Market

market

The market directories deals with interfaces, implementations, libraries and facets that implement the creation of loans, collateral escrows and the repayment of loans.

collateral

• The collateral directory contains the interface and implementation of the collateral escrow

• Functions include

  • init() initializing the collateral escrow

  • deposit() depositing collateral tokens

  • withdraw() withdrawing collateral tokens

  • loanSupply() returning the loan supply of collateral

  • totalSupply() returning the total supply of the collateral

• The above functions are all included in ICollateralEscrow

libraries

The libraries directory contains files that implement logic for the Facets to use. This logic relates to functionalities to interface with collateral escrows, loans and the processing of loans.

• LibCollateral contains functions that interact with the ICollateralEscrow

• LibConsensus contains one function to process loan terms processLoanTerms() and abstracted functions like _getConsensus(), _getChainId() and validateLoanRequest() to help with processing the loan terms

  • To satisfy the Teller consensus of validating a loan, it is required that the ratio of responses to signers is greater than the percentage of required submissions

  • Each response after iteration is subjected to multiple checks to see if it's got the correct signer, asset address, correct signature and unexpired response time

  • When the response is processed correctly, then interest rate, collateral ratio and max loan amount is added to the loan terms. The values are then averaged out with a tolerance value supported by the consensus

• LibLoans contains functions that deal with pulling information from respective loans

  • You can get how much loan is owed, percentage of interest for a loan, ratio of interest and the amount needed in collateral

facets

All the facets are available in the root directory. They are the CollateralFacet, CreateLoanFacet, LoanDataFacet, RepayFacet and the SignersFacet.

• CollateralFacet interfaces directly with the LibCollateral to deposit, add, get and withdraw collaterals. LibLoans is also used to help with some functions

• CreateLoanFacet connects to multiple libraries to help:

  • createLoanWithTerms() create a loan

  • takeOutLoan() take out a loan

  • takeOutLoanWithNFTs() take out a loan with an NFT

  • It also contains a CreateLoanLib that:

    • initLoan() initializes a loan

    • createEscrow() creates a loan escrow

    • verifyCreateLoan() verify a newly created loan

• LoanDataFacet contains functions that deals with pulling out data from both loans and loan escrows. Data includes :

  • getLoanTerms() loan terms

  • getBorrowerLoans() borrower loans

  • getDebtOwed() debt owed

  • getInterestOwed() interest owed

  • getCollateralNeededInfo() collateral needed

• RepayFacet contains functions that deal with both the repaying and the liquidation of loans given that a user wants to pay a little bit or a loan is undercollateralized (or expired), respectively. Functions include:

  • escrowRepay() repaying the loan with the respective escrow

  • repayLoan() repaying the loan from a regular address

  • liquidateLoan() liquidate a loan and payout the liquidator

  • There's also a library RepayLib that stores other functions like

    • claimEscrowTokens() which claims escrow tokens to the liquidator after a loan fails

    • getLiquidationReward() gets collateral value and reward amount for the liquidator

    • payOutLiquidator() checks if loan has an escrow and then claims any tokens before paying out the loan collateral

• SignersFacet simply adds signers and checks if a signer is part of a list of signers in an asset