AmaraLend Beta Interest Rate Model
AmaraLend Beta利率模型
本操作指南英中双语对照，汉语十级请在英文版下方查看中文。
The AmaraLend Beta lending market contains the mainstream market and the innovation market. According to the difference in asset quality, we classify the assets into different levels, namely stable currency assets, mainstream assets and innovation assets. The parameters of the interest rate model will be adjusted according to different asset risk preferences, but the same basic interest rate model will be shared.
Utilization rate (U)：
- The borrow interest rate is adjusted according to utilization rate (U).When U is at a lower level: low interest rates to encourage loans.When U is at a lower level: high interest rates to encourage repayments of loans and additional deposits.
About utilization rate (U)
- The utilization ratio U for each market a unifies supply and demand into a single variable:
Compound interest
- APY calculation adopts compound interest calculation: Compound calculation method refers to compound:
Interest Rate Model
- Basic interest rate formula (the specific formula will be different in stable currency assets, mainstream assets and innovative assets).
BorrowRate (R Borrow) follows the model below:
table
Assets | U kink | R0 | R1 | R1 |
USDT | 80% | 0% | 4% | 75% |
BTC | 65% | 0% | 8% | 100% |
DOT | 80% | 2% | 28% | 120% |
KSM | 80% | 2% | 28% | 120% |
DepositeRate changes according to BorrowRate.
DepositRate (R deposit) formula
LTV (Loan-To-Value) Ratio
- The LTV ratio of an asset can be set to a value within the range of 0-90% according to the specific situation, which represents the percentage of the value of the collateral that can be converted into the borrow limit when the asset is used as collateral.
- LTV will be adjusted by Amara risk control team in the early stage and by community DAO later.
Liquidation Threshold
- The liquidation threshold is a criterion for evaluating whether an account is allowed to be liquidated, and it is related to the Borrow Limit and the Used Ratio.
- The Borrowing Limit is the borrowing capacity, which is equal to the sum of the value of all asset (enabled used as collateral) balances in an account multiplied by their respective LTV ratios.
- The Used Ratio is equal to the percentage of the current borrowing value to the borrowing limit. If the used ratio exceeds the liquidation threshold, the account is allowed to be liquidated.
- The current liquidation threshold of AmaraLend protocol is 100%.
Liquidation Factor
- The percent, ranging from 0% to 100%, of a liquidatable account's borrow that can be repaid in a single liquidate transaction. If a user has multiple borrowed assets, the liquidation factor applies to any single borrowed asset, not the aggregated value of a user's outstanding borrowing.
- The current liquidation factor of WePiggy lending protocol is 50%. Liquidation Bonus
- The liquidation bonus is the additional collateral given to the liquidator in the AmaraLend.
- The current liquidation bonus of AmaraLend is 8%.
Borrow Cap
- The borrow cap refers to the maximum amount of a certain asset that can be borrowed.
Deposit Cap
- The deposit cap refers to the maximum amount of a certain asset that can be deposited.
Reserve Factor
- The reserve factor defines the portion of borrower interest that is converted into reserves.
- Reserves are an accounting entry in each AToken contract that represents a portion of historical interest set aside as cash which can be withdrawn or transferred through the protocol's governance.
- Stablecoins are the less risky assets with lower reserve factor while volatile assets hold more risk with a higher factor.
Exchange Rate
- The exchange rate here is the exchange rate between the underlying asset and the AToken.
- With the accumulation of borrowing interest in every single market, the exchange rate of each AToken will continue to rise.
AmaraLend Beta 借贷市场包含主流市场和创新市场，根据资产质量的不同，我们将资产划分为不同等级，分为稳定币资产，主流资产和创新资产，不同的资产风险偏好不同，利率模型参数会有调整，但共用一个基础利率模型。
资金利用率
- 以资金利用率U调整借款利率。当U低时，以低利率鼓励用 户借款；当U高时，以高利率鼓励用户还款和增加存款。
资金利用率计算
- 以某代币市场a为例：
复利
- 复利计算方法参考Compound：https://compound.finance/docs#protocol-math
基础利率模型
- 基础利率公式（具体公式会在稳定币资产、主流资产、创新资产参数方面不同）
基础利率公式：借款利率 BorrowRate (R Borrow)遵循如下模型：
资产table
Assets | U kink | R0 | R1 | R1 |
USDT | 80% | 0% | 4% | 75% |
BTC | 65% | 0% | 8% | 100% |
DOT | 80% | 2% | 28% | 120% |
KSM | 80% | 2% | 28% | 120% |
存款利率根据借款利率的变化而变化。
存款利率公式
相关名词
质押率：
- 一种资产的质押率，可以根据具体情况，设定为一个 0 到 90% 范围以内的值，代表账户启用一种资产作为质押物时，质押物的价值所能转化为借款限额的百分比。
- 前期质押率由Amara风险团队调整，后期实行社区DAO治理。
清算门槛：
- 评估某账户能否被清算的标准，与借款限额、已用限额有关。
- 借款限额即借款能力，等于一个账户各种资产（已启用作为质押物的前提下）的价值乘以各自的质押率之和。
- 已用限额，等于当前借款价值占借款限额的百分比，若已用限额超过清算门槛，则该账户将被允许清算。
- AmaraLend清算门槛为100%。
清算系数：
- 单次清算交易中可以偿还借款的最大百分比，如果用户有多个借来的资产，清算系数适用于每一个借来的资产，而不是用户未偿还借款的总值。
- AmaraLend清算门槛为50%。
清算奖励
- 清算奖励是AmaraLend给清算团队的额外抵押物。
- AmaraLend清算门槛为8%。
借款上限
- 借款上限是指限定某种资产可以被借取的最大数量。
存款上限
- 存款上限是指限定某种资产可以被存入的最大数量。
准备金率
- 准备金率定义了借款利息转换为准备金的部分。
- 准备金是每个 AToken 合约中的一个会计分录，代表一部分历史利息作为现金留出，可以通过治理提取或转移。
- 稳定币是风险较低的资产，所以准备金率可以设置低一些，而风险越高的资产应该设置越高的准备金率。
兑换率
- 兑换率，是基础资产与 AToken 之间的兑换率，随着各市场上借款利息的不断累积，各AToken 的兑换率会不断升高。