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Collateral Management Details


Collateral Ratios

Eligible Collateral#

The user may choose between the following eligible collateral types:

v3 Engines#

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 frontend enforces a

Collateral \ TokenuUSDuBTCuXTZ
tez or XTZxx
#Token TickerCollateral TickerTarget Collateral Ratio*Emergency Collateral RatioHolder Conversion Barrier**Engine Address
1uBTCXTZ or tez200%160%200%KT1CP1C8afHqdNfBsSE3ggQhzM2iMHd4cRyt
3uUSDXTZ or tez200%160%200%KT1DHndgk8ah1MLfciDnCV2zPJrVbnnAH9fd
  • * 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 TickerCollateral TickerTarget Collateral RatioEmergency Collateral RatioEngine Address
1uBTCXTZ or tez300%200%KT1VjQoL5QvyZtm9m1voQKNTNcQLi5QiGsRZ
4uDEFIXTZ or tez300%200%KT1LQcsXGpmLXnwrfftuQdCLNvLRLUAuNPCV
6uUSDXTZ or tez300%200%KT1FFE2LC5JpVakVjHm5mM36QVp2p3ZzH4hH

Collateral Addresses#

Collateral TickerCollateral DescriptionContract AddressIdDecimals
XTZ or tezThe native currency of the Tezos blockchain.n/an/a6
uUSDThe youves uUSD stable token.KT1XRPEPXbZK25r3Htzp2o1x7xdMMmfocKNW012
SIRSThe token of the tez/tzBTC lquidity baking.KT1AafHA1C1vk959wvHWBispY9Y2f3fxBUUon/a0
tzBTCA wrapped bitcoin token on the Tezos blockchain.KT1PWx2mnDueood7fEmfbBDKx1D9BAnnXitnn/a8
USDtThe Tether token (USDt) native on the Tezos blockchain.KT1XnTn74bUtxHfDtBmm2bGZAQfhPbvKWR8on/a8


Collateral Eligible for Baking#

The user may bake the following eligible collateral:

1XTZ or tezThe 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.


Available CollateralThe net sum of all collateral in a vault. This includes postings and withdrawals by the minter, baking rewards, changes resulting from step ins, changes resulting from bailout / minter conversion rights and holder conversion rights.
Collateral ValueThe current USD value of the available collateral.
Outstanding Stable TokensThe net sum of all youves tracker tokens of one type which have to be burned by the minter to terminate the vault. This includes minting and burning, liability interest rates, changes resulting from step ins, changes resulting form bailout / minter conversion rights and holder conversion rights.
Total Outstanding Stable TokensThe total number of outstanding youves tracker tokens of one type across the platform.
Collateral Ratio, Collateralization RatioThe USD value of available collateral divided by the USD value of outstanding youves tracker tokens.
Collateral FX, Collateral Exchange RateThe value of one unit of collateral measured in reference currency
Target Collateral RatioCollateral ratio which is enforced by the platform at the time of minting.
Emergency Collateral RatioIf the collateral ratio in a vault is observed at or below the emergency collateral ratio, the vault becomes available for a step in. This applies until the collateral ratio is re-established at or above the target collateral ratio.
Collateral UtilizationThe target collateral ratio divided by the collateral ratio.
Required CollateralThe amount of collateral, valued at the current exchange rate and given the current outstanding youves tracker tokens, which results in a collateral ratio at target level.
Step In, LiquidationOnce the collateralization ratio drops below the emergency collateral ratio, the vault becomes available for step in by third parties. They can post and burn a certain amount of youves tracker tokens in order to 1) get the vault back to target collateral ratio and 2) collect a step in bonus out of the excess collateral of the vault. In total a party providing a step in on a vault will collect collateral with a value of (1 + step in bonus) * posted youves tracker tokens. The step in is a crucial aspect of the incentive features of the platform to ensure adequate collateral backing.
Underfunded VaultA vault with a collateral ratio of <=100%. Making it impossible to do a profitable step in.
Step In Bonus12.50%
Reference CurrencyUSD
Target Stable Token ValueThe outstanding youves tracker tokens times the target price.