Term Repo
Last updated
Last updated
Each deployment of a Term Repo is comprised of a set of smart contracts broadly divided into three groups: (i) the Term Auction Group, (ii) the Term Servicer Group and (iii) the Term Repo Token. It's key economic parameters are set out in the table below:
Purchase Token
Initialized by Deployer
Address of the or token that is borrowed
Collateral Token(s)
Initialized by Deployer
Address(es) of eligible to be pledged as collateral
Repurchase Date
Initialized by Deployer
Timestamp of the date and time on which is due
Repurchase Window
Initialized by Deployer
Time delta (typically 12-24 hours) that specifies the grace period during which repurchase payments may be submitted without default
Initial Margin Ratio
Initialized by Deployer
The ratio of the market value of and the amount tendered in a Term Auction bid required for a bid to be confirmed
Maintenance Margin Ratio
Initialized by Deployer
The ratio of the market value of to the (the amount due at maturity) required to avoid a (default)
Price Feed
Initialized by Deployer
Address of the oracle price feed used to value
Repo Rate
Determined by Auction
The that determines the (principal plus interest) due on the repurchase date
Other relevant economic parameters include:
Servicing Fee
Initialized by Deployer
An annualized rate applied to accepted bid amounts and charged to borrowers who receive a loan in auction
Liquidated Damages
Initialized by Deployer
The additional amount of forfeited by a borrower in liquidation, due to a failure to repurchase or margin deficiency, expressed as an annualized percentage rate. Liquidated damages are split between the liquidator and the Protocol.