Positions and recovery
AMP Finance never learns who anyone is, so it needs some other way to know that a person, and only that person, may act on their offer or their loan. The answer is a token. When an offer is posted or a loan is drawn, the protocol sends the wallet a single token made for that one position. Whoever holds the token controls the position. There is no account, no password and nothing the protocol remembers about the holder.
- An offer token is the lender's key to cancel, collect and seize, for every loan on that offer
- A loan token is the borrower's key to claim collateral back; repaying needs no token
- A position token behaves like cash, not like a login
- The Positions page works from what the wallet holds; nothing is stored
- A seed phrase restore brings every token back; it does not bring back time
- Never send a position token to anyone
Position tokens
| Offer token | Loan token | |
|---|---|---|
| Who gets it | The lender, on posting an offer | The borrower, on drawing a loan |
| Unlocks | Cancelling the offer; collecting the repayment on any loan from it; seizing collateral on any loan from it that has defaulted | Claiming the collateral back after repayment |
| Not needed for | Anything a borrower does | Repaying. Anyone can repay a loan, so a borrower is never blocked from repaying by the whereabouts of a token |
| Scope | One token covers the whole offer, however many loans come out of it | One token per loan |
A position token behaves like a banknote rather than a password. Holding it is the whole of the authority; there is nothing to prove beyond that.
| If the holder… | Then… |
|---|---|
| Reinstalls the wallet | The token comes back with the seed phrase, like any other token |
| Loses the seed phrase | The token is gone, and with it the position |
| Sends the token to someone | That someone now holds the position |
| Spends it by accident | Same as sending it |
| Misses a deadline | The token still exists, but the time does not come back |
After a position is fully settled, its token stays in the wallet, inert. It cannot be reused and it opens nothing. It is harmless to keep and harmless to lose at that point.
Finding your positions
No address is attached to any offer or loan, so the interface cannot look a person up. It works the other way round: it looks at what the wallet holds.
- The wallet is asked which shielded tokens it holds.
- Every offer token and loan token has a recognisable type, tied to the position it was made for.
- The interface matches the wallet's token types against the offers and loans on the ledger. Whatever matches is a position this wallet controls.
There is no saved list. Each visit starts from scratch, from the wallet's current contents. A position whose token has left the wallet disappears from the page, and one whose token arrives shows up.
What the page shows
- You owe and You're owed: what this wallet has to repay, with the interest included and the collateral locked, and what it is due to collect, with the interest to come and the interest already earned. Because positions span several tokens, these totals are converted at today's prices to be comparable; the protocol itself tracks no prices and no totals.
- To do: anything ready for action, such as a repayment to collect, collateral to claim, a loan near its due date, or a defaulted loan to seize.
- Open loans: every active loan this wallet holds a loan token for.
- Open offers: every offer this wallet holds an offer token for, and the loans drawn against each.
- History: settled positions and what this wallet has done here.
One thing that leaves the device
To answer in a single request, the list of token types the wallet holds is sent to a service AMP Finance operates, which returns the matching positions. That list names positions, not people: it says "whoever asked this holds the token for loan 47", not who asked. Nothing else about the wallet is sent, and nothing is kept.
When a position does not appear
The wallet may still be syncing; give it a moment and refresh. The token may be in a different wallet than the one connected. Or the position may already be fully settled, in which case it has moved to History.
Recovery
The seed phrase is the whole backup. Every position on AMP Finance is a token in the wallet, and tokens come back from a seed phrase. The interface keeps no secret, no counter and no exported file, so there is no second thing to lose.
- Restore the wallet from its seed phrase, in the same wallet software or another that supports Midnight.
- Let it sync. The wallet rediscovers every shielded token it holds, including offer tokens and loan tokens.
- Connect it to AMP Finance. The Positions page matches what the wallet holds against the ledger and shows every position again.
Nothing needs to be re-entered, imported or claimed. What comes back: all shielded balances, every offer token and loan token and with them control of every position, and every uncollected repayment and unclaimed collateral, which were waiting on the ledger the whole time.
A loan's due date and grace window keep running while a wallet is unavailable. A loan that defaulted in the meantime stays defaulted, and its collateral is the lender's to take. Restore before a deadline rather than after. In the meantime, anyone can repay a loan on the borrower's behalf without the token.
Some systems on Midnight keep private data on the device that is not part of the seed phrase. A wallet restored from its seed phrase gets its tokens back but not that data. AMP Finance deliberately keeps nothing that way: authority over a position is the token itself, which the seed phrase does recover, rather than a stored secret, which it would not. That is the reason positions are tokens.
Losing or sending a position token
There is no reason to transfer an offer token or a loan token. Doing so hands the position to the recipient, and the interface warns before any such transfer. Treat both kinds as things that stay put.
| Loan token lost | Offer token lost | |
|---|---|---|
| Still possible | Repaying, since it needs no token | Borrowers on that offer repaying and claiming their collateral; they are unaffected |
| Stranded | Claiming the collateral back after repayment. It stays where it is; nobody else can take it either | Every uncollected repayment on the offer's loans; seizing collateral on any defaulted loan; cancelling the offer |
| Recovered by | A seed phrase restore | A seed phrase restore |
| Without the seed phrase | The collateral is gone | The lender's side of the offer is gone |
Recovering a token does not recover time. A loan that passed the end of its grace window while the token was unavailable can no longer be repaid, whoever holds the token. Restore promptly.