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Lenders
A seller who has sold node-weeks at the auction holds an obligation: the buyer's payment is already in escrow and is released to the seller as the week is delivered. A lender advances USDC to the seller against that escrow and is repaid first from it. You underwrite delivery of a week that is already sold and prepaid.
You need a wallet approved for the lender role (Apply) holding USDC.
Terms
| Term | Value |
|---|---|
| Maximum advance | 75% of the obligation's escrowed notional |
| Pledge fee | 0.5% of the advance, paid by the lender on top of it |
| Repayment | from the obligation's escrow releases, ahead of the seller |
| Ahead of you | buyer refunds for undelivered hours, and the 2.5% delivery fee |
Collateral is never pledged: damages for hours short come from the seller's collateral and never reduce what is repaid to you.
Pledge
A pledge is one transaction signed by both the seller and the lender. It records the advance, moves your USDC to the seller and points the obligation's escrow releases at you first. Because the two of you sign at different times, the transaction is held open until you accept:
- You agree the amount with the seller. The Lender screen lists the obligations open to pledge, with each one's escrow and maximum advance.
- The seller chooses Offer a pledge on the obligation, names your wallet and the advance, and signs.
- The offer appears under Offers on your Lender screen. Choose Accept and advance; your wallet signs the same transaction, and the advance and the pledge fee leave your wallet in that one step.
Either side can cancel an open offer; an offer also lapses after seven days or if the obligation's escrow changes.
Repayment
As each of the obligation's tickets settles, the seller's share of its escrow goes to you first until the advance is repaid. Weeks the buyer did not request at notice, and tickets that end in buyer default, release their full escrow and repay you the same way. The rest goes to the seller.
On the Lender screen each pledge shows its advance, what has been repaid, and what is waiting to be collected, with the next step:
- Collect lender cash pays out repayments waiting in the pledge's repayment account;
- Repay pledge lets the seller repay early;
- Release pledge closes a repaid pledge.
Example
A seller sold one node-week at an example clearing price of 2.20 USDC per GPU-hour: escrow 2,956.80 USDC. You advance 75%, 2,217.60 USDC, and pay a pledge fee of 11.088 USDC. The week is delivered in full: settlement takes the 73.92 USDC delivery fee, repays you 2,217.60 USDC, and pays the seller the remaining 665.28 USDC.