Collateral Management Details
Illustration#
Eligible Collateral#
The user may choose between the following eligible collateral types:
v3 Engines#
On a smart contract level, the v3 engines no longer have a built in Target Collateral Ratio, they just have the Emergency Collateral Ratio. This impacts the liquidations and the possible rewards of stepping in. The table below explains better.
| Collateral \ Token | uUSD | uBTC | uXTZ |
|---|---|---|---|
| tez or XTZ | x | x | x |
| tzBTC | x | x | |
| SIRS | x | x | x |
| USDt | x | x |
| # | Token Ticker | Collateral Ticker | Target Collateral Ratio* | Emergency Collateral Ratio | Holder Conversion Barrier** | Engine Address |
|---|---|---|---|---|---|---|
| 1 | uBTC | XTZ or tez | 200% | 160% | 200% | KT1CP1C8afHqdNfBsSE3ggQhzM2iMHd4cRyt |
| 2 | uBTC | tzBTC | 115% | 110% | 115% | KT1G6RzVX25YnoU55Xb7Vve3zvuZKmouf24a |
| 3 | uBTC | SIRS | 200% | 135% | 200% | KT1G6RzVX25YnoU55Xb7Vve3zvuZKmouf24a |
| 4 | uUSD | XTZ or tez | 200% | 160% | 200% | KT1DHndgk8ah1MLfciDnCV2zPJrVbnnAH9fd |
| 5 | uUSD | tzBTC | 200% | 135% | 200% | KT1V9Rsc4ES3eeQTr4gEfJmNhVbeHrAZmMgC |
| 6 | uUSD | SIRS | 200% | 135% | 200% | KT1F1JMgh6SfqBCK6T6o7ggRTdeTLw91KKks |
| 7 | uUSD | USDt | 115% | 110% | 115% | KT1JmfujyCYTw5krfu9bSn7YbLYuz2VbNaje |
| 8 | uUSD | tzBTC | 115% | 110% | 115% | KT1XH5rKSd6Ae3DAMYi26gEZP1gxAoQRYRfS |
| 9 | uXTZ | USDt | 200% | 160% | 200% | KT1AnDFRcdB652Jy5JFtmu7SampSPAzDkK7g |
| 10 | uXTZ | XTZ or tez | 115% | 110% | 115% | KT1Mf9Nr1KyGC6gUz9pGQnngzWbbZ6thShvc |
| 11 | uXTZ | SIRS | 200% | 160% | 200% | KT1ByNrcyDxYLmamuJbeFJukYkLJaZ1W86Yr |
- * The Target Collateral ratio is only applied in the frontend. It is not enforced in the v3 engine smart contracts.
- ** Vaults with a collateral ratio above the Holder Conversion Barrier cannot be targeted by the Holder Conversion.
Legacy v1 and v2 Engines#
| # | Token Ticker | Collateral Ticker | Target Collateral Ratio | Emergency Collateral Ratio | Engine Address |
|---|---|---|---|---|---|
| 1 | uBTC | XTZ or tez | 300% | 200% | KT1VjQoL5QvyZtm9m1voQKNTNcQLi5QiGsRZ |
| 2 | uBTC | SIRS | 300% | 200% | KT1NFWUqr9xNvVsz2LXCPef1eRcexJz5Q2MH |
| 3 | uDEFI | uUSD | 300% | 200% | KT1B2GSe47rcMCZTRk294havTpyJ36JbgdeB |
| 4 | uDEFI | XTZ or tez | 300% | 200% | KT1LQcsXGpmLXnwrfftuQdCLNvLRLUAuNPCV |
| 5 | uDEFI | SIRS | 300% | 200% | KT1E45AvpSr7Basw2bee3g8ri2LK2C2SV2XG |
| 6 | uUSD | XTZ or tez | 300% | 200% | KT1FFE2LC5JpVakVjHm5mM36QVp2p3ZzH4hH |
| 7 | uUSD | tzBTC | 300% | 200% | KT1HxgqnVjGy7KsSUTEsQ6LgpD5iKSGu7QpA |
| 8 | uUSD | SIRS | 300% | 200% | KT1FzcHaNhmpdYPNTgfb8frYXx7B5pvVyowu |
Collateral Addresses#
| Collateral Ticker | Collateral Description | Contract Address | Id | Decimals |
|---|---|---|---|---|
| XTZ or tez | The native currency of the Tezos blockchain. | n/a | n/a | 6 |
| uUSD | The youves uUSD stable token. | KT1XRPEPXbZK25r3Htzp2o1x7xdMMmfocKNW | 0 | 12 |
| SIRS | The token of the tez/tzBTC lquidity baking. | KT1AafHA1C1vk959wvHWBispY9Y2f3fxBUUo | n/a | 0 |
| tzBTC | A wrapped bitcoin token on the Tezos blockchain. | KT1PWx2mnDueood7fEmfbBDKx1D9BAnnXitn | n/a | 8 |
| USDt | The Tether token (USDt) native on the Tezos blockchain. | KT1XnTn74bUtxHfDtBmm2bGZAQfhPbvKWR8o | n/a | 8 |
Baking#
Collateral Eligible for Baking#
The user may bake the following eligible collateral:
| # | Ticker | Description |
|---|---|---|
| 1 | XTZ or tez | The native currency of the Tezos Blockchain. |
Choice of Bakers#
The minter has the freedom to select a baker of its choice.
Baking Rewards#
youves as a platform does not charge a fee to bakers or on the baking rewards. The conditions of any selected baker apply to the user.
Terms#
| Term | Description |
|---|---|
| Available Collateral | The net sum of all collateral in a vault. This includes postings and withdrawals by the minter, baking rewards (if applicable), changes resulting from step ins, changes resulting from holder conversion rights. |
| Collateral Value | The current USD value of the available collateral. |
| Outstanding Tokens | The net sum of all youves tracker tokens of one type which have to be burned by the minter to close the vault. This includes minting and burning, liability interest rates, changes resulting from step ins, and from holder conversion rights. |
| Total Outstanding Stable Tokens | The total number of outstanding youves tracker tokens of one type across the platform. |
| Collateral Ratio, Collateralization Ratio | The USD value of available collateral divided by the USD value of outstanding youves tracker tokens. |
| Collateral FX, Collateral Exchange Rate | The value of one unit of collateral measured in reference currency |
| Target Collateral Ratio | Collateral ratio which is enforced only on the frontend at the time of creating a vault. |
| Emergency Collateral Ratio | The emergency collateral ratio is the threshold below which a vault becomes eligible for a step-in. This applies until the collateral ratio is re-established at or above the emergency collateral ratio. |
| Collateral Utilization | The target collateral ratio divided by the collateral ratio. |
| Required Collateral | The amount of available collateral and the current outstanding youves tracker tokens when valued at the current exchange rate, results in a collateral ratio at the target level. |
| Step In, Liquidation | The act of reinstating a vault collateral ratio back to the emergency level by a third party. They do this by posting and burning an amount of youves tracker tokens and collect a bonus out of the excess collateral in the vault. The step in is a crucial aspect of the incentive features of the platform to ensure adequate collateral backing. |
| Underfunded Vault | A vault with a collateral ratio of <=100%. Making it impossible to do a profitable step in. |
| Step In Bonus | 12.50% |
| Reference Currency | USD |
| Target Tracker Token Value | The outstanding youves tracker tokens times the target price. |