Jupiter Offerbook enters public beta — peer-to-peer credit with fixed rates and no liquidations
Jupiter launched the Offerbook public beta: a peer-to-peer credit market on Solana with self-negotiated terms, fixed rate, and fixed term. No price oracle, no price-based liquidations. Collateral: tokens, NFTs, and TCG cards.
What happened
Jupiter launched the public beta of its Offerbook. The service describes itself as a permissionless peer-to-peer credit market on Solana with fixed terms and fixed rates. Lenders and borrowers set the terms — annual percentage rate (APR), loan-to-value (LTV), and duration — directly, instead of relying on pool models.
How the model works
Traditional on-chain credit protocols determine collateral value via price oracles and liquidate positions when collateral value falls below a threshold. Offerbook works differently:
- Fixed rate, fixed term: loans run up to 30 days per the product page.
- No price-based liquidation: as long as the borrower repays on time, they keep the collateral. Only after the term expires without repayment can the lender claim the collateral.
- Negotiated terms: APR, LTV, and duration are individual per offer. The product page shows about 301 open offers as of 27 May 2026, with APR values between 4.80 and 42.30 percent.
- Borrowable asset: USDC.
- Collateral: tokens, NFTs, and trading-card-game cards — including SOL, JUP, TSLA, WBTC as well as NFT collections like DeGods and SMB per the product page.
Security status
According to Crypto Briefing and Crypto Times, the Offerbook protocol was audited by Cantina Security, Halborn Security, and Offside Labs.
What to watch next
- How quickly liquidity flows into the market and whether APR spreads narrow.
- Whether NFT and TCG collections see significant use beyond pure token collateral.
- How the Offerbook model compares with pool-based credit protocols on Solana.
Not financial advice.