About this explorer

The Rails Frankencoin explorer shows every position that has minted Frankencoin (ZCHF) on Ethereum, whether still open or closed, and the full history of each one. It also shows the system as a whole: its equity reserve and every challenge raised against a position.

How it works

Frankencoin has no price oracle, so no outside service tells it what collateral is worth. Each position's owner declares a liquidation price, and anyone who thinks that price is too high can start a challenge by putting up collateral.
Rails shows no dollar value and no health factor, which is a single score of how close a position is to liquidation, because the protocol has neither. Collateral appears in its own token and debt in ZCHF.
A position can mint ZCHF up to the value of its collateral at its liquidation price. A minting limit also caps the total that an original and its clones can mint.
A position ends when its owner repays it, when a challenge sells its collateral, when it is vetoed, or when a forced sale follows its expiry.

Glossary

ZCHF: : The Frankencoin stablecoin. Borrowers mint it, which means creating new ZCHF, by locking collateral, and it is intended to track the Swiss franc. Docs: Overview
Position: : One borrower's collateral together with the ZCHF minted against it. Each position is its own contract, controlled by its owner, who can transfer it to another wallet. Docs: Adjusting a position
Liquidation price: : The ZCHF value per collateral token that a position's owner declares. The collateral can back as much ZCHF as its value at this price, and anyone who thinks the price is too high can challenge it. Docs: Setting the liquidation price
Challenge: : An auction that anyone can start against a position they think has a liquidation price that is too high. The challenger puts up collateral of the same kind as the position's, and the auction price falls over time. If bidders pay the liquidation price, the challenger's collateral is sold. Otherwise some of the position's own collateral is sold at the falling price. Docs: Challenges and auctions, Starting a challenge
Reserve share: : The part of each mint that is kept in the system's reserve instead of being paid to the wallet. It counts toward repaying the debt and is the first thing to absorb a loss. Docs: Reserve and auction duration, Losses in a liquidation
Equity: : The system's capital, also called its equity reserve. It is held by the owners of FCS, Frankencoin's share token. Each FCS wraps one FPS, the share the Equity contract counts. It receives the opening fees and the interest, and it covers the losses that a position's reserve share cannot. Docs: What FCS represents, Losses in a liquidation
Hub: : The minting hub is the contract that opened a position and runs its challenges. It comes in two versions, V1 (2023) and V2 (2024), and each position keeps the rules of the hub that opened it. Docs: Contract versions
Original and clone: : An original position proposes its own terms, pays the opening fee and can be vetoed, which means FCS holders can reject it, during its veto window. A clone copies the terms of an existing position, skips the veto window and mints from the same minting limit, the cap on how much ZCHF the original and its clones can mint together, as the position it copies. Docs: Opening a position, Cloning a position
Interest: : The fee for the position's remaining term. It is taken up front at each mint and is not returned if the position is repaid early. On Hub V2 it is worked out from a yearly rate: the system's base rate plus the position's risk premium. Docs: Interest and minting capacity
Forced sale: : After a Hub V2 position reaches its expiry date, anyone can buy its collateral at a price that starts at ten times the liquidation price and then falls. Hub V1 positions have no forced sale. Docs: Expiry and the forced sale

Listing

Each card shows one position: its owner, its hub, whether it is an original or a clone, and a triangle showing how many challenges the position has faced.
The card also shows the position's collateral in its own token and its debt in ZCHF. The debt is the full amount minted. The wallet received less, because the reserve share and the interest for the remaining term are taken when the ZCHF is minted.
A position that has ended shows its highest recorded collateral and debt, and how it ended.
The listing shows open positions by default. Searching for an owner shows positions of every status.

Position page

The top card shows the position's collateral, debt, liquidation price, interest, expiry and any running challenge, read from the chain now.
Lifetime flows show, day by day, how much ZCHF was minted and repaid and how much collateral was deposited and withdrawn.
The timeline lists the position's events, newest first. One transaction can record several events.

System page

The system page shows the ZCHF supply, the equity and reserve behind it, the base rate and the opening fee, and the list of minting positions, with every challenge and forced sale. See the system view.

You can search by owner address. The listing filters by status, collateral, hub, history, debt and transactions, and sorts by recent activity, debt or collateral.

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

Frankencoin savings, governance and ZCHF on other chains aren't covered here.See what Rails covers on each Ethereum explorer

Official documentation: Frankencoin documentation