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Offerbook is a fully permissionless protocol. Anyone can participate: both borrowers and lenders publish offers with their own terms, expressing their intentions openly without restrictions or approval. There are no price oracles, no price-based liquidations, and no intermediaries. This openness means that risk evaluation is the responsibility of each user. Offerbook removes price-based liquidation risk, but does not remove market risk.

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What Offerbook Removes

Price-based liquidation risk

Collateral is never liquidated due to market price movements during the loan.

Oracle risk

Offerbook does not rely on price oracles for loan execution. No risk of oracle manipulation or stale price feeds.

Intraloan volatility risk

Price swings during the loan duration do not trigger margin calls, adjustments, or forced closures.

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What Remains

Collateral price uncertainty

The value of the collateral at maturity may be higher or lower than at loan creation. This risk exists for both sides.

Opportunity cost

Collateral is locked for the full 3-day loan duration. It cannot be used, traded, or withdrawn until the loan is resolved.

Counterparty-style exposure

Lenders are exposed to the quality and price trajectory of the collateral asset they accept.

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Risk by Role

If you do not repay before maturity, your entire collateral is transferred to the lender. There are no reminders, margin calls, or extensions.
Key risk factors:
  • Repayment timing is entirely your responsibility. Use the calendar reminder at offer acceptance.
  • Full interest is owed regardless of when you repay. Early repayment does not reduce the interest amount.
  • Collateral is locked for the full 3-day duration. You cannot access it until the loan is resolved.

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Key Principle

Offerbook shifts risk management from automated, price-based systems to user-defined, time-based terms. Both borrowers and lenders must evaluate their exposure before committing to a loan.

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Audits

Offerbook has been audited by Spearbit.