What is an Offer Balance?
On Foundation, your Offer Balance is used to keep track of the funds available to make an Offer.
When your Offer expires or a higher Offer is made, you are automatically refunded to your Offer Balance.
Once you have funds in your Offer Balance, you can make another Offer, or you can opt to convert your funds to ETH.
How did I receive funds in my Offer Balance?
When an Offer is made with ETH on Foundation, the buyer’s ETH is held in escrow within Foundation’s marketplace contract. If an Offer expires after 24 hours or a higher Offer is placed, the Offer is returned and made available in your Offer Balance.
Once you have funds available, they can be used immediately to place another Offer.
What are the funds in my Offer Balance?
Your Offer Balance is represented on-chain as an ERC-20 token, FETH, whose price is equal to ETH.
FETH is similar to WETH, but with improved properties for how it interacts with Foundation’s marketplace contract:
- Provides strong guarantees that protect both buyers and sellers—funds for Offers are locked in escrow, and can’t be moved to invalidate the Offer.
- Automatically refunded to your wallet after an Offer expires or a higher one is made.
- Removes the need to pay gas to cancel your Offers.
- Removes the need to manually track your Offer Balance.
Can I only use my Offer Balance on Foundation?
You can use your Offer Balance to make additional Offers on Foundation, or you can convert it to ETH at any time.
How can I convert my Offer Balance to ETH on Foundation?
- From your profile dropdown, click on “Offer Balance.”
- Click “Convert” if you have an available balance.
- Confirm the transaction in your wallet and pay the required gas fee.
- Check Etherscan to confirm the transaction went through.
Can I use my Offer Balance to place a bid in an Auction or to use Buy Now?
No. Funds in your Offer Balance can only be used to make Offers at this time.
In the future, you will be able to use it throughout Foundation’s marketplace.
Is FETH the Foundation token?