Themis V2 Documentation
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M1 Dashboard

Peer-to-Pool Lending

M1 is the core feature and the most important innovation in Themis 2.0. It supports Yield Bearing Token such as LP Token for over-collateralized borrowing and lending, a segregated model, an efficient model, and some improvements to the liquidation model. The Peer-to-Pool model is also a relatively efficient model on the decentralized APP, where sub-assets can get loans instantly instead of waiting for matching.
M1's structure allows for the addition of any third-party agreed sub-assets as collateral

Isolated Order List

After collateralizing an asset, the user initiates a transaction to create a list of orders to borrow one type of asset against one type of collateral. A collateral asset can only be borrowed against one type of token. Therefore the risk of that collateral can be monitored by the contract at a single point.
When an order is created, the risk of a collateral position can be flexibly adjusted. And a collateral position is liquidated and the liquidator helps the borrower to return the debt of a single order and get the full collateral position.

Automatic identification of E-mode

Assets that are all stablecoins after the collateral is redeemed, such as LPs of stablecoin USDC/USDT, stablecoin pledge certificates cDAI, etc., are automatically judged as E-mode models when borrowing other stablecoins, allowing for higher LTVs.

Yield Bearing Token Overcollateralized Lending

Users can supply assets from the list to create collateral orders to borrow assets that are available from M0 suppliers. M1 is also in over-collateralized mode, collateral is collateralized in the corresponding tToken to cast s/vToken.
Assets need Approval before using the protocol
Only one asset can be selected for borrowing in a single mortgage, and positions and debts can be adjusted after creating an order.

Create a borrowing order

Click on Deposit to deposit the corresponding assets. The user needs to select all the following parameters before the transaction can be executed:
  • Select asset TokenID or enter the quantity
  • Select the type of borrowed asset
  • Select the borrow amount, the maximum borrow amount cannot exceed the asset value * MaxLTV
  • Initiate a transaction and create an order
  • The order will be liquidated when the Loan Risk reaches 100%, i.e. Debt Value/Collateral Value*LiquidationThreshold.
Multiple borrowing orders can be initiated for the same class of assets, each of which can be debited to a class of assets

Position Management

The value of collateral and debt in the agreement are tracked in real time. Users need to keep an eye on their Loan Risk, which can be adjusted by increasing collateral or partial repayment to avoid liquidation.
For EIP-721 assets (e.g. Uniswap-V3-Pos), you need to access the third party page to add liquidity to increase its value after pledging. And for EIP-20 type assets, you can add positions or take out positions when pledging. Users can also reduce their debt by making partial repayments.
If fully repaid, the collateral will be automatically redeemed
The user can only partially take out the collateral if there is debt, provided that the collateral taken out does not cause the Loan Risk to reach 100%, otherwise that amount of withdrawal will be blocked by the group.

Keep Yielding

The asset collateralized in M1 still gets the agreement income, and if the asset comes with a reward for liquidity mining, the distribution of the reward is also configured in the reward contract when the asset is allocated, and the user Claim reward will get a reward from Yield Bearing Token other than Themis V2.
When the assets in the agreement are valued, the collateral assets are not valued in the earnings portion (e.g. earnings Uncollected fees, Rewards, etc.).

Numerical Description

Dashboard

Contains My Deposit, My Debt, Net APY, Reward
  • My Deposit is the total value of all collateral
  • My Debt is the sum of all debts
  • Net APY is the overall annualized interest rate on debt
  • Reward is the total amount of rewards available in M1

M1 Dashboard & Eligible Borrowing Asset

Contains the usual data of Asset Name, Protocol Source, LTV, Wallet/Value, and M0 Borrow.

Position Dashboard

Mainly contains Position(s), Balance/Valuation, Borrowing, Debt/APY, Loan Risk
  • Position: the name of the asset collateralized by the user and the source of the agreement
  • Balance/Valuation: the balance and value of the collateralized assets.
  • Borrowing : the type of asset currently borrowed by the user
  • Debt/APY: the current interest rate of the debt, which is the same as the interest rate in the Borrowing panel
  • Loan Risk : the debt risk of each order, liquidation will occur when Loan Risk=Debt Value/Collateral Value*LiquidationThreshold=100%.