Market

The Market is the main contract of the protocol. It exposes all user-oriented actions for fixed and variable borrows, deposits, repayments, and withdrawals. The contract is also an ERC20 token itself. Following the ERC4626 standard, exaTokens are minted to the user once he deposits underlying assets into the variable pool. These tokens are then burned once the underlying assets are withdrawn. If transferred, the variable deposit position is also transferred.

Public State Variables

accounts

function accounts(address) external view returns (uint256 fixedDeposits, uint256 fixedBorrows, uint256 floatingBorrowShares)

Tracks fixed deposit and borrow map and floating borrow shares of an account.

asset

function asset() external view returns (contract ERC20)

Address of underlying ERC20 asset.

auditor

function auditor() external view returns (contract Auditor)

Auditor contract that validates health factor of accounts that operate with this Market.

backupFeeRate

function backupFeeRate() external view returns (uint256)

Rate charged to the fixed pool to be retained by the floating pool for initially providing liquidity.

dampSpeedDown

function dampSpeedDown() external view returns (uint256)

Damp speed factor to update floatingAssetsAverage when floatingAssets is lower.

dampSpeedUp

function dampSpeedUp() external view returns (uint256)

Damp speed factor to update floatingAssetsAverage when floatingAssets is higher.

earningsAccumulator

function earningsAccumulator() external view returns (uint256)

Accumulated earnings from extraordinary sources to be gradually distributed.

earningsAccumulatorSmoothFactor

function earningsAccumulatorSmoothFactor() external view returns (uint128)

Factor used for gradual accrual of earnings to the floating pool.

fixedBorrowPositions

function fixedBorrowPositions(uint256, address) external view returns (uint256 principal, uint256 fee)

Tracks account's fixed borrow positions by maturity, account and position.

fixedDepositPositions

function fixedDepositPositions(uint256, address) external view returns (uint256 principal, uint256 fee)

Tracks account's fixed deposit positions by maturity, account and position.

fixedPools

function fixedPools(uint256) external view returns (uint256 borrowed, uint256 supplied, uint256 unassignedEarnings, uint256 lastAccrual)

Tracks fixed pools state by maturity.

floatingAssets

function floatingAssets() external view returns (uint256)

Amount of floating assets deposited to the pool.

floatingAssetsAverage

function floatingAssetsAverage() external view returns (uint256)

Average of the floating assets to get fixed borrow rates and prevent rate manipulation.

floatingBackupBorrowed

function floatingBackupBorrowed() external view returns (uint256)

Amount of assets lent by the floating pool to the fixed pools.

floatingDebt

function floatingDebt() external view returns (uint256)

Amount of assets lent by the floating pool to accounts.

floatingUtilization

function floatingUtilization() external view returns (uint256)

Current floating utilization used to get the new floating borrow rate.

interestRateModel

function interestRateModel() external view returns (contract InterestRateModel)

Interest rate model contract used to get the borrow rates.

lastAccumulatorAccrual

function lastAccumulatorAccrual() external view returns (uint32)

Last time the accumulator distributed earnings.

lastAverageUpdate

function lastAverageUpdate() external view returns (uint32)

Last time the floating assets average was updated.

lastFloatingDebtUpdate

function lastFloatingDebtUpdate() external view returns (uint32)

Last time the floating debt was updated.

maxFuturePools

function maxFuturePools() external view returns (uint8)

Number of fixed pools to be active at the same time.

penaltyRate

function penaltyRate() external view returns (uint256)

Rate per second to be charged to delayed fixed pools borrowers after maturity.

reserveFactor

function reserveFactor() external view returns (uint128)

Percentage factor that represents the liquidity reserves that can't be borrowed.

treasury

function treasury() external view returns (address)

Address of the treasury that will receive the allocated earnings.

treasuryFeeRate

function treasuryFeeRate() external view returns (uint256)

Rate to be charged by the treasury to floating and fixed borrows.

View Methods

accountSnapshot

function accountSnapshot(address account) external view returns (uint256, uint256)

Gets current snapshot for an account across all maturities.

Parameters

Name	Type	Description
account	address	account to return status snapshot in the specified maturity date.

Returns

Type	Description
uint256	The amount of assets the account deposited to the floating pool
uint256	The amount of debt the account owes from fixed and floating borrows

convertToAssets

function convertToAssets(uint256 shares) external view returns (uint256)

Returns the amount of assets that would be exchanged by the pool for the amount of shares provided.

Parameters

Name	Type	Description
shares	uint256	amount of shares.

Returns

Type	Description
uint256	amount of exchanged assets.

convertToShares

function convertToShares(uint256 assets) external view returns (uint256)

Returns the amount of shares that would be exchanged by the vault for the amount of assets provided.

Parameters

Name	Type	Description
assets	uint256	amount of assets.

Returns

Type	Description
uint256	amount of exchanged shares.

maxRedeem

function maxRedeem(address owner) external view returns (uint256)

Returns the maximum amount of shares that can be redeem from the owner balance through a redeem call.

Parameters

Name	Type	Description
owner	address	owner of the shares.

Returns

Type	Description
uint256	max amount of redeemable shares.

maxWithdraw

function maxWithdraw(address owner) external view returns (uint256)

Returns the maximum amount of underlying assets that can be withdrawn from the owner balance with a single withdraw call.

Parameters

Name	Type	Description
owner	address	owner of the assets.

Returns

Type	Description
uint256	max amount of withdrawable assets.

previewBorrow

function previewBorrow(uint256 assets) external view returns (uint256)

Simulates the effects of a borrow at the current time, given current contract conditions.

Parameters

Name	Type	Description
assets	uint256	amount of assets to borrow.

Returns

Type	Description
uint256	amount of shares that will be assigned to the account after the borrow.

previewDebt

function previewDebt(address borrower) external view returns (uint256 debt)

Gets all borrows and penalties for an account.

Parameters

Name	Type	Description
borrower	address	account to return status snapshot for fixed and floating borrows.

Returns

Name	Type	Description
debt	uint256	the total debt, denominated in number of assets.

previewDeposit

function previewDeposit(uint256 assets) external view returns (uint256)

Allows users to simulate the effects of their deposit at the current block.

Parameters

Name	Type	Description
assets	uint256	assets to be deposited.

Returns

Type	Description
uint256	shares to receive in exchange of deposited assets.

previewFloatingAssetsAverage

function previewFloatingAssetsAverage() external view returns (uint256)

Gets the current floatingAssetsAverage without updating the storage variable.

Returns

Type	Description
uint256	projected floatingAssetsAverage.

previewMint

function previewMint(uint256 shares) external view returns (uint256)

Allows users to simulate the effects of their mint at the current block.

Parameters

Name	Type	Description
shares	uint256	shares to be minted.

Returns

Type	Description
uint256	assets to deposit in exchange of minted shares.

previewRedeem

function previewRedeem(uint256 shares) external view returns (uint256)

Allows users to simulate the effects of their redemption at the current block.

Parameters

Name	Type	Description
shares	uint256	shares to be redeem.

Returns

Type	Description
uint256	assets to receive in exchange of burned shares.

previewRefund

function previewRefund(uint256 shares) external view returns (uint256)

Simulates the effects of a refund at the current time, given current contract conditions.

Parameters

Name	Type	Description
shares	uint256	amount of shares to subtract from caller's accountability.

Returns

Type	Description
uint256	amount of assets that will be repaid.

previewRepay

function previewRepay(uint256 assets) external view returns (uint256)

Simulates the effects of a repay at the current time, given current contract conditions.

Parameters

Name	Type	Description
assets	uint256	amount of assets to repay.

Returns

Type	Description
uint256	amount of shares that will be subtracted from the account after the repay.

previewWithdraw

function previewWithdraw(uint256 assets) external view returns (uint256)

Allows users to simulate the effects of their withdrawal at the current block.

Parameters

Name	Type	Description
assets	uint256	assets to be withdrawn.

Returns

Type	Description
uint256	burned shares in exchange of withdrawn assets.

totalAssets

function totalAssets() external view returns (uint256)

Calculates the floating pool balance plus earnings to be accrued at current timestamp from maturities and accumulator.

Returns

Type	Description
uint256	actual floatingAssets plus earnings to be accrued at current timestamp.

totalFloatingBorrowAssets

function totalFloatingBorrowAssets() external view returns (uint256)

Calculates the total floating debt, considering elapsed time since last update and current interest rate.

Returns

Type	Description
uint256	actual floating debt plus projected interest.

totalFloatingBorrowShares

function totalFloatingBorrowShares() external view returns (uint256)

Total amount of floating borrow shares assigned to floating borrow accounts.

Write Methods

borrow

function borrow(uint256 assets, address receiver, address borrower) external nonpayable returns (uint256 borrowShares)

Borrows a certain amount from the floating pool.

Parameters

Name	Type	Description
assets	uint256	amount to be sent to receiver and repaid by borrower.
receiver	address	address that will receive the borrowed assets.
borrower	address	address that will repay the borrowed assets.

Returns

Name	Type	Description
borrowShares	uint256	shares corresponding to the borrowed assets.

borrowAtMaturity

function borrowAtMaturity(uint256 maturity, uint256 assets, uint256 maxAssets, address receiver, address borrower) external nonpayable returns (uint256 assetsOwed)

Borrows a certain amount from a maturity.

Parameters

Name	Type	Description
maturity	uint256	maturity date for repayment.
assets	uint256	amount to be sent to receiver and repaid by borrower.
maxAssets	uint256	maximum amount of debt that the account is willing to accept.
receiver	address	address that will receive the borrowed assets.
borrower	address	address that will repay the borrowed assets.

Returns

Name	Type	Description
assetsOwed	uint256	total amount of assets (principal + fee) to be repaid at maturity.

clearBadDebt

function clearBadDebt(address borrower) external nonpayable

Clears floating and fixed debt for an account spreading the losses to the earningsAccumulator.

Can only be called from the auditor.

Parameters

Name	Type	Description
borrower	address	account with insufficient collateral to be cleared the debt.

deposit

function deposit(uint256 assets, address receiver) external nonpayable returns (uint256 shares)

Parameters

Name	Type	Description
assets	uint256	amount of assets to deposit.
receiver	address	address of the account that will receive the minted shares.

Returns

Name	Type	Description
shares	uint256	amount of minted shares.

depositAtMaturity

function depositAtMaturity(uint256 maturity, uint256 assets, uint256 minAssetsRequired, address receiver) external nonpayable returns (uint256 positionAssets)

Deposits a certain amount to a maturity.

Parameters

Name	Type	Description
maturity	uint256	maturity date where the assets will be deposited.
assets	uint256	amount to receive from the msg.sender.
minAssetsRequired	uint256	minimum amount of assets required by the depositor for the transaction to be accepted.
receiver	address	address that will be able to withdraw the deposited assets.

Returns

Name	Type	Description
positionAssets	uint256	total amount of assets (principal + fee) to be withdrawn at maturity.

liquidate

function liquidate(address borrower, uint256 maxAssets, contract Market seizeMarket) external nonpayable returns (uint256 repaidAssets)

Liquidates undercollateralized position(s).

Msg.sender liquidates borrower's position(s) and repays a certain amount of debt for multiple maturities, seizing a part of borrower's collateral.

Parameters

Name	Type	Description
borrower	address	wallet that has an outstanding debt across all maturities.
maxAssets	uint256	maximum amount of debt that the liquidator is willing to accept. (it can be less)
seizeMarket	contract Market	market from which the collateral will be seized to give the liquidator.

Returns

Name	Type	Description
repaidAssets	uint256	actual amount repaid.

mint

function mint(uint256 shares, address receiver) external nonpayable returns (uint256 assets)

Parameters

Name	Type	Description
shares	uint256	amount of shares to mint.
receiver	address	address of account that will receive the minted shares.

Returns

Name	Type	Description
assets	uint256	amount of deposited assets.

redeem

function redeem(uint256 shares, address receiver, address owner) external nonpayable returns (uint256 assets)

Redeems the owner's floating pool assets to the receiver address.

Makes sure that the owner doesn't have shortfall after withdrawing.

Parameters

Name	Type	Description
shares	uint256	amount of shares to be redeemed for underlying asset.
receiver	address	address to which the assets will be transferred.
owner	address	address which owns the floating pool assets.

Returns

Name	Type	Description
assets	uint256	amount of underlying asset that was withdrawn.

refund

function refund(uint256 borrowShares, address borrower) external nonpayable returns (uint256 assets, uint256 actualShares)

Repays a certain amount of shares to the floating pool.

Parameters

Name	Type	Description
borrowShares	uint256	shares to be subtracted from the borrower's accountability.
borrower	address	address of the account that has the debt.

Returns

Name	Type	Description
assets	uint256	subtracted assets from the borrower's accountability.
actualShares	uint256	actual subtracted shares from the borrower's accountability.

repay

function repay(uint256 assets, address borrower) external nonpayable returns (uint256 actualRepay, uint256 borrowShares)

Repays a certain amount of assets to the floating pool.

Parameters

Name	Type	Description
assets	uint256	assets to be subtracted from the borrower's accountability.
borrower	address	address of the account that has the debt.

Returns

Name	Type	Description
actualRepay	uint256	the actual amount that should be transferred into the protocol.
borrowShares	uint256	subtracted shares from the borrower's accountability.

repayAtMaturity

function repayAtMaturity(uint256 maturity, uint256 positionAssets, uint256 maxAssets, address borrower) external nonpayable returns (uint256 actualRepayAssets)

Repays a certain amount to a maturity.

Parameters

Name	Type	Description
maturity	uint256	maturity date where the assets will be repaid.
positionAssets	uint256	amount to be paid for the borrower's debt.
maxAssets	uint256	maximum amount of debt that the account is willing to accept to be repaid.
borrower	address	address of the account that has the debt.

Returns

Name	Type	Description
actualRepayAssets	uint256	the actual amount that was transferred into the protocol.

seize

function seize(address liquidator, address borrower, uint256 assets) external nonpayable

Public function to seize a certain amount of assets.

Public function for liquidator to seize borrowers assets in the floating pool. This function will only be called from another Market, on liquidation calls. That's why msg.sender needs to be passed to the private function (to be validated as a market)

Parameters

Name	Type	Description
liquidator	address	address which will receive the seized assets.
borrower	address	address from which the assets will be seized.
assets	uint256	amount to be removed from borrower's possession.

withdraw

function withdraw(uint256 assets, address receiver, address owner) external nonpayable returns (uint256 shares)

Withdraws the owner's floating pool assets to the receiver address.

Makes sure that the owner doesn't have shortfall after withdrawing.

Parameters

Name	Type	Description
assets	uint256	amount of underlying to be withdrawn.
receiver	address	address to which the assets will be transferred.
owner	address	address which owns the floating pool assets.

Returns

Name	Type	Description
shares	uint256	amount of shares redeemed for underlying asset.

withdrawAtMaturity

function withdrawAtMaturity(uint256 maturity, uint256 positionAssets, uint256 minAssetsRequired, address receiver, address owner) external nonpayable returns (uint256 assetsDiscounted)

Withdraws a certain amount from a maturity.

It's expected that this function can't be paused to prevent freezing account funds.

Parameters

Name	Type	Description
maturity	uint256	maturity date where the assets will be withdrawn.
positionAssets	uint256	position size to be reduced.
minAssetsRequired	uint256	minimum amount required by the account (if discount included for early withdrawal).
receiver	address	address that will receive the withdrawn assets.
owner	address	address that previously deposited the assets.

Returns

Name	Type	Description
assetsDiscounted	uint256	amount of assets withdrawn (can include a discount for early withdraw).