Lofty makes it easy for you to invest in real estate using crypto in addition to fiat. We support payment using ALGO, USDC, STBL, and ETH.
These payment methods can behave differently that what you might experience paying with fiat. Below are situations to be aware of.
You are responsible for all network transaction fees
Lofty tokens will not be released to you until your transaction is successful
ALGO, USDC, STBL Payment
Payment with these cryptocurrencies is managed on the Algorand blockchain
Gas fees are generally negligible (fractions of a cent) on the Algorand blockchain
Transactions are typically processed within seconds on the Algorand blockchain
Ethereum (ETH) Payment
You are responsible for gas fees involved in the transaction.
Fees can vary widely throughout the day, and throughout the week.
Plan your transactions ahead of time to minimize gas fees
For example, you may find fees are high on weekdays 1 AM - 2 AM UTC, whereas fees may be low on weekends 6 AM to 7 AM UTC.
The network may take anywhere from 10 minutes to a day to process your transaction depending on network congestion.
You can optionally try to speed up transaction time by increasing the gas fee you are willing to pay (e.g. from your Metamask wallet).
Pending Transaction Cancellation
If you try to cancel a pending Ethereum transaction (e.g. if the transaction is taking longer than you prefer), your cancellation request will cancellation request will submit a zero-value transaction to the network with the same nonce but higher gas fees, in an attempt to frontrun your other transaction.
Your cancellation request will cost additional gas
Your cancellation request may fail