Market

A single Templar market represents a pair of collateral and borrow assets, such as BTC/USDC for Bitcoin-collateralized USDC loans.

Suppliers may deposit borrow assets into the market, and their funds will earn yield from the protocol fees paid by borrowers. Borrowers may borrow available supply assets from the market, paying a variable interest rate based on the supply utilization rate.

Markets support NEAR fungible asset contracts implementing the NEP-141 standard or the NEP-245 standard. The borrow and collateral assets do not need to implement the same standard.

Storage Management

Before interacting with a market (supplying, borrowing, depositing collateral, etc.), accounts must first register with the market contract by making a storage deposit. This is required because the market contract implements NEP-145 (Storage Management) to cover the storage costs of maintaining user positions on-chain.

Making a Storage Deposit

To register with a market and deposit the required storage cost:

near contract call-function as-transaction \
    <market-id> storage_deposit \
    json-args '{}' \
    prepaid-gas '10.0 Tgas' \
    attached-deposit '0.00125 NEAR' \
    sign-as <account-id>

The minimum required deposit can be obtained by calling the storage_balance_bounds function:

near contract call-function as-read-only \
    <market-id> storage_balance_bounds \
    json-args '{}' \
    network-config mainnet \
    now

Note: This storage deposit step is handled automatically in the Templar frontend application, but must be done manually when interacting directly with the market contracts.

Interactions

Accounts can interact with markets in seven primary ways:

Configuration

A market's configuration is immutable after deployment. It can be obtained from the market contract by calling the get_configuration function.

Example

near contract \
    call-function as-read-only ibtc-usdc.v1.tmplr.near get_configuration \
    json-args {} \
    network-config mainnet \
    now

Output

{
  "borrow_asset": {
    "Nep141": "17208628f84f5d6ad33f0da3bbbeb27ffcb398eac501a31bd6ad2011e36133a1"
  },
  "borrow_asset_maximum_usage_ratio": "0.99000000000000000000000000000000000001",
  "borrow_interest_rate_strategy": {
    "Piecewise": {
      "base": "0",
      "optimal": "0.90000000000000000000000000000000000001",
      "rate_1": "0.08888888888888888888888888888888888889",
      "rate_2": "2.40000000000000000000000000000000000001"
    }
  },
  "borrow_maximum_duration_ms": null,
  "borrow_mcr_liquidation": "1.19999999999999999999999999999999999999",
  "borrow_mcr_maintenance": "1.25",
  "borrow_origination_fee": {
    "Proportional": "0.00099999999999999999999999999999999999"
  },
  "borrow_range": {
    "maximum": null,
    "minimum": "1"
  },
  "collateral_asset": {
    "Nep245": {
      "contract_id": "intents.near",
      "token_id": "nep141:btc.omft.near"
    }
  },
  "liquidation_maximum_spread": "0.05000000000000000000000000000000000001",
  "price_oracle_configuration": {
    "account_id": "pyth-oracle.near",
    "borrow_asset_decimals": 6,
    "borrow_asset_price_id": "eaa020c61cc479712813461ce153894a96a6c00b21ed0cfc2798d1f9a9e9c94a",
    "collateral_asset_decimals": 8,
    "collateral_asset_price_id": "e62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43",
    "price_maximum_age_s": 60
  },
  "protocol_account_id": "revenue.tmplr.near",
  "supply_range": {
    "maximum": null,
    "minimum": "40000"
  },
  "supply_withdrawal_fee": {
    "behavior": "Fixed",
    "duration": "0",
    "fee": {
      "Flat": "0"
    }
  },
  "supply_withdrawal_range": {
    "maximum": null,
    "minimum": "40000"
  },
  "time_chunk_configuration": {
    "BlockTimestampMs": {
      "divisor": "600000"
    }
  },
  "yield_weights": {
    "static": {
      "revenue.tmplr.near": 1,
      "rewards.tmplr.near": 1
    },
    "supply": 1
  }
}

Snapshots

Interest and yield on borrow and supply positions are calculated using a snapshot system.

After a "time chunk" (e.g. 1 hour) elapses, the contract takes a snapshot, recording such things as the total supply deposit, amount borrowed, timestamp, etc.

Whenever a borrow or supply position update requires, interest/yield calculations are triggered. (They can also be triggered explicitly using harvest_yield and apply_interest.) These calculations iterate from the snapshot at which the record was last updated until the most-recently-finalized snapshot unless a snapshot limit is provided.

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