🚨 - How It Works (ExtendedOTC)
1. Collateral Setup- No one sends collateral until a trade is matched by a buyer or seller through the
@POTCtradebot.
- Once given the green light by ExtendedOTC, both the buyer and seller deposit collateral into the Multi Sig - this locks in the trade.
2. Workflow - Use the
@POTCtradebot to create an order by using the /start command. Fill in the price, amount of points and your wallet address.
- You will then need to deposit a 1.5% fee for your order to be made public
- You can cancel the order and receive your fee back as long as you're order hasn't been filled yet.
- ExtendedOTC posts your order into the public orderbook.
- To fill an order use the /fill command in the
@POTCtradebot.
- When your order gets filled by a buyer or seller:
• You will get notified with a message telling you to PM
@Rijk0x in order to finalise the deal.
• Both parties deposit 100% collateral into the Multi Sig.
3. TGE and Settlement- On TGE, seller sends the tokens to the buyer.
- Once confirmed, ExtendedOTC will send the seller's collateral plus the buyer's collateral to the seller.
- If the seller fails to commit to the deal, the buyer will receive the seller's collateral.
4. Identity Option(s)- Parties can remain fully anon or doxxed - your choice.
5. Collateral, asset and network- Both the buyer and seller deposit 100% collateral and a 1.5% fee, collateral is taken in USDC on the ARBitrum network.
- The fee is also taken in USDC on ARB.
-Both fees and collateral must be sent to the multisig below on arbitrum:
https://arbiscan.io/address/0x2d35d517e73662029c0885Ac91F54967f7B03a95If you have any leftover questions regarding the process, please do not hesitate to PM
@Rijk0x.
