Governance Variables & Fees

These docs are a work in progress, and variables may be changed to adapt to the market. This page may at times be outdated, and we recommend checking the chain if you require certainty.

Fees

Variable Name
Description
Value

swapFeeAPR

Protocol fee; charged to the recipient of USDC on cash->credit and credit-> cash swaps. Prorated based on credit tenor (the fee is annualized).

0.005e18 (0.5 %)

fragmentationFee

A fixed fee denominated in USDC taken upon partial exit by a lender.

1e6 (1 USDC)

Protocol Safety Parameters

Variable Name
Description
Value

crOpening

Opening collateral ratio; the minimum collateral ratio required when opening a loan.

1.5e18 (150%)

crLiquidation

Threshold at which a position becomes eligible for liquidation.

1.3e18 (130%)

minimumCreditBorrowAToken

Dust limit; the minimum loan size permitted.

10e6 (10 USDC)

borrowATokenCap

Maximum USDC able to be borrowed.

1_000_000e6 (1m USDC)

minMaturity

Minimum tenor

1 hour

maxMaturity

Maximum tenor

5 * 365 days (5 years)

liquidationRewardPercent

Percent of future value rewarded to the liquidator

0.05e18 (5%)

collateralProtocolPercent

Percent of remaining collateral kept by the protocol after liquidating an underwater position with a standard liquidation

0.1e18 (10%)

overdueCollateralProtocolPercent

Percent of remaining collateral kept by the protocol after liquidating a healthy but overdue position

0.01e18 (1%)

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