Depositing into a Funding Round
Once a Funding round is open, depositing is easy! Select the open funding round from the “Funding rounds” tab to deposit into a funding round.
- 1.In the open Funding Round, select the amount you want to contribute and press the “Deposit” button.
- 2.Sign a one-time-key
- 3.If the deposit meets the conditions of the Vault, it will be recognized as a Contribution.
Lore allows for the ability to deposit NFTs into a Funding Round. For this to work, the creator of the Funding Round needs to enable NFT deposits when setting the Funding Round parameters.
Under Funding round parameters, make sure that you enable the toggle for NFT deposits.
Once the Funding Round is open, contributors can deposit an NFT into the funding round. To do this, select
NFTin the deposit card of the open Funding Round.
Select NFT (instead of your base currency) to deposit an NFT into the Funding Round.
All NFTs that are available in your wallet will appear. Choose the NFT you would like to deposit into the Vault.
To issue equity fairly to the depositing member, the NFT must be valued in the base currency of the Funding Round upon depositing the NFT. You can set the valuation in the contribution flow.
To get your fair equity share, make sure to set a valuation of the NFT before contributing.
After the transaction is complete, the NFT will appear in the funding round's Contributions card.
Ensure you agree with your squad on the valuation before contributing the NFT. While signers cannot change the value of another user's NFT Deposit, signers can choose to remove the contribution.
When the funding round is closed, the equity share will be issued to the contributor of the NFT according to the valuation of the NFT.
Users can update their NFT deposit value before a round closes. Note that only the user who deposited the NFT can update their valuation; signers cannot update a valuation that a user has set.
Occasionally, a refund might want to be initiated for people who have contributed to a Funding Round. If this mistake is caught during the Funding Round, the contribution can be removed by pressing the “…” button next to the undesired contribution and clicking “Remove from round.”
If the contribution is not removed during the Funding Round, then an Exit/Payout Proposal is necessary to refund the contribution.