Collateral Management Details
Illustration#
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 \ Token | uUSD | uBTC | uXTZ |
|---|---|---|---|
| tez or XTZ | x | x | |
| tzBTC | x | x | |
| SIRS | 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 | SIRS | 200% | 135% | 200% | KT1G6RzVX25YnoU55Xb7Vve3zvuZKmouf24a |
| 3 | uUSD | XTZ or tez | 200% | 160% | 200% | KT1DHndgk8ah1MLfciDnCV2zPJrVbnnAH9fd |
| 4 | uUSD | tzBTC | 200% | 135% | 200% | KT1V9Rsc4ES3eeQTr4gEfJmNhVbeHrAZmMgC |
| 5 | uUSD | SIRS | 200% | 135% | 200% | KT1F1JMgh6SfqBCK6T6o7ggRTdeTLw91KKks |
| 6 | uUSD | USDt | 115% | 110% | 115% | KT1JmfujyCYTw5krfu9bSn7YbLYuz2VbNaje |
| 7 | uUSD | tzBTC | 115% | 110% | 115% | KT1XH5rKSd6Ae3DAMYi26gEZP1gxAoQRYRfS |
| 7 | uXTZ | USDt | 200% | 160% | 200% | KT1AnDFRcdB652Jy5JFtmu7SampSPAzDkK7g |
- * 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, changes resulting from step ins, changes resulting from bailout / minter conversion rights and holder conversion rights. |
| Collateral Value | The current USD value of the available collateral. |
| Outstanding Stable Tokens | The 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 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 by the platform at the time of minting. |
| Emergency Collateral Ratio | If 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 Utilization | The target collateral ratio divided by the collateral ratio. |
| Required Collateral | The 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, Liquidation | Once 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 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 Stable Token Value | The outstanding youves tracker tokens times the target price. |