What is a dac?

A DAC is a Digital Assignment Contract. To learn more about DACs, please visit Sols Lot.

How does the loan work?

Example:

Alice wants to use her [Pollen Way] DAC to borrow XCH.

The Mayor will lend [1 XCH] against the DAC.

The Mayor creates a [CLAIM TICKET] NFT and pair it with his [Pollen Way] DAC

The Mayor then creates an offer:

REQUESTS: [CLAIM TICKET] & [1.04 XCH]
OFFERS: [Pollen Way] DAC
EXPIRES: ~60 days

Alice will create an offer:

REQUEST: [CLAIM TICKET] & [1 XCH]
OFFERS: [Pollen Way] DAC

After Alice posts the offer to dexie: The Mayor will accept Alice's Offer.

Do you get the same NFT back that you borrowed against?

It's easier if the lender creates and locks one of their NFTs in the offer. As long as the NFT Collection IDs are the same, the DACs are interchangeable.

What happens if the offer to buy back the DAC expires?

The DAC is considered sold to the lender at that point. Be sure to pay attention to the block height and expiration time listed on the [CLAIM TICKET] .

Can the Loan get Extended?

No. But if the loan is repaid. You can borrow against it again for a new term.