Stellar lending markets

A market is a HubAssetKey:

HubAssetKey {
  hub_id: u32,
  asset: Address,
}

The controller uses that coordinate for user-facing market operations. The pool uses the same coordinate for Params(HubAssetKey) and State(HubAssetKey). There is one central pool contract. Listing an asset creates rows in that pool; it does not deploy a per-asset pool.

Activation Model

There is no separate market-status enum. Price activation is controlled by the token-rooted AssetOracle(asset) entry:

State	On-chain shape	Effect
Listed without oracle	Pool rows exist, `AssetOracle(asset)` missing	Oracle-dependent flows fail.
Price-active	Pool rows exist, `AssetOracle(asset)` exists and source validates	User flows proceed, subject to spoke flags and caps.
Price-disabled	`AssetOracle(asset)` removed	Price reads fail until governance configures a valid source again.

Spokes decide whether an account can use a hub asset as collateral or debt. SpokeAsset(spoke_id, HubAssetKey) stores collateral flags, borrow flags, caps, liquidation parameters, and optional oracle override.

Listing Sequence

Listing is governance-controlled:

Approve the token for listing.
Deploy the central pool once if it does not exist.
Create the hub-asset pool rows.
Configure AssetOracle(asset) through governance.
Add or edit SpokeAsset(spoke_id, HubAssetKey) rows for the spokes that can use the asset.

deploy_pool() is protocol-wide. It is not called for each market.

Pool Parameters

MarketParamsRaw lives in pool Params(HubAssetKey) storage.

Field	Unit	Meaning
`base_borrow_rate_ray`	RAY	Rate at zero utilization.
`slope1_ray`	RAY	Slope below the first kink.
`slope2_ray`	RAY	Slope between first and optimal utilization.
`slope3_ray`	RAY	Slope above optimal utilization.
`max_borrow_rate_ray`	RAY	Borrow-rate cap.
`mid_utilization_ray`	RAY	First utilization kink.
`optimal_utilization_ray`	RAY	Target utilization kink.
`max_utilization_ray`	RAY	Hard utilization cap.
`reserve_factor_bps`	BPS	Share of borrower interest routed to protocol revenue.
`supply_cap`	token units	Hub-level supply cap; zero or `i128::MAX` disables.
`borrow_cap`	token units	Hub-level borrow cap; zero or `i128::MAX` disables.
`is_flashloanable`	bool	Whether flash loans can use this hub asset.
`flashloan_fee`	BPS	Flash-loan fee.
`asset_id`	address	Token contract.
`asset_decimals`	integer	Token decimals used for conversions.

Governance updates pool parameters through the timelock. The pool syncs accrued interest under the old parameters before applying new values.

Spoke Parameters

SpokeAssetConfig lives in controller SpokeAsset(spoke_id, HubAssetKey) storage.

Field	Unit	Meaning
`is_collateralizable`	bool	Whether supply can count as collateral.
`is_borrowable`	bool	Whether accounts on the spoke can borrow it.
`paused`	bool	Blocks risk-increasing use for that spoke asset.
`frozen`	bool	Blocks position increases while allowing exits.
`loan_to_value`	BPS	Borrow admission weight.
`liquidation_threshold`	BPS	Health-factor collateral weight.
`liquidation_bonus`	BPS	Liquidator bonus.
`liquidation_fees`	BPS	Protocol fee from seized collateral.
`supply_cap`	token units	Spoke-level supply cap.
`borrow_cap`	token units	Spoke-level borrow cap.
`oracle_override`	optional config	Per-spoke price source override.

Configured Values

Configured market and spoke values live in this repository’s configs/ folder. Do not treat those files as network state unless deployment evidence for the target network has been published.

Risk parameters

Units, ranges, and configured values for market and spoke risk parameters.

Accounts and risk

Account storage, spoke binding, health factor, and position limits.

Oracles

Reflector and RedStone sources, tolerance bands, and flow policies.

Controller ABI

Controller entrypoints for listing, configuration, and user flows.

​Activation Model

​Listing Sequence

​Pool Parameters

​Spoke Parameters

​Configured Values

​Next