Our P2P lending module is now Live! Check the information below for questions that might come up.

I can't connect my wallet?

Make sure that Collateral is set on the wallet you wish to connect. In case of Eternl wallet, please also make sure that Single Address Mode (SAM) is enabled in the settings.

Why am I getting ‘a minimum of 30 ADA needed in the wallet’ error?

As Cardano utilizes eUTXO model, creating a transaction requires balancing, in other words allocating a certain ADA amount for each UTXO, depending on asset count in it, and other factors. A minimum of 30 additional ADA allows us to perform this balancing operation, no matter the user's wallet state. Do not worry, this ADA will not be taken away from you, and it will never leave your wallet, it is just a procedure requirement. If you are encountering this error, please transfer an additional 30 ADA to your wallet and the error will go away.

Why am I getting the ‘click 'Setup Wallet' button in the Dashboard’ error?

This means your wallet contains a lot of UTXOs with a lot of different assets. In this case, transaction execution costs a lot, sometimes even too much to execute. To fix this, go to your dashboard and click the ' ‘Setup wallet’’ button, in the top right corner. This transaction will cost 0.2 - 0.4 ADA, and will prepare your wallet to be used in Cerra platform transactions. You should never see this error message again.

I've created a loan and received a token with a strange name.

This is the loan NFT, which represents the loan ownership. Only the wallet which owns this NFT, can interact with the loan associated with it. This NFT is automatically generated by smart contract, and is unique in the whole Cardano blockchain. One loan generates two unique loan ownership NFTs - one for borrower and one for lender. These NFTs can be traded and transferred, this way giving loan ownership/obligations to someone else.

What is the difference between lender and borrower?

Loan consists of two sides. Lender - the actor which provides liquidity, or someone who is lending a specific amount of some asset. Borrower - the actor which receives the loan or liquidity, and places a collateral, which is a safety guarantee, ensuring that the borrower is motivated to return the loan. If the borrower does not return the loan, he keeps it, but he loses the collateral. If the borrower decides to return the loan, the lender get back what he lent plus interest, and the borrower gets his collateral back.

I transferred an additional 30 ADA to my wallet, but I keep on getting wallet errors?

As we are pretty sure this should never happen anymore, some edge cases might still appear. In case you are receiving wallet errors, please open a ticket in our Discord, and we will investigate your exact case.

Is $CERRA token in circulation?

No, currently CERRA token is not in circulation and not trading. Public sale is planned for 2024 Q2. Tokens sold in the presale are locked in the lockup smart contract for 6 months, and cannot be moved till unlocking.

How can I buy a $CERRA token?

The only way to get hold on CERRA token is to participate in the private sale, which is currently ongoing. Purchased tokens will be locked for 6 months from the purchase date. For more info visit this link: https://cerra.io/presale

Is profit sharing/treasury functionality currently live?

No, as this mechanism requires a CERRA token, which is the main driver of this use case and currently not in circulation. Profit sharing functionality (smart contract for treasury and staking) will be released in 2024 Q2, right before public sale.

What is an oracle and why Cerra is proud to be using them?

Cerra is the very first Cardano lending protocol which uses decentralized oracles. Other P2P lending solutions use centralized price sources, like a backend server, which can supply any asset price it wants. By using oracles, Cerra ensures that asset price values cannot be tampered with, and Cerra has no such power to change them to our liking. This approach is decentralized, secure and trustless.

How can I get liquidated?

Loan ratio describes loan and collateral relation. In Cerra, if the collateral amount in dollars is less than 5% bigger than loan amount in dollars (ratio <1.05), the loan can be liquidated. If you are a borrower and ratio drops below 1.05, the lender can liquidate you through his dashboard. In this case, the lender keeps the collateral, and the loan amount is left to you, the borrower.

How can I liquidate?

Loan ratio describes loan and collateral relation. In Cerra, if the collateral amount in dollars is less than 5% bigger than loan amount in dollars (ratio <1.05), the loan can be liquidated. If you are a lender and ratio drops below 1.05, you can liquidate the borrower through your dashboard. In this case, you, the lender, keep the collateral, and the loan amount is left to the borrower.

As a borrower, can I return the loan earlier?

Yes, as a borrower, you can return the loan earlier and pay interest for only the duration you held the loan, not for the whole period. You can do this through the dashboard.

Why is Cerra P2P lending product better than competitors?

  1. Usage of decentralized oracle protocols

  2. Usage of web sockets, which ensures real time platform reactivity

  3. Profit sharing. Fees from platform usage goes to the CERRA token holders in decentralized way

  4. All product value is locked within one general purpose smart contract and not scattered between multiple contracts, as in some other competing platforms

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