Create Offer

The offer's lifecycle begins with its creation. On this page, we'll go over the process of creating an offer.

When to Create Offer

Before creating a new offer, we recommend checking if there is already an existing offer listed by another advertiser that meets your requirements. Accepting it will be faster than waiting for someone to accept your offer. See how to accept offers.

Creation Process

1. Create Offer Parameters.

First, decide what to sell, what to receive in return, set the price, and specify the address where the received tokens will be sent.

Offer Parameters are set during the offer creation. Namely, we must provide:

• Destination Seller Address: The address where buyers send the destination amount upon accepting the offer.
• Destination Endpoint ID: The LayerZero endpoint ID for the destination chain.
• Source Token address: The token to sell.
• Destination Token address: The token to receive.
• Source Amount: The total amount of the source token to sell.
• Exchange Rate: In [dst/src] units.

Source Seller Address and Source Endpoint ID are automatically determined by the OTC Market.

2. Quote.

Next, obtain a quote that provides:

• LayerZero Messaging Fee - the fee required by LayerZero.
• Create Offer Receipt - includes the offer ID and the amount cleaned from dust.

The quote is a view (read) function, so calling it incurs no cost.

function quoteCreateOffer(
  bytes32 _srcSellerAddress,
  CreateOfferParams calldata _params,
  bool _payInLzToken
) external view returns (MessagingFee memory fee, CreateOfferReceipt memory createOfferReceipt);

• Pay in LayerZero Token: Decide whether to cover LayerZero fee in native or ZRO token.

Quote will revert if we try to recreate the same offer or to create an offer with an unsupported destination chain.

3. Approve.

If the source token is not native, e.g., USDC (Base), you will also be asked to approve the OTC Market to transfer the source tokens to the Escrow.

4. Create.

Finally, invoke createOffer.

function createOffer(
    CreateOfferParams calldata _params,
    MessagingFee calldata _fee
) external payable returns (MessagingReceipt memory msgReceipt, CreateOfferReceipt memory createOfferReceipt);

This will return LayerZero Messaging Receipt as well as Create Offer Receipt.

Internally, createOffer will:

• Validate pricing: Check for zero amount, exchange rate, or insufficient balance.
• Hashe offer: Determine a new offer ID.
• Store offer: Store offer onchain.
• Emit event: Log OfferCreated event notifying offchain workers.
• Lock source amount: Securely lock the source amount in the Escrow.
• Send crosschain message: Build and send OfferCreated message to the destination peer OTC Market (for crosschain offers only).

When the OfferCreated message arrives at the destination peer OTC Market, it will store the offer onchain in its offer pool as well. Bakstag currently maintains a duplicate storage of offers, both on the source and destination OTC Markets.

Escrow

The Escrow is a smart contract deployed and managed by the OTC Market contract. When an offer is created, the source token amount is securely locked in the Escrow until the buyer accepts the offer or the advertiser cancels it.

Transfers

After the offer is created, buyers can view and accept it in whole or in part.

Upon acceptance, buyers transfer destination tokens directly to the configured destination seller address. The corresponding source tokens will be released from the Escrow to the buyer.

We will discuss how to accept offers in detail in the following page.

Transaction Pricing and Time

Learn the cost components of the createOffer transaction in the technical reference. Discover how long transactions typically take here.

Cancel Offer

You can cancel the offer whenever you wish.