Offer types
1. Summary
A lender can choose between two types while making an offer. Basic and flexible.
2. Offer Types Detailed
Basic
The Basic offer is where the lender sets all loan parameters up-front and the borrower has an option to accept or not. Nothing else.
Offer struct has these properties:
address
collateralAddress
Address of an asset used as a collateral
collateralCategory
Category of an asset used as a collateral (0 == ERC20, 1 == ERC721, 2 == ERC1155)
uint256
collateralAmount
The Amount of tokens used as collateral, in the case of ERC721 should be 1
uint256
collateralId
Token id of an asset used as collateral, in the case of ERC20 should be 0
address
loanAssetAddress
Address of an asset which is lent to a borrower
uint256
loanAmount
Amount of tokens which is offered as a loan to a borrower
uint256
loanYield
Amount of tokens that acts as a lender's loan interest. Borrower has to pay back borrowed amount + yield
uint32
duration
Loan duration in seconds
uint40
expiration
Offer expiration timestamp in seconds
address
lender
Address of a lender. This address has to sign an offer to be valid
bytes32
nonce
Additional value to enable identical offers in time. Without it, it would be impossible to make again an offer, which was once revoked
With the flexible offer struct, we change the collateralId, loanAmount, loanYield and duration parameters to a range of these parameters.
Flexible
With flexible offers, lenders can give borrowers additional flexibility by not providing concrete values but rather giving borrower ranges for several parameters. When accepting an offer, a borrower has to provide concrete values to proceed. This increases a lender's chance of accepting their offer as it could be accepted by more borrowers.
FlexibleOffer struct has these properties:
address
collateralAddress
Address of an asset used as a collateral
collateralCategory
Category of an asset used as a collateral (0 == ERC20, 1 == ERC721, 2 == ERC1155)
uint256
collateralAmount
The Amount of tokens used as collateral, in the case of ERC721 should be 0
bytes32
collateralIdsWhitelistMerkleRoot
Root of a merkle tree constructed on an array of whitelisted collateral ids
address
loanAssetAddress
Address of an asset which is lent to a borrower
uint256
loanAmountMax
Max amount of tokens which is offered as a loan to borrower
uint256
loanAmountMin
Min amount of tokens which is offered as a loan to borrower
uint256
loanYieldMax
Amount of tokens which acts as a lender's loan interest for max duration.
uint32
durationMax
Maximal loan duration in seconds
uint32
durationMin
Minimal loan duration in seconds
uint40
expiration
Offer expiration timestamp in seconds
address
lender
Address of a lender. This address has to sign an offer to be valid.
bytes32
nonce
Additional value to enable identical offers in time. Without it, it would be impossible to make again an offer, which was once revoked
Flexible offers enable lenders to create an offer for a whole NFT collection.
Don't know what a merkle tree is? Read this article for more information.
Flexible offer values
When a borrower decides to accept a flexible offer they have to provide a specific representation of the offer. They do this by providing FlexibleOfferValues struct as the second argument for the createLoanFlexible function.
FlexibleOfferValues struct has these properties:
uint256
collateralId
Collateral token id. Ignored if it’s not a collection offer
uint256
loanAmount
Loan asset amount (always ERC20) in range <loanAmountMin; loanAmountMax>
uint32
duration
Offered loan duration in range <durationMin; durationMax>
bytes32[]
merkleInclusionProof
Proof that selected collateralId is indeed in the Merkle tree with root in signed flexible offer
How is the loan repay amount calculated?
loanAmount- Loan asset amount (always ERC20) in range <loanAmountMin; loanAmountMax>loanYieldMax- Amount of tokens which acts as a lender's loan interest for max durationduration- Offered loan duration in range <durationMin; durationMax>durationMax- Maximum loan duration in seconds
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