use price oracles, the terms of an offer are based on market conditions at the time of creation. A 24-hour expiration limits the risk of offers being accepted at terms that no longer reflect current market prices.
Escrow wallet (Lenders)
Escrow wallet (Lenders)
A dedicated wallet, separate from the lender’s main wallet, used to hold USDC while interacting with Offerbook. Each user has one escrow wallet.Lenders must deposit USDC into the escrow before creating offers. When an offer is accepted, the USDC is transferred to the borrower and the collateral is locked onchain. The escrow allows lenders to create multiple offers using the same balance. Only offers covered by the current balance are visible to other users.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
If the loan is not repaid by maturity, the entire collateral is transferred to the lender. There are no reminders, extensions, or second chances.
Loan Lifecycle
A loan on Offerbook follows a deterministic lifecycle with four stages.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. The offer is visible for up to 24 hours.
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 ().At this stage, a calendar reminder can be added to track the loan’s maturity date.
Loan active (3 days)
The loan runs for the full duration. Collateral cannot be accessed by either party. No price-based liquidation can occur. The borrower can repay at any time.
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:| Parameter | Description | Configurable? |
|---|---|---|
| Collateral asset and amount | The onchain asset locked as security | Yes |
| USDC amount | The liquidity borrowed or lent | Yes |
| LTV | Ratio between USDC amount and collateral value (in %) | Yes (linked to USDC amount) |
| APR / APY | Cost of borrowing (APR) or return for lending (APY), annualized | Yes |
| Loan duration | Time period of the loan | Fixed at 3 days |
| Partial or full acceptance | Whether the offer can be partially filled | Yes (except NFT collateral) |
| Offer expiration | How long the offer stays visible | Fixed at 24 hours |
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.