Accept an Offer - Vault & NFT

On the platform, lenders can make offers on Vaults and NFTs.
Vault owners that have deposited one or multiple assets into a Vault are able to receive offers from potential lenders.
NFT owners that have set terms on their assets on the platform can receive specific offers on their asset.

There are two types of offers lenders can sign on the platform:

  1. Vault or Asset Offer: specific offers on the Vault or NFT
  2. Collection Offer: standing offers on the entire NFT Collection

Note: In order to accept a collection offer on an asset, the NFT must be deposited into a Vault.

  1. After connecting a wallet with a Vault or NFT, asset owners should navigate to Borrow within the app to view their assets. From here, users can then select Vaults or NFTs.

  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.


Collection Offers

On the first visit to the 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

  1. 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 app that the on chain transaction is in progress.


Protocol Function

Approve: enables the protocol to withdraw the token type from the connected wallet

  1. 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.


Protocol Function

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.

  1. 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.

  1. After the success notification, the loan will be started. The tokens will be transferred to the borrower through the protocol and borrower note (ERC271) 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.

What’s Next