Borrow one Sequentia asset against another. Every term of the loan is compiled into a covenant the network enforces: nobody holds the collateral, nobody can change the deal once it is struck, and repaying needs no one's permission. Native Bitcoin can be the collateral too, on the parent chain, where there is no covenant to enforce anything — that tier is bound by a secret the two chains share, and needs a lender who is online.
Each offer holds a lender's principal in a covenant, so you can take it while they are offline. Taking one locks your collateral in a vault whose address the offer's own script recomputes from your wallet's payout address, so the loan can pay nobody but you, and nobody can point it elsewhere. Repay any time before maturity and the collateral comes straight back.
Your principal goes into an offer covenant with the terms baked in. Borrowers take it while you are offline; you cannot oversell it and cannot change a term afterwards. Anything untaken comes back to you after the expiry, permissionlessly, to the address this wallet already has.
Health is the current price over the liquidation price (the strike). Under
1.00 anyone may liquidate, and the covenant forces the surplus back to the
borrower whoever does it — a liquidation is a race for the bonus, not a
seizure. After maturity a loan can be called at any price; long after, the
lender can sweep it without an oracle.
LIVE means the funding is buried as deep as this book requires; Sequentia
follows Bitcoin reorgs, so treat a fresh loan as provisional until it is
deeper than you would accept a Bitcoin payment at.
Details on a closed loan show how it ended: which exit was taken, the price it
was closed at with the oracle's signature checked here against the key that
loan's own vault address commits to, and what that price should have paid
against what it did.
not_before. For a loan drawn
from an offer that is the moment the offer was published, not the moment you
took it, so a top-up retires prices signed before the offer but not those
signed between the offer and your take.A restricted (OpenDAMP) asset — shares, bonds and other
instruments whose issuer decides who may hold them — cannot sit in a
lending vault: every output carrying it must pay the holder's own covenant
address, so on default nobody could ever reach the collateral. What can be
built is a repurchase: you sell the asset to the lender, and their
obligation to sell it back is secured by a bond in a covenant here. Settling
one is a single OpenDAMP transfer that also spends the bond vault;
pignus-cli repo-settle composes it, because it needs a verifier
input this page cannot select. What this page does is the half that protects
you beforehand: it rebuilds the bond vault's address from the terms and checks
it against the funded coin, its asset and its amount.
Borrow a Sequentia asset against real Bitcoin, not a pegged token. The collateral is a Bitcoin output on the parent chain and the debt is on Sequentia, and one hash binds the two: the same hash locks the Bitcoin vault's reclaim leaf and the Sequentia output you repay into, so the secret that pays the lender their money is the secret that hands your Bitcoin back. Repaying and getting the collateral back are one act rather than two hopes. Everything on this page runs through your wallet: the page rebuilds every address from the terms, checks the lender's release against them, and only then asks you to commit anything.
Your collateral does not go straight into the loan. It waits in a pre-vault only you can take back — from its abort height on, if the principal never comes — and the loan begins only when you claim the principal — which is the same act, so you can never be left having paid in and received nothing. Because Bitcoin has no covenants, this is the one tier where the lender has to be online, and where a liquidation needs the oracle to co-sign rather than a script to compute it.
Every vault address here is derived
in your browser from the terms shown and compared with what is actually on
chain before anything is signed. That check is the whole of the
non-custodial claim, and it is why this page refuses to build a transaction
when an offer's address does not match its terms, rather than letting your
wallet ask you about it.
It cannot move your money: it holds no keys, and your wallet shows you its
own reading of every transaction before you approve it. If the two disagree,
reject it and
say so: a page
and a wallet reading the same transaction differently is a bug in one of
them, and which one matters.
Sequentia fees are paid in whichever asset you choose at the confirmation
step, from those your wallet holds and the network prices; Sequentia has no
privileged fee coin. Bitcoin fees are fixed when a loan is taken and shown
to you before you fund anything. Prefer the command line, or your own node?
pignus-cli signs everything this page signs, from a node
wallet; a loan begun on one route is finished on the same route.