About this explorer
The Rails LlamaLend explorer shows every position in Curve's LlamaLend markets on Ethereum, whether still open or closed, and the full history of each one. It also shows the markets themselves, with their collateral, their debt and their terms.
How it works
- A LlamaLend position is a loan. A borrower locks collateral, an asset that backs the loan, and borrows another token against it. The debt is what the borrower owes.
- LlamaLend liquidates in two steps. First comes soft-liquidation: as the collateral's price falls, the position's collateral is converted gradually across a range of prices, and the loan stays open. Last comes hard liquidation, which closes the position.
- When the price falls into the position's bands, the AMM (automated market maker) converts the collateral to the borrowed token a little at a time. When the price rises, the AMM buys the collateral back.
- The conversion reverses, but the losses do not. Arbitrageurs are paid to make each conversion, so the collateral is sold below the market price and bought back above it. Each round trip, a price fall followed by a recovery, leaves the position with less collateral value, so its health can fall while the price rises.
- Health, the position's buffer before that last step, can fall for three reasons: falling prices, conversion losses and interest. When a position's health falls below 0, hard liquidation applies: anyone may repay the position's debt and take what it holds.
Glossary
- Isolated market
- : A market lends one borrowed token against one collateral token. Its risk, including bad debt, stays inside that market. Docs: Overview, Bad debt
- LLAMMA
- : LLAMMA is the automated market maker (AMM) that holds a position's collateral. It converts the collateral to the borrowed token and back as the price moves. Docs: FAQ glossary
- Arbitrageur
- : A trader who profits from price gaps between the AMM and the wider market. In LlamaLend, arbitrageurs are paid to make each conversion of a position's collateral. Docs: Understanding health
- Band
- : A band is a narrow price range in the AMM. A position's collateral sits across several adjacent bands, which are fixed when the loan opens. Docs: What are bands
- Soft-liquidation
- : Soft-liquidation is the state of a position while the price is inside its bands and the AMM is converting its collateral. The loan stays open. Curve's documentation calls this liquidation protection. Docs: Liquidation protection
- Hard liquidation
- : Hard liquidation closes a position whose health is below 0. Anyone may then repay its debt and take what the position holds. Docs: When am I liquidated
- Health
- : Health measures how much buffer a position has before hard liquidation. Falling prices, conversion losses and interest all lower it. Docs: Understanding health
- Mint market
- : A mint market creates the borrowed crvUSD when a loan opens. Its interest rate follows the price of crvUSD and the size of the Peg Stabilization Reserve. Docs: Mint markets
- Lend market
- : A lend market pays out the borrowed token from lenders' deposits. Its interest rate rises as a larger share of those deposits is lent. Docs: Lend market rates
Listing
- Each row is one position, which is one borrower in one market.
- A row shows the position's collateral, its debt and its market.
- A row is marked In soft-liquidation while the AMM holds part of the position's collateral converted into the borrowed token.
- A row is marked Liquidatable when its health is below 0, and Closed or Liquidated once the position has ended.
Position page
- The top card shows the collateral, the debt and the health as read from the chain now, together with the amount the AMM has converted and the position's bands.
- A chart traces the position's collateral and debt over its life.
- The timeline lists each event on the position, newest first.
Markets page
The markets page lists every market with its collateral token, its borrowed token, its total debt, its number of loans and its terms. See every market.
You can search by borrower address. The listing filters by status, liquidated before, debt size, collateral size 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.
LlamaLend markets on other chains aren't covered here.See what Rails covers on each Ethereum explorer
Official documentation: LlamaLend documentation