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Buy and Sell domains

With version 0.3.0 of the contract we now include the functionality to create, take, and burn offers. This means that any soroban domain owner can put their own domains for sale or on the other hand, those who would like to buy a domain that is already registered can create an offer for such domain. Let's explain how it works.

Creating a Sale Offer

If you're a domain owner, you can define a Sale Offer with the price of XLMs you are willing to accept for your domain. This price is on top of the collateral used to register the domain so if for example, you want to sell your domain for 1,000 XLMs and your domain collateral is the current max amount of 3,784.32 XLMs; it means the buyer will deposit a total of 4,784.32 XLMs, after a buyer takes it you will get back your collateral plus the sale price.

Only domain owners can set a Sale Offer in the protocol, this offer will be active until you sell or transfer your domain.

Creating a Buy Offer

If there is a domain you want but is already registered, you can create a Buy Offer so the owner of the domain can accept it later. When creating a new Buy Offer you will need to deposit the total of the current domain collateral plus the amount of your offer. If at some point you want to get your XLMs back you can burn your offer and that will release it.

If there is already a Buy Offer for a domain, you can only create a new Buy Offer if the amount you are offering is more than the current offer. If you have an offer and someone makes a bigger offer, you will get your XLMs back.

Burning an Offer

Offer can be removed at any time by burning them, if you created a Buy Offer you will also get your XLMs back at the same time is burned.

Transaction fees

The protocol takes a 2.5% fee on each sale, this amount is only on the "profit" and not on the collateral itself so if for example your domain had a collateral of "100" and you sold it for "250" that means the fee is only on "150" because the other "100" were just collateral.

The fee is sent to the domain sorobandomains.xlm, this contract is the one that the DAO will control in the future so PSD holders can decide what to do with it.