Using Offerbook

This page explains how to create, evaluate, and manage offers on Offerbook. If you’re not yet familiar with the core mechanics (loan lifecycle, collateral transfer, offer expiration), start with Key Concepts. Offerbook works differently from classical lending protocols. Understanding the flow and the trade-offs upfront helps you build the right strategies and avoid common mistakes.

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Escrow Wallet

All funds on Offerbook transit through a dedicated escrow wallet, separate from your main Solana wallet. Each user has one escrow wallet, but it works differently depending on your role.

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For Lenders

The escrow wallet is visible in the interface next to your main wallet balance.

• Deposit USDC manually before creating lend offers.
• You can create multiple lend offers from the same USDC balance. All of them are visible at the same time.
• When one offer is accepted, the USDC leaves the escrow. Any remaining offers that are no longer covered by the balance are hidden automatically.
• When a borrower repays, the USDC (principal + interest, minus fees) returns to your escrow, where it can be reused for new offers without withdrawing first.
• You can deposit and withdraw at any time.
• When accepting a borrow offer, USDC is transferred to your escrow automatically if needed.

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For Borrowers

The escrow is used in the background but is not visible in the interface.

• When creating or accepting an offer, your collateral transits through the escrow automatically in a single transaction.
• When you repay your loan, the collateral is returned directly to your wallet.
• You do not need to manually deposit or withdraw from the escrow.

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Solana Costs

Using Offerbook involves three types of cost:

• Network fees — Solana gas, tiny (~0.000005 SOL per signature). Never refunded.
• Account rent — a refundable deposit Solana requires for each new account. Returned when the account is closed.
• Protocol fees — Offerbook’s cut, taken in USDC. Never refunded. See Fees & Costs.

Account rent is the largest SOL figure you will see, but most of it comes back:

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Creating an Offer

Offerbook uses a step-by-step flow to guide you through offer creation. The process is the same for borrowers and lenders, with labels adapted to each side.

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Offer Parameters in Detail

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Collateral (Locked) Asset and Amount

The collateral asset defines what you lock (as a borrower) or accept as collateral (as a lender). Collateral can be any Solana asset (verified tokens on Jupiter, RWAs such as xStocks, NFTs from whitelisted collections). When choosing collateral, consider:

• Liquidity of the asset (can the lender sell it easily if they receive it?)
• Volatility over the loan duration
• Comfort holding the asset (relevant for lenders who may receive it)

RWA collectibles partners

Some NFT collateral on Offerbook is issued by RWA tokenization partners that link each NFT to a professionally graded physical collectible (Pokémon and other trading cards, sports cards, anime, etc.) held in an insured vault. The NFT represents 1:1 ownership of the underlying card, which can typically be redeemed for shipment through the partner’s platform. Current RWA collectibles partners visible as Offerbook collateral:

• Phygitals — Solana-based marketplace for tokenized graded cards.
• Collector Crypt — Solana-based platform for graded cards (Pokémon and beyond) with vault custody.

For offers using collateral from one of these partners, Offerbook displays an Item details panel on the offer page with metadata specific to the underlying card. The exact fields depend on the partner, but commonly include: Grade, Grader (PSA, BGS, CGC, Beckett, etc.), Cert Number, Title, Category, and Language. A View on [partner] link opens the partner’s page for the item. These specialized views are read-only and do not change how the loan works on Offerbook — the underlying mechanic (escrow, LTV, duration, claim at maturity) is identical to any other NFT collateral. Redemption of the physical card is handled entirely by the partner, outside of Offerbook.

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LTV (Loan-to-Value)

The LTV (Loan-to-Value, the ratio in % between the borrowed USDC amount and the collateral value) defines how much USDC can be borrowed against the collateral (as a borrower) or the risk exposure accepted (as a lender). The borrowed amount and the LTV represent the same relationship, expressed in two different ways. Changing one automatically updates the other. Example: You lock $1,000 worth of collateral.

• If you set the LTV to 50%, you can borrow 500 USDC.
• If instead you set the borrowed amount to 700 USDC, the LTV automatically updates to 70%.

LTV considerations for borrowers: A higher LTV means accessing more USDC relative to your collateral, but it generally requires paying a higher interest rate (APR) to attract a lender willing to accept the increased risk. LTV considerations for lenders: A higher LTV typically comes with higher returns (APY). However, it increases the risk that the collateral may be worth less than the USDC lent if the borrower does not repay. Higher LTVs are commonly used for shorter-term loans, while lower LTVs are more often associated with longer durations.

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APR / APY

The APR (Annual Percentage Rate, the annualized cost of borrowing) defines what the borrower pays. The APY (Annual Percentage Yield, the annualized return for lenders) defines what the lender earns. APR / APY is:

• Fully defined by the user at offer creation
• Market-driven (offers with unrealistic rates may remain unmatched)
• Fixed for the entire duration of the loan

The interface also displays the Effective APR / APY, which accounts for platform fees. Effective APR is higher than the offer APR because the 25% upfront fee is added on top of the interest. Effective APY is lower than the offer APY because the 10% fee is deducted from the interest received.

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Loan Duration

Loan duration is set by the offer creator (borrower or lender) and can range from 1 to 30 days. Common presets are 3D, 7D, and 30D. The countdown starts when the offer is accepted, not when the offer is published.

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Allow Partial Fill and Minimum Fill Amount

The offer creator decides how their offer can be accepted:

• Partial fill enabled: counterparties can accept any amount equal to or greater than the Minimum Fill Amount (set in USD).
• Partial fill disabled: the offer must be filled in full by a single counterparty.

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Evaluating an Offer

When viewing or creating an offer, both borrowers and lenders tend to evaluate the same core elements: Together, these parameters determine an offer’s attractiveness. Matching occurs when the terms align with current market demand. If market conditions change, you can renew an expired offer (with the option to adjust LTV) or create a new one with updated terms.

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Accepting an Offer

When you accept an offer, the loan starts immediately and the loan duration begins.

• Lenders accepting a borrow offer: USDC is transferred to the escrow automatically if needed, then to the borrower.
• Borrowers accepting a lend offer: collateral transits through the escrow and is locked onchain automatically.

At this stage, you can add the loan’s maturity date to your calendar using the calendar button provided in the interface. Calendar reminders fire 2 hours before maturity.

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Counter Offers

A counter offer is a proposal to modify the terms of an existing open offer before accepting it. Instead of accepting an offer as-is, any user can suggest different terms back to the offer creator. Counter offers do not lock any funds until accepted. The original offer stays open and visible to other users while counter offers are pending.

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Sending a counter offer

From any open offer, you can propose a counter offer by adjusting one or more of these parameters:

• LTV (Loan-to-Value): change the ratio between borrowed USDC and collateral value
• APR: change the annualized borrowing cost
• Amount: change the borrowed USDC amount

Once submitted, your counter offer is sent to the original offer creator for review. You cannot edit a sent counter offer; if you want to change the terms, cancel it and send a new one.

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Receiving counter offers on your offers

When someone sends a counter offer on one of your open offers, it appears in an accordion beneath your offer so you can review and respond in context. You receive a visual indicator in two places:

• Activity dot on the Positions nav link, signalling that one or more counter offers are waiting for a response.
• Notification (if enabled in Settings), sent through your connected channels (Telegram, Email).

You can either:

• Accept the counter offer: the loan starts immediately at the counter-offer terms. Your original offer is consumed by this acceptance.
• Ignore it: your original offer stays open and other counterparties can still accept it at the original terms or send their own counter offers.

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Managing Loans After Maturity

Loan resolution is not automatic. Both sides have specific actions to take depending on the situation.

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If you are the borrower

• Before maturity: repay at any time to recover your collateral.
• After maturity: you can still repay and recover your collateral, as long as the lender has not claimed it yet. The lender can claim at any moment after maturity, so do not rely on this window.
• The full interest for the agreed loan duration is always owed, regardless of when you repay.

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If you are the lender

• Before maturity: wait for the borrower to repay. There is nothing to do.
• After maturity, if the borrower has not repaid: you must manually claim the collateral by signing a transaction. The collateral is not transferred automatically. Claiming triggers the collateral transfer.
• A 0.1% fee is deducted from the collateral at transfer (no fee on NFT/RWA).

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Common Mistakes to Avoid