Loans
A loan is fixed-term and secured on a vaulted item. Lending is peer-to-peer: a lender's capital funds one specific loan against one specific token, with no pool and no shared risk. Supplying capital to a pool at a variable rate is specified in Deposits and is not deployed.
The lender signs an EIP-712 LoanOffer fixing every term in advance.
| Field | Meaning |
|---|---|
collection, tokenId |
the collateral |
principal |
paid to the borrower |
repayment |
total owed at maturity |
duration |
seconds from acceptance |
nonce, expiry |
replay and staleness |
repayment is a fixed number agreed up front, not an accruing rate. A borrower accepting the offer escrows the token and receives the principal.
Loan-to-value is priced by the lender off-chain when writing the offer. The contract computes no LTV and reads no price feed, so there is no oracle in the loan path and no liquidation on a price move.
Paying repayment in full before maturity returns the token to the borrower, and a 6-hour grace period after the due time continues to accept repayment. If the loan is unpaid after maturity plus the grace period, the lender may call claimDefault() and take the collateral. The grace and seizure windows are exclusive, so seizure cannot occur while repayment is still accepted.
Only collections on an owner-set allowlist can be used as collateral, so a borrower cannot pledge a token they minted themselves. A lender cancels an unaccepted offer by invalidating its nonce on-chain.