Onyx
How Onyx works
An escrow sits between the buyer and the seller: the buyer pays Onyx, Onyx pays the seller once the buyer confirms the delivery.
1. Agree on a deal
One party starts a deal on Discord (the Start a deal button) with the price, currency, category, and who pays the fee. The other party reviews and accepts. From that moment the terms, the fee, the seller's payout address, and the buyer's refund address are locked.
2. The buyer deposits
Onyx creates a fresh Litecoin address for this deal only and locks an exchange rate for a limited time. The buyer sends the exact amount. The deal is funded after 3 blockchain confirmations. If too little arrives, Onyx shows what is missing; if too much arrives, the excess is returned automatically with the payout.
3. The seller delivers
The seller delivers and presses Mark as delivered.
4. The buyer confirms
The buyer presses Received: Onyx sends the seller's money and the service fee in one transaction. Or the buyer presses Not received and a moderator reviews the deal.
The fee
service fee = 0.20 + 2% × price, rounded up to the nearest cent
The fixed part is in the deal's own currency. Who pays it is chosen when the deal is created:
- Buyer pays: the buyer deposits price + fee; the seller receives the full price.
- Seller pays: the buyer deposits the price; the fee is withheld from the seller's payout.
- Split: half each; if the fee has an odd number of cents, the extra cent is in the buyer's half.
Example: a deal of 100.00 EUR
| Fee paid by | Service fee | Buyer deposits | Seller receives |
|---|---|---|---|
| Buyer | 2.20 | 102.20 | 100.00 |
| Seller | 2.20 | 100.00 | 97.80 |
| Split | 2.20 | 101.10 | 98.90 |
The Litecoin network (miner) fee of the payout is deducted from the amount sent to the recipient. It is usually a tiny fraction of a cent. Try the calculator.
Cancellations and refunds
- Before funding, either party can cancel. Any deposit that still arrives is refunded automatically.
- After funding, both parties must agree to cancel, or a moderator decides.
- Refunds go only to the buyer's locked refund address. On a refund after funding, the service fee is waived.
Deadlines
- Acceptance: 24 h, then the offer expires.
- Deposit: 24 h, then the deal expires (partial deposits are refunded).
- Delivery: 72 h, then the buyer may request a refund.
- Confirmation: 72 h after delivery, then a dispute opens automatically. Funds are never released automatically.
- Both parties are warned 6 h before every deadline.
Disputes
A dispute can be opened while the deal is funded and before delivery, or by the buyer with Not received after delivery. A moderator who is not part of the deal reads both sides and decides: release to the seller or refund the buyer, with a written reason that both parties can read. Moderators can never send funds anywhere else.