> ## Documentation Index
> Fetch the complete documentation index at: https://xoxno.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Stellar lending risk parameters

> Current market and spoke risk parameters, units, and enforcement sites.

Risk parameters are split between hub-level pool params and spoke-level asset
config. Configured values come from repository config or deployment evidence;
do not treat examples as live network state.

## Hub-Level Pool Params

| Parameter             | Unit | Enforced by                           |
| --------------------- | ---- | ------------------------------------- |
| `max_utilization_ray` | RAY  | Borrow and withdraw liquidity checks. |
| `reserve_factor_bps`  | BPS  | Interest accrual revenue split.       |
| `is_flashloanable`    | bool | Flash-loan path.                      |
| `flashloan_fee`       | BPS  | Flash-loan fee calculation.           |

## Spoke-Level Asset Params

| Parameter               | Unit        | Enforced by                              |
| ----------------------- | ----------- | ---------------------------------------- |
| `is_collateralizable`   | bool        | Supply and collateral valuation.         |
| `is_borrowable`         | bool        | Borrow path.                             |
| `paused`                | bool        | Risk-increasing spoke-asset flows.       |
| `frozen`                | bool        | New supply/borrow.                       |
| `loan_to_value`         | BPS         | Borrow and indebted withdrawal LTV gate. |
| `liquidation_threshold` | BPS         | Health factor.                           |
| `liquidation_bonus`     | BPS         | Liquidation seize math.                  |
| `liquidation_fees`      | BPS         | Protocol fee from seized collateral.     |
| `supply_cap`            | token units | Spoke usage.                             |
| `borrow_cap`            | token units | Spoke usage.                             |

## Validation

* LTV must be below liquidation threshold.
* Liquidation threshold and bonus must not allow seizing more than full value.
* Caps cannot fall below current usage.
* Interest-rate slopes and utilization kinks must be ordered.

## Next

<CardGroup cols={2}>
  <Card title="Accounts and risk" icon="user-shield" href="/stellar-lending/dev/accounts-and-risk">
    Position snapshotting, spoke risk, and account gates.
  </Card>

  <Card title="Markets" icon="store" href="/stellar-lending/dev/markets">
    Hub assets, pool params, and spoke asset config.
  </Card>
</CardGroup>