About this explorer

The Rails Asymmetry explorer shows every Trove that has borrowed USDaf on Ethereum, whether still open or closed, and the full history of each one. It also shows the branches, one for each collateral type, with the order in which redemptions reach their Troves.

How it works

• Asymmetry Finance issues USDaf, a stablecoin that tracks one dollar and is created when a borrower borrows it. A borrower opens a Trove, a loan, from a wallet, which is an account address. The borrower locks collateral, an asset that backs the loan, and borrows USDaf against it.
• Each collateral type is a branch with its own Troves and its own redemption queue, because a redemption starts with the lowest interest rates in each collateral market. The borrower sets the interest rate. A higher rate protects the owner, because a redemption repays the debt of the lowest-rate Troves first and takes their collateral at one dollar per USDaf, possibly below the price the owner wants.
• A borrower can hand the rate to a batch manager, who moves it for many Troves at once.
• A redemption that cuts a Trove's debt below the 2,000 USDaf minimum makes it a zombie. A Trove whose collateral ratio falls below its branch's minimum can be liquidated.
• Opening a Trove also sets aside a liquidation reserve of 0.0375 WETH, so that whoever liquidates the Trove is paid for the gas.

Glossary

Trove

: A Trove is one loan. It holds a borrower's collateral and records the USDaf the borrower owes. Each Trove is linked to an Ethereum address, and an address can have several Troves. Docs: What is a Trove

Interest rate

: The interest rate is set by the borrower and stays fixed until the borrower changes it. A lower rate costs less but means the Trove is redeemed first. Docs: Choosing a rate

Redemption

: A redemption lets any USDaf holder swap USDaf for collateral at face value, which is one dollar per USDaf. The holder's USDaf repays the debt of a Trove, and the matching collateral leaves that Trove. Redemptions start with the Troves that pay the lowest interest rates. Docs: What are redemptions, If my Trove is redeemed

Zombie

: A Trove is a zombie when a redemption has cut its debt below the 2,000 USDaf minimum. Such a Trove switches to a dormant mode, in which the redemption queue no longer treats it like the other Troves. Raising its debt above the minimum again ends that mode. Docs: If my Trove is redeemed, Minimum borrow amount

Batch manager

: A batch manager is a third party to whom a borrower delegates the interest rate. The manager sets the rate for every Trove in its batch and may charge a fee for this service. Docs: Choosing a rate

Collateral ratio

: The collateral ratio is the value of a Trove's collateral divided by its USDaf debt. Each branch sets a minimum, and a Trove below it can be liquidated. Docs: How liquidations work

Liquidation

: A liquidation closes a Trove whose collateral ratio has fallen below its branch's minimum. The Stability Pool, a pool of USDaf deposits, absorbs the debt, and the borrower can claim the collateral left after a penalty of usually 5%. Whoever starts it receives a gas compensation. Docs: How liquidations work, Compensation

Liquidation reserve

: Opening a Trove sets aside 0.0375 WETH (wrapped ETH), apart from the collateral. It pays the gas, the fee for a transaction on Ethereum, of whoever liquidates the Trove. It returns to the owner when the Trove closes. Docs: Refundable gas deposit

You can search by Trove id, collateral or owner address. The listing filters by Status, Collateral, Debt (USDaf), Collateral (USD) and Transactions, and sorts by Recent activity, Collateral, Debt (USDaf) or Interest rate.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.