Liquidation Contract
The Liquidation Contract enables users to submit Terra stablecoin bids for a Cw20-compliant token. Bidders can specify the rate of premium they will receive on bid execution, and the maximum premium rate is set at 30%.
Upon execution of a bid, Cw20 tokens are sent to the bidder, while the bidder's Terra stablecoins are sent to the repay address (if not specified, sent to message sender). The oracle contract is responsible for providing the relevant Cw20 token prices.
Additionally, the Liquidation Contract serves as the point of calculation for partial collateral liquidations, where a loan position is liquidated until it reaches a safe
borrow_amount / borrow_limit
ratio. The required liquidation amount for each collateral is calculated based on the fed-in loan position's attributes.Price data from the Oracle contract are only valid for 60 seconds (
price_timeframe
). The Liquidation contract disables bid executions until new price data is fed-in to the Oracle contract.Key | Type | Description |
owner | CanonicalAddr | Address of contract owner that can update config |
oracle_contract | CanonicalAddr | Contract address of Oracle |
stable_denom | String | Native token denomination for bids |
safe_ratio | Decimal256 | A liability / borrow limit ratio of a loan deemed safe |
bid_fee | Decimal256 | Fee rate applied to all executed bids |
max_premium_rate | Decimal256 | Maximum rate of commission given to bidder of an executed bid |
liquidation_threshold | Uint256 | Threshold collateral value for partial collateral liquidations |
price_timeframe | u64 | Window of time before oracle price data is considered outdated [seconds] |
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct InstantiateMsg {
pub owner: String,
pub oracle_contract: String,
pub stable_denom: String,
pub safe_ratio: Decimal256,
pub bid_fee: Decimal256,
pub max_premium_rate: Decimal256,
pub liquidation_threshold: Uint256,
pub price_timeframe: u64,
}
{
"owner": "terra1..",
"oracle_contract": "terra1...",
"stable_denom": "uusd",
"safe_ratio": "0.8",
"bid_fee": "0.01",
"max_premium_rate": "0.05",
"liquidation_threshold": "500",
"price_timeframe": 60
}
Key | Type | Description |
owner | String | Address of contract owner that can update config |
oracle_contract | String | Contract address of Oracle |
stable_denom | String | Native token denomination for bids |
safe_ratio | Decimal256 | A liability / borrow limit ratio of a loan deemed safe |
bid_fee | Decimal256 | Fee rate applied to executed bids |
max_premium_rate | Decimal256 | Maximum rate of commission given to the bidder of an executed bid |
liquidation_threshold | Uint256 | Threshold collateral value for triggering partial collateral liquidations |
price_timeframe | u64 | Window of time before oracle price data is considered outdated [seconds] |
Can be called during a CW20 token transfer when the Liquidation Contract is the recipient. Allows the token transfer to execute a Receive Hook as a subsequent action within the same transaction.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum ExecuteMsg {
Receive {
sender: String,
amount: Uint128,
msg: Binary,
}
}
{
"receive": {
"sender": "terra1...",
"amount": "10000000",
"msg": "eyAiZXhlY3V0ZV9tc2ciOiAiYmluYXJ5IiB9"
}
}
Key | Type | Description |
sender | String | Sender of the token transfer |
amount | Uint128 | Amount of tokens received |
msg | Binary |
Updates the Liquidation Contract's configuration. Can only be issued by the owner.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum ExecuteMsg {
UpdateConfig {
owner: Option<String>,
oracle_contract: Option<String>,
stable_denom: Option<String>,
safe_ratio: Option<Decimal256>,
bid_fee: Option<Decimal256>,
max_premium_rate: Option<Decimal256>,
liquidation_threshold: Option<Uint256>,
price_timeframe: Option<u64>,
}
}
{
"update_config": {
"owner": "terra1...",
"oracle_contract": "terra1...",
"stable_denom": "uusd",
"safe_ratio": "0.8",
"bid_fee": "0.01",
"max_premium_rate": "0.05",
"liquidation_threshold": "200000000",
"price_timeframe": 60
}
}
Key | Type | Description |
owner * | String | Address of new owner |
oracle_contract * | String | New oracle contract address |
stable_denom * | String | New native token denomination for bids |
safe_ratio * | Decimal256 | New liability / borrow limit of a loan deemed safe |
bid_fee * | Decimal256 | New fee rate applied to executed bids |
max_premium_rate * | Decimal256 | New maximum rate of commission given to the bidder of an executed bid |
liquidation_threshold * | Uint256 | New threshold collateral value for triggering partial collateral liquidations |
price_timeframe * | u64 | New window of time before price data is considered outdated [seconds] |
* = optional
Submits a new bid for the specified Cw20 collateral with the specified premium rate. Requires Terra stablecoins to be sent beforehand.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum ExecuteMsg {
SubmitBid {
collateral_token: String,
premium_rate: Decimal256,
}
}
{
"submit_bid": {
"collateral_token": "terra1...",
"premium_rate": "0.03"
}
}
Key | Type | Description |
collateral_token | String | Cw20 token contract address of bidding collateral |
premium_rate | Decimal256 | Rate of commission on executing this bid |
Withdraws specified amount of stablecoins from the bid for the specified collateral. Withdraws the entire bid for the specified collateral if the
amount
field is not filled.Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum ExecuteMsg {
RetractBid {
collateral_token: String,
amount: Option<Uint256>,
}
}
{
"retract_bid": {
"collateral_token": "terra1...",
"amount": "100000000"
}
}
Key | Type | Description |
collateral_token | String | Cw20 token contract address of bidding collateral |
amount * | Uint256 | Amount of stablecoins remove from bid |
* = optional
Liquidates collateral by executing an existing bid for the received collateral. Requires the
liquidator
to have an existing bid. For Usage in Anchor, Custody
issues this message with fee_address
as Overseer
's contract address and repay_address
as Market
's contract address, where stablecoins from the bid is sent to the Market contract to repay a borrower's loan and fees are sent to the Overseer contract to be added to the interest buffer.Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum Cw20HookMsg {
ExecuteBid {
liquidator: String,
fee_address: Option<String>, // Filled as Overseer contract's address
repay_address: Option<String>, // Filled as Market contract's address
}
}
{
"execute_bid": {
"liquidator": "terra1...",
"fee_address": "terra1...", // Filled as Overseer contract's address
"repay_address": "terra1..." // Filled as Market contract's address
}
}
Key | Type | Description |
liquidator | String | Address of collateral liquidator |
fee_address * | String | Address to receive bid_fee from liquidation |
repay_address * | String | Address to receive bid stablecoins from liquidation |
* = optional
Gets the Liquidation Contract's configuration.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum QueryMsg {
Config {}
}
{
"config": {}
}
Key | Type | Description |
​ | ​ | ​ |
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct ConfigResponse {
pub owner: String,
pub oracle_contract: String,
pub stable_denom: String,
pub safe_ratio: Decimal256,
pub bid_fee: Decimal256,
pub max_premium_rate: Decimal256,
pub liquidation_threshold: Uint256,
pub price_timeframe: u64,
}
{
"owner": "terra1...",
"oracle_contract": "terra1...",
"stable_denom": "uusd",
"safe_ratio": "0.8",
"bid_fee": "0.01",
"max_premium_rate": "0.05",
"liquidation_threshold": "200000000",
"price_timeframe": 60
}
Key | Type | Description |
owner | String | Address of contract owner that can update config |
oracle_contract | String | Contract address of Oracle |
stable_denom | String | Native token denomination for bids |
safe_ratio | Decimal256 | A liability / borrow limit ratio of a loan deemed safe |
bid_fee | Decimal256 | Fee rate applied to all executed bids |
max_premium_rate | Decimal256 | Maximum rate of commission given to bidder of an executed bid |
liquidation_threshold | Uint256 | Threshold collateral value for partial collateral liquidations |
price_timeframe | u64 | Window of time before price data is considered outdated [seconds] |
Gets the amount of collaterals that needs to be liquidated in order for the borrower's loan to reach
safe_ratio
, based on the fed in borrower's status.Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum QueryMsg {
LiquidationAmount {
borrow_amount: Uint256,
borrow_limit: Uint256,
collaterals: TokensHuman,
collateral_prices: Vec<Decimal>,
}
}
​
pub type TokensHuman = Vec<(String, Uint256)>;
{
"liquidation_amount": {
"borrow_amount": "10000000",
"borrow_limit": "10000000",
"collaterals": [
["terra1...", "100000000"], // (Cw20 contract address, Locked amount)
["terra1...", "100000000"]
],
"collateral_prices": [
"123.456789", // Price of collateral
"123.456789"
]
}
}
Key | Type | Description |
borrow_amount | Uint256 | Liability of borrower |
borrow_limit | Uint256 | Borrow limit of borrower |
collaterals | TokensHuman | Held collaterals and locked amounts |
collateral_prices | Vec<Decimal> | Vector of collateral prices |
Key | Type | Description |
TokensHuman | Vec<(String, Uint256)> | Vector of (Collateral's token address, Amount of collateral locked by borrower) |
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct LiquidationAmountResponse {
pub collaterals: TokensHuman,
}
​
pub type TokensHuman = Vec<(String, Uint256)>;
{
"collaterals": [
["terra1...", "100000000"], // (Cw20 Token address, Required liquidation amount to reach safe_ratio)
["terra1...", "100000000"]
]
}
Key | Type | Description |
collaterals | TokensHuman | Calculated amount of collaterals to liquidate |
Key | Type | Description |
TokensHuman | Vec<(String, Uint256)> | Vector of (Collateral's token address, Amount that has to be liquidated) |
Gets information about the specified bidder's bid for the specified collateral.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum QueryMsg {
Bid {
collateral_token: String,
bidder: String,
}
}
{
"bid": {
"collateral_token": "terra1...",
"bidder": "terra1..."
}
}
Key | Type | Description |
collateral_token | String | Token contract address of bidding collateral |
bidder | String | Address of bidder |
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct BidResponse {
pub collateral_token: String,
pub bidder: String,
pub amount: Uint256,
pub premium_rate: Decimal256,
}
{
"collateral_token": "terra1...",
"bidder": "terra1...",
"amount": "100000000",
"premium_rate": "0.03"
}
Key | Type | Description |
collateral_token | String | Token contract address of bidding collateral |
bidder | String | Address of bidder |
amount | Uint256 | Amount of stablecoins put up in bid |
premium_rate | Decimal256 | Rate of commission taken by bidder upon bid execution |
Gets information for all bids submitted by the specified bidder
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum QueryMsg {
BidsByUser {
bidder: String,
start_after: Option<String>,
limit: Option<u32>,
}
}
{
"bids_by_user": {
"bidder": "terra1...",
"start_after": "terra1...",
"limit": 8
}
}
Key | Type | Description |
bidder | String | Address of bidder |
start_after * | String | Token contract address of collateral to start query |
limit * | u32 | Maximum number of query entries |
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct BidsResponse {
pub bids: Vec<BidResponse>,
}
​
pub struct BidResponse {
pub collateral_token: String,
pub bidder: String,
pub amount: Uint256,
pub premium_rate: Decimal256,
}
{
"bids": [
{
"collateral_token": "terra1...",
"bidder": "terra1...",
"amount": "100000000",
"premium_rate": "0.03"
},
{
"collateral_token": "terra1...",
"bidder": "terra1...",
"amount": "100000000",
"premium_rate": "0.03"
}
]
}
Key | Type | Description |
bids | Vec<BidResponse> | Vector of user's bid information |
Key | Type | Description |
collateral_token | String | Token contract address of bidding collateral |
bidder | String | Address of bidder |
amount | Uint256 | Amount of stablecoins put up in bid |
premium_rate | Decimal256 | Rate of commission taken by bidder upon bid execution |
Gets bid information for all bids submitted for the specified collateral.
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
#[serde(rename_all = "snake_case")]
pub enum QueryMsg {
BidsByCollateral {
collateral_token: String,
start_after: Option<String>,
limit: Option<u32>,
}
}
{
"bids_by_collateral": {
"collateral_token": "terra1...",
"start_after": "terra1...",
"limit": 10
}
}
Key | Type | Description |
collateral_token | String | Token contract address of collateral |
start_after * | String | Token contract address of collateral to start query |
limit * | u32 | Maximum number of query entries |
* = optional
Rust
JSON
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct BidsResponse {
pub bids: Vec<BidResponse>,
}
​
pub struct BidResponse {
pub collateral_token: String,
pub bidder: String,
pub amount: Uint256,
pub premium_rate: Decimal256,
}
{
"bids": [
{
"collateral_token": "terra1...",
"bidder": "terra1...",
"amount": "100000000",
"premium_rate": "0.03"
},
{
"collateral_token": "terra1...",
"bidder": "terra1...",
"amount": "100000000",
"premium_rate": "0.03"
}
]
}
Key | Type | Description |
bids | Vec<BidResponse> | Vector of user's bid information |
Key | Type | Description |
collateral_token | String | Token contract address of bidding collateral |
bidder | String | Address of bidder |
amount | Uint256 | Amount of stablecoins put up in bid |
premium_rate | Decimal256 | Rate of commission taken by bidder upon bid execution |
Last modified 1yr ago