Welcome to WhalesHeaven Help Center 👋

How deal flows?

Written by Deniss
Updated 4 months ago

Matching buyer and seller

Once the buyer and the seller have matched the price, they both have to provide an address that will be used as a confirmation address in a multisig wallet. Once funds are deposited into a multisig wallet, each party has to provide their transaction approval on a corresponding multisig wallet. Once both approvals are in place, the platform signs both transactions and the funds will be released.

What if the matched deal fails?

A number of consequences exist once you fail the deal:You will receive a rating penalty. This will affect the size of auctions that you are allowed to create or participate in
Your success deal rating will be affected. Besides that, this rating is publicly available to users and may influence their decision to buy from you, it will also decrease the rate at which you earn a good reputation and will increase the rate at which you lose your reputation
WhalesHeaven may provide sellers a mechanism to restrict buyers from participation, whose deal rating is below a certain level

What if I did everything correctly and the counterparty didn't?

No worries, the platform is smart enough to handle such situations and to figure out the responsible party by analyzing the steps of the deal. If you have done everything accordingly and with the best of your effort your rating will not be affected.

What if there was clogging on the network and the deal expired before funds reached the multisig?

It is the user’s responsibility to make sure that the transaction fee has been set high enough and that funds have reached multisig address before deal expiration has taken place. 

Did this answer your question?