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Collateral Management Details


Collateral Ratios

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 \ TokenuUSDuBTCuXTZ
tez or XTZxxx
#Token TickerCollateral TickerTarget Collateral Ratio*Emergency Collateral RatioHolder Conversion Barrier**Engine Address
1uBTCXTZ or tez200%160%200%KT1CP1C8afHqdNfBsSE3ggQhzM2iMHd4cRyt
4uUSDXTZ or tez200%160%200%KT1DHndgk8ah1MLfciDnCV2zPJrVbnnAH9fd
10uXTZXTZ or tez115%110%115%KT1Mf9Nr1KyGC6gUz9pGQnngzWbbZ6thShvc
  • * 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 (if applicable), changes resulting from step ins, changes resulting from holder conversion rights.
Collateral ValueThe current USD value of the available collateral.
Outstanding TokensThe 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 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 only on the frontend at the time of creating a vault.
Emergency Collateral RatioThe 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 UtilizationThe target collateral ratio divided by the collateral ratio.
Required CollateralThe 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, LiquidationThe 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 VaultA vault with a collateral ratio of <=100%. Making it impossible to do a profitable step in.
Step In Bonus12.50%
Reference CurrencyUSD
Target Tracker Token ValueThe outstanding youves tracker tokens times the target price.