Accept an Offer - Vaults & Single NFTs
Arcade.xyz has multiple loan offer options for NFT owners looking for liquidity on their assets.
- Instant Liquidity - NFT owners can start a loan with a collection offer instantly - mint and deposit NFT(s) to a Vault and accept a collection offer to access instant liquidity on Arcade.xyz.
- Individual Offers - NFT and Vault holders that have listed assets and received specific offers on the Arcade Loan Marketplace - see more about listing and setting terms on NFTs and Vaults here.
Please proceed through the below steps to accept an offer:1. Once the Vault or single NFT is selected, the asset detail page will show the outstanding offers from lenders on the asset.
Each offer will have details on the economics of the offer including: Principal Amount, Duration, Payoff Amount, and Interest.
On the first visit to the Arcade.xyz platform, NFT owners could see Collection Offers on assets. In order to accept a Collection Offer, the owner must deposit the NFT into a Vault. To view more details on creating and depositing into a Vault, please see Create & Deposit - Vault
- After an asset owner chooses an offer, they should select the Accept button. This will immediately prompt a wallet modal to approve (Function: Approve) access to the token in the connected wallet.
The user should Confirm this transaction to proceed.
A notification will appear in the Arcade.xyz app that the on chain transaction is in progress.
Approve: enables the protocol to withdraw the token type from the connected wallet
- Once the transaction is successful, another notification will appear in the app confirming that the transaction went through on chain. A wallet modal will immediately appear following the approval to start the loan (Function: Contract Interaction). Users should Confirm this transaction to start the loan.
Contract Interaction: this transfers the stated token amounts from lender through the Arcade Protocol to the borrower. This function also initiates the transfer process of the assets into escrow with the Arcade Protocol.
- Once confirmed, the app will show a notification that the on chain transaction is pending. After the transaction is complete, a success notification will appear in the app.
- After the success notification, the loan will be started. The tokens will be transferred to the borrower through the protocol and borrower note (ERC721) will be generated to represent the borrower's side of the loan.
Once the transaction is completed, the Borrower can navigate to My Loans through the My Profile menu. The loan should appear Active in the app.
Updated about 1 month ago