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 market-status enum. Whether a market is usable is the product of four independent conditions:

Condition	Where it lives	Effect when unmet
Pool rows exist	pool `Params`/`State(HubAssetKey)`	`#30 PoolNotInitialized`
Hub is active	controller `Hub(hub_id)`	`#43 HubNotActive`
Asset is listed on the account’s spoke	controller `SpokeAsset(spoke_id, key)`	`#307 AssetNotInSpoke`
A price resolves	price aggregator, keyed by `PriceKey::Token(asset)`	the oracle error, fail-closed

Spokes decide whether an account can use a hub asset as collateral or as debt. Each listing also carries three independent halt flags:

Flag	Blocks
`paused`	Every user action on that asset, entry and exit alike.
`frozen`	Entry only. You can still withdraw and repay.
`no_seize`	The liquidation seizure step only.

Prices always come from the price aggregator. Spokes do not override oracles.

Listing sequence

Listing is governance-controlled, each step a timelocked AdminOperation:

Deploy the central pool once if it does not exist (DeployPool(hash)).
Create the market on that pool (CreateLiquidityPool), which writes Params/State(HubAssetKey).
Configure the asset’s oracle (ConfigureAssetOracle).
Add or edit SpokeAsset(spoke_id, HubAssetKey) rows for each spoke that can use the asset (AddAssetToSpoke / EditAssetInSpoke).

deploy_pool(wasm_hash) is protocol-wide. It is not called per market, and there is no token-approval step.

Pool parameters

MarketParamsRaw lives in pool Params(HubAssetKey) storage.

Field	Unit	Meaning
`base_borrow_rate`	RAY	Rate at zero utilization.
`slope1`	RAY	Rate contribution reached at the mid breakpoint.
`slope2`	RAY	Rate contribution reached at the optimal breakpoint.
`slope3`	RAY	Rate contribution reached at 100% utilization.
`max_borrow_rate`	RAY	Borrow-rate cap, at most `2 * RAY` (200% APR).
`mid_utilization`	RAY	First utilization breakpoint.
`optimal_utilization`	RAY	Second utilization breakpoint.
`max_utilization`	RAY	Hard utilization cap, enforced after borrows and withdrawals.
`reserve_factor`	BPS	Share of borrower interest routed to protocol revenue.
`is_flashloanable`	bool	Whether flash loans can use this market.
`flashloan_fee`	BPS	Flash-loan fee, at most 500 bps.
`asset_id`	address	Token contract.
`asset_decimals`	integer	Token decimals, 3..=18.

There are no _ray or _bps suffixes on the wire, and no supply or borrow cap fields on the market. Caps are per-spoke, in SpokeAssetConfig.

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 every user verb on that spoke asset, entry and exit alike.
`frozen`	bool	Blocks entry only; exit remains open.
`no_seize`	bool	Blocks only the liquidation seizure leg for that asset.
`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.

Configured values

Treat on-chain views as the source of truth. This page explains behaviour; it is not a live config dump. Read get_sync_data(hub_asset) from the pool for a market’s real parameters, and get_spoke_asset(spoke_id, hub_asset) from the controller for its risk listing. As a sense of scale, mainnet currently runs 30 markets across 3 hubs and 8 live spokes. Rate curves are not uniform: max_borrow_rate is 125% or 175% depending on the market, and the reserve factor ranges from 1,500 to 3,000 bps. See Live configuration and Risk parameters.

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.

Start here

Concepts

Integration guides

Reference

Operations

Activation model

Listing sequence

Pool parameters

Spoke parameters

Configured values

Next

Risk parameters

Accounts and risk

Oracles

Controller ABI

​Activation model

​Listing sequence

​Pool parameters

​Spoke parameters

​Configured values

​Next

Risk parameters

Accounts and risk

Oracles

Controller ABI

Activation model

Listing sequence

Pool parameters

Spoke parameters

Configured values

Next