FAQ

How do you determine the interest rate for BNPL or Pawn plans?

We have built a risk engine to properly appraise and assess the risk involved in extending a loan against the NFT. In addition, we do a light counter-party risk assessment to determine the likelihood of repayment. Based on these factors, along with many macro data points, we come to a conclusive interest rate fitting for the NFT asset and the user.

What utilities will I have with my NFT during a loan?

You will have full access to the NFT for the duration of the loan. The NFT will be in your Cyan Wallet, which you can use to access any app. The only functions not allowed are selling and transferring out the NFT. These functions will be available after the loan is fully repaid.

How long are repayment periods?

You will have full control of the length of the loan prior to initiation. Buy Now Pay Later (BNPL) loans will start from 1 month, all the way to 6 months for Blue-Chip NFTs. NFT loans can start from 24 hours (know as flash NFT loans) and up to 6 months for Blue-Chip NFTs. Repayments are due every 31 days, or 24 hours for flash NFT loans.

How will you notify me of payments due?

You may elect to save your email address to receive notifications. On the top right of the dapp, click on the "・・・" menu and select "Setup" to save or update your address. Discord and Telegram notifications are available as well. Head to Receive Notifications for more details.

What happens if I miss a repayment?

Your plan will go into default, and your NFT will be released to the appropriate Cyan Vault. All payments made to date, including the down payment, will be forfeited as well.

When I stake ETH in Cyan's Vaults, what kinds of risks am I facing?

The ETH you stake into the Vaults is used to lend out to fund the BNPL and PAWN plans. The interest paid on the BNPL and PAWN plans gets paid directly into the Vault. So the risk you incur when staking is when a plan defaults and the underlying NFT is liquidated at a poor price (i.e. due to market conditions).

Otherwise, you also have ETHUSD risk (i.e. spot price of ETH vs. $USD if you measure portfolio in dollars) which we suggest the user hedges on a DEX or exchange if desired.

Wen token?

We don't have immediate plans to issue a token now. We believe a token is something to give back to the community, as issuing a token tends to skew a project's focus and motivations after raising funds. Yield farming, theoretical utility, and wishful thinking divert the focus away from building a great product. A product you enjoy using and is the ultimate utility!

We'd like to partner or collaborate with you. What is your contact?

Awesome! We ask you kindly fill out our Cyan Partnership / BD form. We look forward to reading from you!