Borrowing

The borrowing.sol is one of the main user facing contracts in the protocol. It exposes the way to add liquidity to the protocol.

Write functions

depositTokens

borrowing.sol

function depositTokens(
    BorrowDepositParams memory depositParam
) external payable

IBorrowing.sol

struct BorrowDepositParams {
    IOptions.StrikePrice strikePercent;
    uint64 strikePrice;
    uint256 volatility;
    AssetName assetName;
    uint256 depositingAmount;
}

enum AssetName {
    DUMMY,
    ETH,
    WeETH,
    rsETH,
    USDa,
    ABOND,
    TUSDT
}

IOptions.sol

enum StrikePrice {
    FIVE,
    TEN,
    FIFTEEN,
    TWENTY,
    TWENTY_FIVE
}

Param Name	Type
strikePercent	enum StrikePrice	Strike price percentage chosen by user.
strikePrice	uint64	Strike price chosen by user.
volatility	uint256	Collateral volatility.
depositingAmount	uint256	User depositing amount.
assetName	enum AssetName	Collateral type depositing by user.
msg.value	uint256	Includes user depositing amount with LZ transaction fees.

After ratio and option fees calculation, half of the collateral is deposited to external protocol. The USDa are minted to the user with option fees deducted. Then it updates the global data by calling LZ's send function.

withDraw

borrowing.sol

function withDraw(
    address toAddress,
    uint64 index,
    bytes memory odosAssembledData,
    bytes memory signature
) payable 

Param Name	Type	Description
toAddress	address	Address of the borrower.
index	uint64	Index of the borrower's position tries to withdraw.
odosAssembledData	bytes	Odos Execution/Assembled data got from Odos API to Swap collateral to USDT.
signature	bytes	Odos assembled data signed by admin 2.
msg.value	uint256	LZ transaction fees.

Withdraws 50% of the deposited collateral from the protocol after user pays the debt amount. The 50% of the deposited amount is credited to the user with strike price gains and for the remaining they are given with ABOND token which is fungible. Later they can use the ABOND tokens to redeem yields from external protocol and 50% of the deposited collateral.

For collaterals other than ETH, the borrower will get entire deposited amount during withdraw.

When repaying, the Borrowing contract must have allowance() to spend funds on behalf of msg.sender. This can be done via the standard ERC20 approve() method on the underlying token contract.

liquidate

borrowing.sol

function liquidate(
    address user,
    uint64 index,
    IBorrowing.LiquidationType liquidationType
) payable

IBorrowing.sol

enum LiquidationType {
    DUMMY,
    ONE,
    TWO,
    THREE
}

Param Name	Type	Description
user	address	Address of the borrower.
index	uint64	Index of the borrower's position.
liquidationType	struct LiquidationType	Defines the type of liquidation needs to be done.
msg.value	uint256	LZ transaction fees.

There are currently 2 liquidation types present.

• Liquidate by using CDS funds - ONE.

• Liquidate by taking short position in synthetix with 1x leverage - TWO.

Liquidates the positions whose collateral value becomes 80%.Liquidates the position based on the opted type by admin. Then during withdraw in CDS, the profits and liquidated collaterals are given to the users based on there proportions.

redeemYields

function redeemYields(address user, uint128 aBondAmount)

Param	Type	Description
user	address	Address of the user who is redeeming.
aBondAmount	uint128	Amount of ABOND tokens user wants to redeem.

The user provides ABOND tokens to redeem yields from external protocol. Based on the eth backed and cumulative rate of that ABOND token the yield is calculated and given to the user.

When redeeming, the Borrowing contract must have allowance() to spend funds on behalf of msg.sender. This can be done via the standard ERC20 approve() method on the underlying token contract.

renewOptions

function renewOptions(uint64 index) external payable

Param	Type	Description
index	uint64	Index of the position to renew.

Renews the 20% downside protection of the borrower position by 30 days by providing USDa tokens.

When renewing, the Borrowing contract must have allowance() to spend funds on behalf of msg.sender. This can be done via the standard ERC20 approve() method on the underlying token contract.

calculateRatio

function calculateRatio(uint256 amount, uint256 currentEthPrice)

Param Name	Type	Description
amount	uint256	Collateral amount the user is going to deposit.
currentEthPrice	uint256	Current collateral price.

Calculates the ratio of Collateral value to the total CDS amount in protocol. Updates the total collateral value locked and net CDS amount value based on collateral price changes.

updateRatePerSecByUSDaPrice

function updateRatePerSecByUSDaPrice(uint32 usdaPrice)

Updates the interest rate per second based on USDa price. This function can only be called by admin.

calculateCumulativeRate

function calculateCumulativeRate()

Calculate the current cumulative rate based on APR and time interval between events.

Setter Functions

Function name	Param Name	Description	Param Type
setAdmin	_admin	Admin who will do core operations.	address
setTreasury	_treasury	Treasury contract address.	address
setOptions	_options	Options contract address.	address
setBorrowLiquidation	_borrowLiquidation	BorrowLiquidation contract address	address
setLTV	_LTV	LTV ratio.	uint8
setAPR	_ratePerSec	Interest rate per second based on annual interest.	uint128
setBondRatio	_bondRatio	ABOND to USDa ratio	uint64

Read Functions

getAbondYields

function getAbondYields(address user, uint128 aBondAmount)

Param Name	Type	Description
user	address	Address of the user who is redeeming ABOND.
aBondAmount	uint128	Amount of ABONDs to redeem.

Returns the collateral backed for this ABOND, redeemable collateral amount with external protocol interest and USDa amount got from liquidation.

getUSDValue

function getUSDValue(address token)

Returns the exchange rate to ETH and USD value of the collateral.

getLTV

function getLTV()

getOptionFeesToPay

function getOptionFeesToPay(uint64 index) public view returns (uint256)

Returns the option fees the borrower needs to pay to renew the 20% downside protection.