Buying Through The Stake Market

Buying products/services through the stake market is not immediate; your funds are locked into an escrow until you and the seller of your product/service agree to finalize the purchase.

Here are some reasons why you might need to buy your product/service through the stake market:

  • You are making a complex B2B purchase; the stake market provides you with the possible to define complex payment terms as well as program periodic/non-periodic payments from both parties

  • You do not completely trust the seller; you get to hold your funds in escrow until the purchase is complete

Here is a step by step guide:

  • Go to the product's channel and find the product you want to purchase in its list of products

  • Click on the product to display its product page like in the image below

  • Click on the Buy button to display the purchase wizard like in the image below at the left and select Stake Market to display the form at the right

  • Click on Stake, enable the marketplace contract to withdraw the necessary tokens from your wallet and confirm the purchase.

  • You should now head over to PayChat to notify your seller of the transaction and provide him/her with any necessary information to complete the sale (like your address, phone number, etc.). A list of all contact channels provided by the seller is available under the Buy button unless no contact channel was provided by the seller.

  • This will transfer your funds into a stake in the stake market. Click on the All Items button at the top left of your page to go back to the channel's main page

  • On the main page, click on Contracts to display the stake market like in the image below, click on the Mine Only option to only show your stakes, and Sort By Created At to display your latest stake first. You should see a stake with the same name as the product you are trying to purchase. In the image below, that product is named uber

  • Click on the Details button to reveal your stake's panel. Your stake's panel should show the amount receivable parameter to be the exact same as the price of your product. Click on Enable to enable the stake market to withdraw funds from your wallet

  • We can see the value of Total Liquidity to be 0 for now which means we have not yet transferred any tokens into our stake. In case the Total Liquidity of your stake is 0, you will need to add some liquidity: the amount receivable i.e. the price of the item to purchase.

  • Let's add the tokens necessary for our purchase. Click on the Control Panel button; in the control panel's menu, click on Deposit, and in the form that shows, input the amount receivable * 1.1 to account for the 1% taken by the stake market. The value of the amount receivable is shown in the parameter section of your stake's panel. Validate the transaction.

  • You should now update the terms of your stake by going to the control panel's menu and clicking on the Update Requirements button. If you have any terms under which you will agree to release the funds to the seller, this is your chance to mention them. You should also mention your PayChat channel so the seller can contact you if need be.

  • The next step is to wait for the seller to apply to your stake. The Toggle Applications button should appear as soon as you receive the seller applications. Click on it to display the application and then click Accept to accept your seller's application. You can make sure the application comes from your seller by copying the Applicant Address and checking it is the address of the seller

  • After accepting the seller's application, his stake should be added to yours like in the image below with stakes 6 & 7 appearing together. Click on 6 to show the parameters of stake 6 and on 7 to show the parameters of stake 7

  • The next step is to wait for the admin to deliver your service or product. If after the delivery, you are OK with releasing the funds to the seller, go to your control panel's menu and click on the Update Agreement button. Leave the agreement level at Good and validate the form

Congratulations! You have successfully purchased your first product through the stake market.

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