Exactly Protocol
  • Getting started
    • 🔔Welcome
    • ➡️Introduction
    • ❔FAQ
    • 🔗Quick Links
  • Governance
    • 🏛️Exactly Protocol Governance
      • ✍️Proposals and Voting
      • ⚡Snapshot
      • 📄Exactly Improvement Proposal (EXAIP) Template
    • ⚫Exactly Protocol (EXA)
      • 📊EXA Tokenomics
      • ⚪EscrowedEXA (esEXA)
      • EXA Staking Program (stEXA)
  • EXA APP
    • The Exa App
    • How the Exa App works
    • The Exa App Webauthn Owner Plugin
    • Exa Plugin
    • Exa App FAQs
  • Guides
    • ⚙️Protocol
      • Auditor
      • MarketETHRouter
      • Market
        • ERC-4626
      • PriceFeedWrapper
      • PriceFeedDouble
      • InterestRateModel
      • RewardsController
    • 🛰️Peripheral Contracts
      • 🌀DebtManager
      • ⚫EXA
      • ⚪esEXA
      • 🪂Airdrop
      • 👀Previewer (read-only)
      • 👓DebtPreviewer (read-only)
      • RatePreviewer (read-only)
    • ✨Features
      • Bad Debt Clearing
      • Dynamic Close Factor
      • Earnings Accumulator
      • Cross-Asset Leverager & Deleverager
      • Liquidity Reserve
      • Rewards Distribution Model
      • Rate Manipulation Prevention
      • Rollover
    • 💲Fixed Rate Operations
      • 📥Deposits
      • 📤Borrows
    • 🔢Parameters
    • 📈Interest Rates Curves
    • ♻️Liquidations
      • 🤖Exactly's Bot
    • ⛓️Smart Contract Addresses
    • 🌐The Graph
    • 🔮Chainlink Price Feeds
  • Security
    • 🔎Audits
    • 🔑Access Control
    • 🛡️Hypernative
    • 🧪Testing
    • 🧯Emergency Procedure
    • 🐛Bug Bounty Program
  • Resources
    • 📃White Paper
    • 🔣Math Paper v1
    • 🔣Math Paper v2
    • 🤝Partnerships
    • 📺Presentations
    • 📣Brand Assets
  • Legal
    • ⚖️Terms and Conditions of Use
    • 🔏Privacy Policy
    • 🍪Cookies Policy
Powered by GitBook
On this page
  • A. Reserve Factor
  • B. Treasury Fee
  • C. Optimism Mainnet Interest Rate Curves
  • D. Ethereum Mainnet Interest Rate Curves
  • D. Risk Factors
  • E. Variable Rate Pool Fee
  • F. Supply E.M.A. Parameters
  • G. Target Solvency Ratio
  • H. Liquidation Bonuses
  • I. Extraordinary Earnings Distribution Factor
  • J. Penalty Rate

Was this helpful?

  1. Guides

Parameters

PreviousBorrowsNextInterest Rates Curves

Last updated 3 months ago

Was this helpful?

There is an explanation of the following parameters in .

A. Reserve Factor

η=5%\begin{align*} \eta = 5\% \end{align*}η=5%​

η\etaη the fraction of the total Variable Rate Pool deposits established as Liquidity Reserves can't be borrowed and will only be available for withdrawals.

B. Treasury Fee

The treasury fee refers to the percentage of interest rate charges paid by borrowers that the protocol retains for its treasury.

  • Treasury Fee on OP Mainnet

λr=20%\begin{align*} \lambda_r = 20\% \end{align*}λr​=20%​

OP Mainnet Treasury multisig address:

  • Treasury Fee on Ethereum Mainnet

λr=0%\begin{align*} \lambda_r = 0\% \end{align*}λr​=0%​

C. Optimism Mainnet Interest Rate Curves

  • USDC

Parameter
Value

4.7074e-03

3.8577e-02

1.200000000

0.880000000

2.500000000

1.250000000

  • USDC.e

Parameter
Value

4.7074e-03

3.8577e-02

1.200000000

0.880000000

2.500000000

1.250000000

  • WETH

Parameter
Value

1.0164e-03

1.8718e-02

1.300000000

0.880000000

2.500000000

1.100000000

  • wstETH

Parameter
Value

1.0164e-03

1.8718e-02

1.300000000

0.880000000

2.500000000

1.100000000

  • OP

Parameter
Value

3.3634e-02

-1.5528e-02

1.200000000

0.600000000

2.500000000

1.100000000

  • WBTC

Parameter
Value

8.5903e-02

7.1813e-02

1.050000000

0.500000000

2.500000000

2.000000000

D. Ethereum Mainnet Interest Rate Curves

  • WETH

Parameter
VRP Value
FRP Value

1.9362e-2

3.8126e-1

-1.787e-3

-3.6375e-1

1.003870947

1.000010695

  • DAI

Parameter
VRP Value
FRP Value

1.7852e-2

3.9281e-1

-2.789e-3

-3.7781e-1

1.003568501

1.000014451

  • USDC

Parameter
VRP Value
FRP Value

1.4844e-2

3.9281e-1

1.9964e-4

-3.7781e-1

1.002968978

1.000014451

  • WBTC

Parameter
VRP Value
FRP Value

2.7194e-2

4.6586e-1

3.0160e-2

-4.1345e-1

1.007776377

1.050553997

  • wstETH

Parameter
VRP Value
FRP Value

1.9362e-2

3.8126e-1

-1.787e-3

-3.6375e-1

1.003870947

1.000010695

  • OP

Parameter
VRP Value
FRP Value

2.8487e-2

3.5815e-1

-5.8259e-3

-3.3564e-1

1.005690787

1.000005527

D. Risk Factors

  • OP Mainnet

Asset
Value

WETH

0.86

USDC

0.91

USDC.e

0.91

WBTC

0.78

wstETH

0.82

OP

0.58

  • Ethereum Mainnet

Asset
Value

WETH

0.86

DAI

0.90

USDC

0.91

WBTC

0.85

wstETH

0.82

Follow the steps below to check the Risk-Adjust Factor for a specific asset:

  1. To query the markets In that contract, you will need the market contract address for the specific asset. For example, you can use the following address to check the Risk-Adjust Factor for USDC: 0x660e2fC185a9fFE722aF253329CEaAD4C9F6F928. All addresses for each network (Mainnet, Optimism, et al.) are available in Smart Contract Addresses.

  2. Click the "Query" button to call the function. The result will display various information about the market, including the Risk-Adjust Factor.

Following these steps, you can check the Risk-Adjust Factor for any asset in the protocol by simply replacing the market contract address with the one corresponding to the desired asset.

E. Variable Rate Pool Fee

δ=10%\begin{align*} \delta = 10\% \end{align*}δ=10%​

F. Supply E.M.A. Parameters

βslow=0.000053\begin{align*} \beta_{slow} = 0.000053 \end{align*}βslow​=0.000053​

The time decay parameter is used when the supply is above average.

βfast=0.4000\begin{align*} \beta_{fast} = 0.4000 \end{align*}βfast​=0.4000​

The time decay parameter is used when the supply is below average.

G. Target Solvency Ratio

Γ=1.25\begin{align*} \Gamma = 1.25 \end{align*}Γ=1.25​

H. Liquidation Bonuses

νliquidator=5.00%νbad−debt=0.25%\begin{align*} \nu_{liquidator} = 5.00\% \\ \nu_{bad-debt} = 0.25\% \end{align*}νliquidator​=5.00%νbad−debt​=0.25%​

I. Extraordinary Earnings Distribution Factor

ξextearn=2.00\begin{align*} \xi_{extearn} = 2.00 \end{align*}ξextearn​=2.00​

J. Penalty Rate

DailyPenaltyRate=0.45%\begin{align*} DailyPenaltyRate = 0.45\% \end{align*}DailyPenaltyRate=0.45%​

The daily penalty rate fee is charged to fixed interest rate borrowers who didn't pay their loans on time. This fee is charged daily after the maturity day.

For example, if your total debt after the maturity date is $100, and you pay 10 days later, the penalty fees will be $4.5 (0.45%*10*$100).

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

=

These parameters are utilized to calculate .

We associate a to each asset to assess each collateral asset's borrow and lending power.

To assess the Risk-Adjust Factor for each asset in the protocol, you can query the markets() function of the contract. This can be done using , a blockchain explorer.

Go to the Auditor contract on Etherscan by navigating to the following URL: (for other networks, go to Smart Contract Addresses and click on the address of the desired Auditor contract)

The Risk-Adjust Factor will be returned as adjustFactor. In this case, 910000000000000000 equals 0.91.

δ\deltaδ is the fraction of the retained by the Variable Rate Pool upon leaving the Fixed Rate Pool.

Target solvency ratio after .

During the , the liquidator gets a commission fee, and the Variable Rate Pool receives a percentage of extra liquidation fees to compensate for potential bad debt residuals.

🔢
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
Uliq0U_{liq}0Uliq​0
ksigmoidk_{sigmoid}ksigmoid​
ααα
AAA
BBB
UmaxU_{max}Umax​
AAA
BBB
UmaxU_{max}Umax​
AAA
BBB
UmaxU_{max}Umax​
AAA
BBB
UmaxU_{max}Umax​
AAA
BBB
UmaxU_{max}Umax​
AAA
BBB
UmaxU_{max}Umax​
the effective borrow interest rate
Risk-Adjust Factor
Auditor
Etherscan
https://etherscan.io/address/0x310A2694521f75C7B2b64b5937C16CE65C3EFE01#readProxyContract#F17
fixed interest rate fees
liquidation
liquidation process
https://optimistic.etherscan.io/address/0x23fd464e0b0ee21cedeb929b19cabf9bd5215019
Model Parameters