CollateralTracker

Git Source

Inherits: Clone, ERC20Minimal, Multicall, TransientReentrancyGuard

Title: Collateral Tracking System / Margin Accounting used in conjunction with a Panoptic Pool.

Author: Axicon Labs Limited

Tracks collateral of users which is key to ensure the correct level of collateralization is achieved. This is represented as an ERC20 share token. A Panoptic pool has 2 tokens, each issued by its own instance of a CollateralTracker. All math within this contract pertains to a single token.

This contract uses the ERC4626 standard allowing the minting and burning of "shares" (represented using ERC20 inheritance) in exchange for underlying "assets". Panoptic uses a collateral tracking system that is similar to TradFi margin accounts. While users can borrow and effectively control funds several times larger than the collateral they deposited, they cannot withdraw those funds from the Panoptic-Uniswap ecosystem. All funds are always owned by the Panoptic protocol, but users will:

1) collect any fees generated by selling an option.

2) get any gain in capital that results from buying an option that becomes in-the-money.

State Variables

TICKER_PREFIX

Prefix for the token symbol (i.e. poUSDC).

string internal constant TICKER_PREFIX = "po"

NAME_PREFIX

Prefix for the token name (i.e POPT-V1 USDC LP on ETH/USDC 30bps).

string internal constant NAME_PREFIX = "POPT-V1"

DECIMALS

Decimals for computation (1 bps (1 basis point) precision: 0.01%).

uint type for composability with unsigned integer based mathematical operations.

uint256 internal constant DECIMALS = 10_000

WAD

Decimals for WAD calculations.

uint256 internal constant WAD = 1e18

TARGET_RATE_MASK

Mask zero the value between bits 112 and 150);

uint256 internal constant TARGET_RATE_MASK = 0xFFFFFFFFFFFFFFFFFFFFFFFFFFC000000000FFFFFFFFFFFFFFFFFFFFFFFFFFFF

DONOT_SKIP_INTEREST

bool internal constant DONOT_SKIP_INTEREST = false

SKIP_INTEREST

bool internal constant SKIP_INTEREST = true

UTILIZATION_TRANSIENT_SLOT

Transient storage slot for the utilization

bytes32 internal constant UTILIZATION_TRANSIENT_SLOT = keccak256("panoptic.utilization.snapshot")

s_depositedAssets

Cached amount of assets accounted to be held by the Panoptic Pool — ignores donations, pending fee payouts, and other untracked balance changes.

uint128 internal s_depositedAssets

s_assetsInAMM

Amount of assets moved from the Panoptic Pool to the AMM.

uint128 internal s_assetsInAMM

s_creditedShares

Amount of shares credited to the protocol, includes credits and purchased option liquidity above the rehypothecation threshold.

uint256 internal s_creditedShares

s_initialized

Boolean which tracks whether this CollateralTracker has been initialized.

bool internal s_initialized

s_marketState

How the Borrow Index Works The borrow index is a global accumulator that tracks how much $1 of debt grows over time with compound interest. It starts at 1e18 (representing 1.0) and increases continuously. Example:

• User borrows 100 tokens when globalIndex = 1.0e18
• Time passes, globalIndex grows to 1.2e18 (20% growth)
• User now owes: 100 * (1.2e18 / 1.0e18) = 120 tokens Each user stores their "checkpoint" index from their last interaction, allowing efficient compound interest calculation without iteration.

Global interest rate accumulator packed into a single 256-bit value

Layout:

• Left slot (106 bits): Accumulated unrealized interest that hasn't been distributed (max deposit is 2**104)
• Next 38 bits: the rateAtTarget value in WAD (2**38 = 800% interest rate)
• Next lowest 32 bits: Last interaction epoch (1 epoch = block.timestamp/4)
• Lowest 80 bits: Global borrow index in WAD (starts at 1e18). 2*80 = 1.75 years at 800% interest The borrow index tracks the compound growth factor since protocol inception. A user's current debt = originalDebt (currentBorrowIndex / userBorrowIndexSnapshot)

MarketState internal s_marketState

s_interestState

Tracks each user's borrowing state and last interaction checkpoint

Packed layout:

• Left slot (128 bits): Net borrows = netShorts - netLongs Represents the user's net borrowed amount in tokens Can be negative, in which case they purchased more options than they sold
• Right slot (128 bits): User's borrow index snapshot The global borrow index value when this user last accrued interest

Interest calculation: interestOwed = netBorrows * (currentIndex - userIndex) / userIndex

mapping(address account => LeftRightSigned interestState) internal s_interestState

COMMISSION_FEE

The commission fee, in basis points, collected from PLPs at option mint.

In Panoptic, options never expire, commissions are only paid when a new position is minted.

We believe that this will eliminate the impact of the commission fee on the user's decision-making process when closing a position.

uint256 immutable COMMISSION_FEE

Functions

panopticPool

Retrieve the Panoptic Pool that this collateral token belongs to.

function panopticPool() public pure returns (PanopticPool);

Returns

Name	Type	Description
<none>	PanopticPool	The Panoptic Pool associated with this collateral token

underlyingIsToken0

Retrieve a boolean indicating whether the underlying token is token0 or token1 in the Uniswap V3 pool.

function underlyingIsToken0() public pure returns (bool _underlyingIsToken0);

Returns

Name	Type	Description
_underlyingIsToken0	bool	True if the underlying token is token0, false if it is token1

underlyingToken

Retrieve the address of the underlying token.

function underlyingToken() public pure returns (address);

Returns

Name	Type	Description
<none>	address	The address of the underlying token

token0

Retrieve the address of token0 in the Uniswap V3 pool.

function token0() public pure returns (address);

Returns

Name	Type	Description
<none>	address	The address of token0 in the Uniswap V3 pool

token1

Retrieve the address of token1 in the Uniswap V3 pool.

function token1() public pure returns (address);

Returns

Name	Type	Description
<none>	address	The address of token1 in the Uniswap V3 pool

riskEngine

Retrieve the RiskEngine associated with that CollateralTracker.

function riskEngine() public pure returns (IRiskEngine);

Returns

Name	Type	Description
<none>	IRiskEngine	The RiskEngine instance associated with that CollateralTracker's uniswap pool

poolManager

Retrieve the PoolManager associated with that CollateralTracker.

stored as zero if not a Uniswap v4 pool

function poolManager() public pure returns (IPoolManager);

Returns

Name	Type	Description
<none>	IPoolManager	The PoolManager instance associated with that CollateralTracker's uniswap V4 pool

poolFee

Retrieve the fee of the Uniswap V3 pool.

function poolFee() public pure returns (uint24 _poolFee);

Returns

Name	Type	Description
_poolFee	uint24	The fee of the Uniswap V3 pool

onlyPanopticPool

Reverts if the associated Panoptic Pool is not the caller.

modifier onlyPanopticPool() ;

_onlyPanopticPool

function _onlyPanopticPool() internal view;

constructor

Set immutable parameters for the Collateral Tracker.

constructor(uint256 _commissionFee) ;

Parameters

Name	Type	Description
_commissionFee	uint256	The commission fee, in basis points, collected from PLPs at option mint

initialize

Initializes a new CollateralTracker instance with 1 virtual asset and 10^6 virtual shares. Can only be called once; reverts if already initialized.

function initialize() external;

getPoolData

Get information about the utilization of this collateral vault.

function getPoolData()
    external
    view
    returns (uint256 depositedAssets, uint256 insideAMM, uint256 creditedShares, uint256 currentPoolUtilization);

Returns

Name	Type	Description
depositedAssets	uint256	Cached amount of assets accounted to be held by the Panoptic Pool — ignores donations, pending fee payouts, and other untracked balance changes
insideAMM	uint256	The underlying token amount held in the AMM
creditedShares	uint256	The amount of shares currently held as credit
currentPoolUtilization	uint256	The pool utilization defined ass_assetsInAMM * 10_000 / totalAssets(), where totalAssets is the total tracked assets in the AMM and PanopticPool minus fees and donations to the Panoptic pool

borrowIndex

Returns the global borrow index that tracks compound interest growth

The index starts at 1e18 and compounds continuously. Represents how much 1 unit of debt has grown since inception

function borrowIndex() external view returns (uint80);

Returns

Name	Type	Description
<none>	uint80	The current global borrow index in WAD (18 decimals)

lastInteractionTimestamp

Returns the last time at which interest rates were compounded.

function lastInteractionTimestamp() external view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The last time at which the interest rates were compounded

unrealizedGlobalInterest

Returns the accumulated unrealized global interest

function unrealizedGlobalInterest() external view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The total interest that has accumulated but not yet been distributed to lenders

rateAtTarget

Returns rateAtTarget of the market

function rateAtTarget() external view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The rateAtTarget

interestState

Returns the borrowing state for a specific user

Returns both the user's borrow index snapshot and their net borrowed amount

function interestState(address user) external view returns (int128 userBorrowIndex, int128 netBorrows);

Returns

Name	Type	Description
userBorrowIndex	int128	The borrow index when the user last accrued interest (used as the basis for interest calculation)
netBorrows	int128	The net borrowed amount for the user (positive = borrower, zero/negative = no interest owed)

name

Returns name of token composed of underlying token symbol and pool data.

function name() external view returns (string memory);

Returns

Name	Type	Description
<none>	string	The name of the token

symbol

Returns symbol as prefixed symbol of underlying token.

function symbol() external view returns (string memory);

Returns

Name	Type	Description
<none>	string	The symbol of the token

decimals

Returns decimals of underlying token (0 if not present).

function decimals() external view returns (uint8);

Returns

Name	Type	Description
<none>	uint8	The decimals of the token

transfer

See IERC20-transfer.

Requirements:

• the caller must have a balance of at least amount.
• the caller must not have any open positions on the Panoptic Pool.

function transfer(address recipient, uint256 amount) public override(ERC20Minimal) nonReentrant returns (bool);

transferFrom

See IERC20-transferFrom.

Requirements:

• the from must have a balance of at least amount.
• the caller must have allowance for from of at least amount tokens.
• from must not have any open positions on the Panoptic Pool.

function transferFrom(address from, address to, uint256 amount)
    public
    override(ERC20Minimal)
    nonReentrant
    returns (bool);

_settleCurrencyDelta

Initiates the unlock callback to wrap/unwrap delta amount of the underlying asset and transfer to/from the Panoptic Pool.

function _settleCurrencyDelta(address account, int256 delta) internal;

Parameters

Name	Type	Description
account	address	The address of the account to transfer the underlying asset to/from
delta	int256	The amount of the underlying asset to wrap/unwrap and transfer

unlockCallback

Uniswap V4 unlock callback implementation.

Parameters are (address account, int256 delta, uint256 valueOrigin).

Wraps/unwraps delta amount of the underlying asset and transfers to/from the Panoptic Pool.

function unlockCallback(bytes calldata data) external returns (bytes memory);

Parameters

Name	Type	Description
data	bytes	The encoded data containing the account, delta, and valueOrigin

Returns

Name	Type	Description
<none>	bytes	This function returns no data

asset

Get the token contract address of the underlying asset being managed.

function asset() external pure returns (address assetTokenAddress);

Returns

Name	Type	Description
assetTokenAddress	address	The address of the underlying asset

totalAssets

Get the total amount of assets managed by the CollateralTracker vault.

This returns the total tracked assets in the AMM and PanopticPool,

• EXCLUDING the amount of collected fees (because they are reserved for short options)

• EXCLUDING any donations that have been made to the pool

function totalAssets() public view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The total amount of assets managed by the CollateralTracker vault

totalSupply

Returns the total supply of shares including credited shares

function totalSupply() public view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The total supply of shares (internal supply + credited shares)

convertToShares

Returns the amount of shares that can be minted for the given amount of assets.

function convertToShares(uint256 assets) public view returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	The amount of assets to be deposited

Returns

Name	Type	Description
shares	uint256	The amount of shares that can be minted

convertToAssets

Returns the amount of assets that can be redeemed for the given amount of shares.

function convertToAssets(uint256 shares) public view returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	The amount of shares to be redeemed

Returns

Name	Type	Description
assets	uint256	The amount of assets that can be redeemed

assetsOf

Returns the amount of assets that can be redeem by the user.

function assetsOf(address owner) external view returns (uint256 assets);

Parameters

Name	Type	Description
owner	address	The redeeming address

Returns

Name	Type	Description
assets	uint256	The amount of assets that can be redeemed

maxDeposit

Returns the maximum deposit amount.

function maxDeposit(address) external pure returns (uint256 maxAssets);

Returns

Name	Type	Description
maxAssets	uint256	The maximum amount of assets that can be deposited

previewDeposit

Returns shares received for depositing given amount of assets.

function previewDeposit(uint256 assets) public view returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	The amount of assets to be deposited

Returns

Name	Type	Description
shares	uint256	The amount of shares that can be minted

deposit

Deposit underlying tokens (assets) to the Panoptic pool from the LP and mint corresponding amount of shares.

There is a maximum asset deposit limit of 2^104 - 1.

Shares are minted and sent to the LP (receiver).

function deposit(uint256 assets, address receiver) external payable nonReentrant returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	Amount of assets deposited
receiver	address	User to receive the shares

Returns

Name	Type	Description
shares	uint256	The amount of Panoptic pool shares that were minted to the recipient

maxMint

Returns the maximum shares received for a deposit.

function maxMint(address) external view returns (uint256 maxShares);

Returns

Name	Type	Description
maxShares	uint256	The maximum amount of shares that can be minted

previewMint

Returns the amount of assets that would be deposited to mint a given amount of shares.

function previewMint(uint256 shares) public view returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	The amount of shares to be minted

Returns

Name	Type	Description
assets	uint256	The amount of assets required to mint shares

mint

Deposit required amount of assets to receive specified amount of shares.

There is a maximum asset deposit limit of 2^104 - 1.

Shares are minted and sent to the LP (receiver).

function mint(uint256 shares, address receiver) external payable nonReentrant returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	Amount of shares to be minted
receiver	address	User to receive the shares

Returns

Name	Type	Description
assets	uint256	The amount of assets deposited to mint the desired amount of shares

maxWithdraw

Returns The maximum amount of assets that can be withdrawn for a given user. If the user has any open positions, the max withdrawable balance is zero.

Calculated from the balance of the user; limited by the assets the pool has available.

function maxWithdraw(address owner) public view returns (uint256 maxAssets);

Parameters

Name	Type	Description
owner	address	The address being withdrawn for

Returns

Name	Type	Description
maxAssets	uint256	The maximum amount of assets that can be withdrawn

_maxWithdrawWithPositions

Returns The maximum amount of assets that can be withdrawn for a given user with open positions. If the user has any open positions, the max withdrawable balance is zero.

Calculated from the balance of the user; limited by the assets the pool has available.

function _maxWithdrawWithPositions(address owner) internal view returns (uint256 maxAssets);

Parameters

Name	Type	Description
owner	address	The address being withdrawn for

Returns

Name	Type	Description
maxAssets	uint256	The maximum amount of assets that can be withdrawn

previewWithdraw

Returns the amount of shares that would be burned to withdraw a given amount of assets.

function previewWithdraw(uint256 assets) public view returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	The amount of assets to be withdrawn

Returns

Name	Type	Description
shares	uint256	The amount of shares that would be burned

withdraw

Redeem the amount of shares required to withdraw the specified amount of assets.

We can only use this standard 4626 function if the user has no open positions.

Shares are burned and assets are sent to the LP (receiver).

function withdraw(uint256 assets, address receiver, address owner) external nonReentrant returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	Amount of assets to be withdrawn
receiver	address	User to receive the assets
owner	address	User to burn the shares from

Returns

Name	Type	Description
shares	uint256	The amount of shares burned to withdraw the desired amount of assets

withdraw

Redeem the amount of shares required to withdraw the specified amount of assets.

Reverts if the account is not solvent with the given positionIdList.

Shares are burned and assets are sent to the LP (receiver).

function withdraw(
    uint256 assets,
    address receiver,
    address owner,
    TokenId[] calldata positionIdList,
    bool usePremiaAsCollateral
) external nonReentrant returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	Amount of assets to be withdrawn
receiver	address	User to receive the assets
owner	address	User to burn the shares from
positionIdList	TokenId[]	The list of all option positions held by owner
usePremiaAsCollateral	bool	Whether to compute accumulated premia for all legs held by the user for collateral (true), or just owed premia for long legs (false)

Returns

Name	Type	Description
shares	uint256	The amount of shares burned to withdraw the desired amount of assets

maxRedeem

Returns the maximum amount of shares that can be redeemed for a given user.

If the user has any open positions, the max redeemable balance is zero.

function maxRedeem(address owner) public view returns (uint256 maxShares);

Parameters

Name	Type	Description
owner	address	The redeeming address

Returns

Name	Type	Description
maxShares	uint256	The maximum amount of shares that can be redeemed by owner

previewRedeem

Returns the amount of assets resulting from a given amount of shares being redeemed.

function previewRedeem(uint256 shares) public view returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	The amount of shares to be redeemed

Returns

Name	Type	Description
assets	uint256	The amount of assets resulting from the redemption

redeem

Redeem exact shares for underlying assets.

We can only use this standard 4626 function if the user has no open positions.

function redeem(uint256 shares, address receiver, address owner) external nonReentrant returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	Amount of shares to be redeemed
receiver	address	User to receive the assets
owner	address	User to burn the shares from

Returns

Name	Type	Description
assets	uint256	The amount of assets resulting from the redemption

donate

Donate exact shares to all shareholders.

Can only be used when the user has no open positions

function donate(uint256 shares) external nonReentrant;

Parameters

Name	Type	Description
shares	uint256	Amount of shares to be donated

accrueInterest

Accrues protocol-wide interest for the calling user

Updates global interest state and settles any outstanding interest for msg.sender

function accrueInterest() external nonReentrant;

_accrueInterest

Accrues protocol-wide interest and settles a specific user's interest.

This function should be called before any user action that affects their borrow balance.

function _accrueInterest(address owner, bool skipInterest) internal;

Parameters

Name	Type	Description
owner	address	the account which calls accrue interest
skipInterest	bool

_calculateCurrentInterestState

Calculates the current interest state without modifying storage

Simulates interest accrual from last interaction to current epoch

function _calculateCurrentInterestState(uint128 _assetsInAMM, uint128 interestRateSnapshot)
    internal
    view
    returns (uint128 currentBorrowIndex, uint128 _unrealizedGlobalInterest, uint256 currentEpoch);

Parameters

Name	Type	Description
_assetsInAMM	uint128	Amount of assets currently deployed in AMM positions
interestRateSnapshot	uint128	The current interest rate to evaluate at

Returns

Name	Type	Description
currentBorrowIndex	uint128	Updated global borrow index after simulated accrual
_unrealizedGlobalInterest	uint128	Total unrealized interest including new accrual
currentEpoch	uint256	Current epoch = block timestamp / 4

_interestRateView

function _interestRateView(uint256 utilization) internal view returns (uint128);

interestRate

Returns the current interest rate per second based on pool utilization

function interestRate() public view returns (uint128);

Returns

Name	Type	Description
<none>	uint128	The current interest rate per second in WAD (18 decimal precision)

_updateInterestRate

Returns the interest rate per second based on pool utilization

uses the maximum utilization during this transaction, users to prevent flash deposits from lowering the interest rate

function _updateInterestRate() internal returns (uint128);

Returns

Name	Type	Description
<none>	uint128	The interest rate per second in 18 decimal precision

_getUserInterest

Calculates interest owed by a user based on their borrow state

Uses the difference between current and user's last borrow index to compute compound interest

function _getUserInterest(LeftRightSigned userState, uint256 currentBorrowIndex)
    internal
    pure
    returns (uint128 interestOwed);

Parameters

Name	Type	Description
userState	LeftRightSigned	Packed state containing user's net borrows (left slot) and last borrow index (right slot)
currentBorrowIndex	uint256	The current global borrow index

Returns

Name	Type	Description
interestOwed	uint128	Amount of interest the user owes, returns 0 if user is a lender or indices match

owedInterest

Returns the current interest owed by a specific user in assets

function owedInterest(address owner) external view returns (uint128);

Parameters

Name	Type	Description
owner	address	Address of the user to check

Returns

Name	Type	Description
<none>	uint128	The amount of interest currently owed by the user in assets

assetsAndInterest

Returns the assets and interest owed for a specific user

function assetsAndInterest(address owner) external view returns (uint256, uint256);

Parameters

Name	Type	Description
owner	address	Address of the user to check

Returns

Name	Type	Description
<none>	uint256	The amount of assets owned by the user (in token units)
<none>	uint256	The amount of interest currently owed by the user (in token units)

_owedInterest

Internal function to calculate interest owed by a user

Retrieves user state and current borrow index from storage

function _owedInterest(address owner) internal view returns (uint128);

Parameters

Name	Type	Description
owner	address	Address of the user to check

Returns

Name	Type	Description
<none>	uint128	Amount of interest owed based on last compounded index

_calculateCurrentBorrowIndex

Calculates the current borrow index including uncompounded time

Simulates interest accrual up to the current block epoch

function _calculateCurrentBorrowIndex() internal view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The borrow index as if interest was compounded at current epoch

previewOwedInterest

Previews the interest that would be owed if compounded now

Simulates interest accrual without modifying state

function previewOwedInterest(address owner) external view returns (uint128);

Parameters

Name	Type	Description
owner	address	Address of the user to preview interest for

Returns

Name	Type	Description
<none>	uint128	The amount of interest that would be owed if accrued at current epoch

_poolUtilization

Get the pool utilization defined by the ratio of assets in the AMM to total assets.

calling this function will also store the utilization in the UTILIZATION_TRANSIENT_SLOT as DECIMALS if the current one is higher than the one already stored. This ensures that flash deposits can't lower the utilization for a single tx

function _poolUtilization() internal returns (uint256 poolUtilization);

Returns

Name	Type	Description
poolUtilization	uint256	The pool utilization in basis points

_poolUtilizationView

Get the pool utilization defined by the ratio of assets in the AMM to total assets.

function _poolUtilizationView() internal view returns (uint256 poolUtilization);

Returns

Name	Type	Description
poolUtilization	uint256	The pool utilization in basis points

_poolUtilizationWad

Get the pool utilization defined by the ratio of assets in the AMM to total assets.

calling this function will also store the utilization in the UTILIZATION_TRANSIENT_SLOT as DECIMALS if the current one is higher than the one already stored. This ensures that flash deposits can't lower the utilization for a single tx

function _poolUtilizationWad() internal returns (uint256);

Returns

Name	Type	Description
<none>	uint256	poolUtilization The pool utilization in basis points

_poolUtilizationWadView

Get the pool utilization defined by the ratio of assets in the AMM to total assets.

function _poolUtilizationWadView() internal view returns (uint256 poolUtilization);

Returns

Name	Type	Description
poolUtilization	uint256	The pool utilization in WAD

delegate

Increase the share balance of a user by 2^248 - 1 without updating the total supply.

This is controlled by the Panoptic Pool - not individual users.

function delegate(address delegatee) external onlyPanopticPool nonReentrant;

Parameters

Name	Type	Description
delegatee	address	The account to increase the balance of

revoke

Decrease the share balance of a user by 2^248 - 1 without updating the total supply.

Assumes that delegatee has >=(2^248 - 1) tokens, will revert otherwise.

This is controlled by the Panoptic Pool - not individual users.

function revoke(address delegatee) external onlyPanopticPool nonReentrant;

Parameters

Name	Type	Description
delegatee	address	The account to decrease the balance of

settleLiquidation

Settles liquidation bonus and returns remaining virtual shares to the protocol.

This function is where protocol loss is realized, if it exists.

function settleLiquidation(address liquidator, address liquidatee, int256 bonus)
    external
    payable
    onlyPanopticPool
    nonReentrant;

Parameters

Name	Type	Description
liquidator	address	The account performing the liquidation of liquidatee
liquidatee	address	The liquidated account to settle
bonus	int256	The liquidation bonus, in assets, to be paid to liquidator. May be negative

refund

Refunds tokens to refunder from refundee.

Assumes that the refunder has enough money to pay for the refund.

function refund(address refunder, address refundee, int256 assets) external onlyPanopticPool nonReentrant;

Parameters

Name	Type	Description
refunder	address	The account refunding tokens to refundee
refundee	address	The account being refunded to
assets	int256	The amount of assets to refund. Positive means a transfer from refunder to refundee, vice versa for negative

_updateBalancesAndSettle

Internal function to handle all balance and state updates for position creation and closing.

function _updateBalancesAndSettle(
    address optionOwner,
    bool isCreation,
    int128 longAmount,
    int128 shortAmount,
    int128 ammDeltaAmount,
    int128 realizedPremium
) internal returns (uint32, int128, uint256, uint256);

Parameters

Name	Type	Description
optionOwner	address	The user minting the option
isCreation	bool	A boolean flag to indicate if this is for option creation (true) or closing (false).
longAmount	int128	The amount of longs
shortAmount	int128	The amount of shorts
ammDeltaAmount	int128	The amount of tokens moved during creation of the option position
realizedPremium	int128

settleMint

Take commission and settle ITM amounts on option creation.

function settleMint(
    address optionOwner,
    int128 longAmount,
    int128 shortAmount,
    int128 ammDeltaAmount,
    RiskParameters riskParameters
) external onlyPanopticPool nonReentrant returns (uint32, int128);

Parameters

Name	Type	Description
optionOwner	address	The user minting the option
longAmount	int128	The amount of longs
shortAmount	int128	The amount of shorts
ammDeltaAmount	int128	The amount of tokens moved during creation of the option position
riskParameters	RiskParameters	The RiskEngine's core parameters

Returns

Name	Type	Description
<none>	uint32	utilization The final utilization of the collateral vault (in basis points)
<none>	int128	tokenPaid The total amount of tokens paid by the option owner (negative if tokens were received)

settleBurn

Exercise an option and pay to the seller what is owed from the buyer.

Called when a position is burnt because it may need to be exercised.

function settleBurn(
    address optionOwner,
    int128 longAmount,
    int128 shortAmount,
    int128 ammDeltaAmount,
    int128 realizedPremium,
    RiskParameters riskParameters
) external onlyPanopticPool nonReentrant returns (int128);

Parameters

Name	Type	Description
optionOwner	address	The owner of the option being burned
longAmount	int128	The notional value of the long legs of the position (if any)
shortAmount	int128	The notional value of the short legs of the position (if any)
ammDeltaAmount	int128	The amount of tokens moved during the option close
realizedPremium	int128	Premium to settle on the current positions
riskParameters	RiskParameters	The RiskEngine's core risk parameters

Returns

Name	Type	Description
<none>	int128	The amount of tokens paid when closing that position

Events

Deposit

Emitted when assets are deposited into the Collateral Tracker.

event Deposit(address indexed sender, address indexed owner, uint256 assets, uint256 shares);

Parameters

Name	Type	Description
sender	address	The address of the caller
owner	address	The address of the recipient of the newly minted shares
assets	uint256	The amount of assets deposited by sender in exchange for shares
shares	uint256	The amount of shares minted to owner

Withdraw

Emitted when assets are withdrawn from the Collateral Tracker.

event Withdraw(
    address indexed sender, address indexed receiver, address indexed owner, uint256 assets, uint256 shares
);

Parameters

Name	Type	Description
sender	address	The address of the caller
receiver	address	The address of the recipient of the withdrawn assets
owner	address	The address of the owner of the shares being burned
assets	uint256	The amount of assets withdrawn to receiver
shares	uint256	The amount of shares burned by owner in exchange for assets

Donate

Emitted when shares are donated to the protocol.

event Donate(address indexed sender, uint256 shares);

Parameters

Name	Type	Description
sender	address	The address of the caller
shares	uint256	The amount of shares burned by the sender

CommissionPaid

Emitted when a commission is paid.

event CommissionPaid(
    address indexed owner, address indexed builder, uint128 commissionPaidProtocol, uint128 commissionPaidBuilder
);

Parameters

Name	Type	Description
owner	address	The address of the owner of the shares being used to pay for the commission
builder	address	The address of the account that received the commission if a builderCode is provided
commissionPaidProtocol	uint128	The amount of assets paid that goes to the PLPs (if builder == address(0)) or to the protocol
commissionPaidBuilder	uint128	The amount of assets paid that goes to the builder

InsolvencyPenaltyApplied

Emitted when a user attempts to settle interest but lacks sufficient shares to pay in full.

The user's borrow index is not updated, meaning they will need to pay this interest again in the future.

event InsolvencyPenaltyApplied(
    address indexed owner, uint256 interestOwed, uint256 interestPaid, uint256 sharesBurned
);

Parameters

Name	Type	Description
owner	address	The address of the insolvent user
interestOwed	uint256	The total amount of interest the user owed
interestPaid	uint256	The actual amount of interest paid (value of shares burned)
sharesBurned	uint256	The number of shares burned in the partial payment

ProtocolLossRealized

event ProtocolLossRealized(
    address indexed liquidatee, address indexed liquidator, uint256 protocolLossAssets, uint256 protocolLossShares
);