The following guide will help you set up your account in order to successfully participate in the closed beta for Lofty’s new automated market maker and liquidity pool feature through a combination of video tutorials and written guidance. It will start with how to set up your wallet and which ones can be used with the new features. If you’ve already completed steps outlined in this guide on your own, then you can skip the corresponding sections to speed up your onboarding.
Not every property will have a liquidity pool or the AMM enabled for it, which means not every property will have the new “market order” type. Properties without the new feature can still be traded using limit orders on the order book. Limit orders and the new “market orders” do not interact with each other, meaning the AMM will never buy or sell against your limit orders. You will only be able to have one active order per property, which means if you want to use the “market order” feature, but already have an outstanding “limit order”, you must first cancel your outstanding order.
The difference between a “limit order” and “market order” is the former requires someone else to make a matching counter order or else it will not settle and you must set your own price, while the latter will provide you with a “market price”, which will settle immediately if you accept it.
General Q&A on the liquidity pool landing page:
https://liquiditypool.lofty.ai/
If you would like to buy and sell real estate through the AMM or stake your property ownership in the liquidity pools, then you must register for an account on our platform at https://www.lofty.ai (assuming you don’t already have an account). Go through the account creation process, then confirm your email address through the email verification we sent to your email used during the account registration process.
When you try to purchase ownership in a property, you will be prompted to complete the KYC process. Once you pass the KYC process, your account will be fully activated allowing you to use all features on the platform.
If you’re new to blockchain apps, no need to worry. Every new account created on Lofty comes with its own self-custodial wallet known as the “Lofty Wallet”. These are standard Algorand wallets that you can recover on another wallet app using the recovery phrases granted to you (your own private keys). We do not custody assets for you, but have built these wallets in a way that you can interact with them easily through the platform UI. You can operate and use Lofty without needing to know anything about a cryptocurrency wallet. In this case, when you successfully create an account on Lofty and pass KYC, your Lofty wallet will be issued a distinct NFT asset. This asset is non-transferable and will identify your wallet to work with the smart contracts deployed that manages all trading and settlement within the Lofty ecosystem.
As long as you have a Lofty account that has gone through KYC successfully, you can directly proceed to buying and selling real estate as well as lending out your assets as long as your Lofty wallet is set as the “default wallet” on the platform. You can confirm if you click into your wallet page under your account dashboard and seeing there is a check mark in front of “DEFAULT WALLET”.
If you see this, you may proceed with using the platform and all its features. Any ownership you purchase in a property will automatically show up in your Lofty wallet, and assets will be automatically removed from you wallet if you choose to sell them or loan them out.
We will add in the support shortly after launch, but until then, external wallets will not be supported for the new AMM feature. You will not be able to purchase or sell properties using an external wallet using the new “market price”.
If you only want to stake USDC in the various liquidity pools without ever owning real estate, you can do so now without needing to go through KYC with Lofty. You will need to bring your own 3rd party wallet that supports the Algorand blockchain. You will also need your own source to obtain USDC on Algorand (knowns as USDCa). USDC from other chains do not currently work on our platform.