About
Lending in ZED RUN provides a safe and secure way for racehorses to be lent to other players and an easy, low risk way for previously inactive racehorses to compete. It offers a way for new players to join ZED RUN, learn the mechanics of the game, and eventually compete with the existing community, while also giving existing racehorse owners the option to put otherwise less used racehorses to meaningful work.
If you’re interested in peer-to-peer lending, you first need to understand the new features that support it, so we’ve summarised each one and how they will work below.

Lending Permits

Lending Permits are non-tradeable, zero value, units of measurement that represent the maximum quantity of racehorses a stable can lend out.
  • Players can acquire Lending Permits by locking up ZED Tokens.
  • The amount of Tokens required for each permit will be displayed in the ‘Manage Permits’ section of the stable.
  • Players can unlock their locked ZED Tokens by relinquishing their Lending Permits.
  • The amount of Lending Permits held by each player determines how many racehorses they can have in the Lending Marketplace, or borrowed at one time. One Lending Permit is required for each racehorse.
  • Players can use Lending Permits to enter their available racehorses into the Lending Marketplace.
  • One Lending Permit is required for each racehorse.
  • A Lending Permit is defined as “in use” if a racehorse associated with that Lending Permit is in the Lending Marketplace, or actively being borrowed by another player.

Lending Agreement Period

All racehorses entered into the Lending Marketplace will initially have the same fixed agreement period of four days.
  • Racehorses waiting in the Lending Marketplace will not consume the lending agreement period. The period only starts when a borrower takes the racehorse from the marketplace.
  • After the time is up, the racehorse will be returned to the Lending Marketplace by default.
  • There will be a fixed prize share between the lender and the borrower of 50/50.
  • Lenders have the option to return their racehorse to their stable, instead of the marketplace at the end of a lending period. They can do this by:
    • Navigating to their stable.
    • Clicking the ‘on loan’ tab.
    • Navigating to the relevant racehorse.
    • Selecting ‘return to stable’.

Lending Marketplace

  • The Lending Marketplace contains racehorses that can be borrowed by players.
  • Lenders use Lending Permits to put their racehorses into the Lending Marketplace.
  • Any player can borrow a racehorse from the Lending Marketplace. They can borrow a maximum of one racehorse at a time. In the future, limits may be placed on which players can borrow from the lending marketplace.
  • Initially, Lenders will not be able to choose which player borrows their racehorses in the Lending Marketplace. Eventually, lenders will be able to choose a specific borrower, along with custom lending periods and prize split rates.
  • Lenders can withdraw their racehorses from the Lending Marketplace at any time, if they are not currently being borrowed.

On/Off Chain Accessibility

  • By design, the Lending Marketplace is intended to be used through a front-end platform interface instead of direct smart contract calls.
  • In efforts to provide transparency and promote fair use, all direct contract interactions with all lending or borrowing related functionality is not supported at this time.
  • Services have been created to automatically revert attempts to directly interact with the lending contracts. Any attempt to directly interact with the lending smart contracts are not authorised under the terms and conditions of use, and will be at the user’s risk.
  • Any unauthorised interaction with the lending smart contracts may result in remedies which include access being blocked to the Lending smart contracts, and / or ZED RUN.

ZED Token Utility

Lending represents one of the instances of utility for the ZED Token. A lock-up contract will be the primary mechanism for players to deposit or withdraw ZED Tokens under certain conditions. How the token interacts with the lending marketplace is explained below.

Lock

  • Players can lock-up ZED Tokens in order for Lending Permits to be issued based on the number of permits locked. This will allow players to enter their racehorses into the Lending Marketplace.
  • The conversion rate to acquire Lending Permits will be a dynamic measure based on market activity.
  • The active conversion rate will not have an effect on previously acquired Permits. This means that if all acquired Permits are relinquished, a player will receive ALL of their initial tokens back, regardless of the current conversion ratio.
  • Locked up tokens currently have no time restriction, nor cost associated. These are subject to change in the future based on market activity.
  • The minimum amount lockable will be set according to the amount required for one lending permit.

Unlock

  • Players can relinquish their Lending Permits to unlock their ZED Tokens.
  • This system only allows players to relinquish Lending Permits that are not currently being used.
  • A Lending Permit is defined as “in use” if a racehorse associated with that Lending Permit is in the Lending Marketplace or actively being borrowed by another player.
  • The stated amount of Lending Permits will be deducted from a player's profile and the corresponding ZED Tokens will be unlocked and sent to the Player’s wallet according to how many are being relinquished and the unit rate associated with acquisition.
  • When unlocking ZED Tokens, the unit rate at which the permit was acquired will be unlocked.

Lending Racehorses

Entering a Racehorse into the Lending Marketplace

  • Players can use Lending Permits to enter their available racehorses into the Lending Marketplace. See ‘Lending Permits’ for more information.
  • If a player has one or more Lending Permit(s) available, they can click the “Lend Racehorse” button in the ‘On Loan’ section of the stable, or the “Lend” Button on a specific racehorse’s card.
  • The racehorse to be entered into the Lending Marketplace must meet the following criteria:
    • The racehorse is not currently in any Gate or Race.
    • The racehorse is not currently in the Stud Farm.
    • The racehorse is not currently set to Lending already.
    • The racehorse is in the player’s stable.
    • It has been more than 24 hours since a skin was attached or detached from the racehorse.
    • The racehorse is generally not incapacitated in any way by any other feature.
  • Once the on-chain transaction is signed, and the transaction has been confirmed on-chain, the racehorse will be committed to the Lending Marketplace and can be borrowed by other players.
  • Note: players may experience a small delay during block creation. Racehorses waiting for confirmation will appear in a pending state, in which the transaction can be retried if there are any sync errors.

Racehorse Ownership

  • The racehorse remains under the ownership of the lender.
  • At no time will the racehorse NFT become the property of the borrower.
  • Owners will be able to view their racehorses engaged with lending in the ‘on loan’ section of the stable.

Managing Racehorses in the Lending Marketplace

In the new ‘on loan’ section of the stable, a player using the Lending feature can:
  • Decide whether they want their racehorse to automatically return to either their stable or the Lending Marketplace once a Lending Period ends.
  • View the status of their racehorse(s).
  • Retrieve their racehorse(s) from the Lending Marketplace.

Borrowing Racehorses

What can the Borrower do with the racehorse?

Enter free races: Yes* Enter paid races: Yes* Enter tournaments: Yes** Breed: No Transfer: No
The Borrower will be responsible for paying any race entry fees.
*Please note:
  • In order to reduce initial prize split conflicts, borrowed racehorses will only be able to enter races if they have more than one hour remaining on the lending term.
  • Attempting to enter a racehorse into a race with less than one hour will result in a disabled state within the game.
  • This restriction is not supported for direct contract calls.
  • Players should make direct contract calls at their own risk, especially when the lending term is short and a race may not start before the lending period finishes.
** Please note, tournament payouts will all go to the original racehorse owner if the Lending Period ends before the racehorse completes the tournament and returns to the owner’s stable.
Changes to this logic may be added in the future, and will be accompanied by an announcement.

Access Limitations (Borrower)

End of the Lending Period

  • Once the Lending Period ends, control of the loaned racehorse is transferred back to the Lending Marketplace. If the owner has set the recall option to be ‘ return to stable’, the racehorse will instead go straight to the owner’s stable.
  • Players are then free to borrow another racehorse.

Prize Sharing

Prize Calculations

When entering borrowed racehorses into paid races, or any other feature that requires paying crypto, the crypto is paid by the Borrower.
  • The prize share split for any racing rewards is calculated by first returning any entry fees paid by the Borrower back to them.
  • If no prizes are won, or the winnings amount is less than the initial buy in, the Borrower will carry the cost of any race entry fees.
  • See example below for reference:
    • $2.50 buy in race for borrower
    • $4.50 total winnings for coming in third place.
    • $2.50 returns to borrower to cover the buy in
    • $2.00 leftover
    • $1.00 to borrower and lender - 50/50 prize split applied
    • Totals: Lender receives $1.00 total, Borrower receives $3.50 total ($2.50 + $1.00)
  • While the feature is in BETA, fees related to Lending will be waived. Stable owners and borrowers should be aware that fees will be introduced at a later date. The community will be notified before any fees are introduced.

Free racing

  • All prizes won through the Lending arrangement will be split as described in the Lending Marketplace, unless otherwise communicated in the event details or the owner regains control of the NFT before payout and the event does not explicitly support borrowed racehorses.

Rewards Distribution

The first version of Lending will have prize sharing values of 50/50. Prizes will be automatically sent to both the Lender and Borrower at the time of payout, through the smart contract engaged in by the Lender and Borrower. Funds will appear in the respective players’ wallets automatically.
In the future, we would like to offer more in-game analysis for rewards and borrower activity tracking.
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On this page
Lending Permits
Lending Agreement Period
Lending Marketplace
On/Off Chain Accessibility
ZED Token Utility
Lock
Unlock
Lending Racehorses
Entering a Racehorse into the Lending Marketplace
Racehorse Ownership
Managing Racehorses in the Lending Marketplace
Borrowing Racehorses
What can the Borrower do with the racehorse?
Access Limitations (Borrower)
End of the Lending Period
Prize Sharing
Prize Calculations
Rewards Distribution