VToken
Last updated
Last updated
Each asset that is supported by a pool is integrated through an instance of the VToken contract. As outlined in the protocol overview, each isolated pool creates its own vToken corresponding to an asset. Within a given pool, each included vToken is referred to as a market of the pool. The main actions a user regularly interacts with in a market are:
mint/redeem of vTokens;
transfer of vTokens;
borrow/repay a loan on an underlying asset;
liquidate a borrow or liquidate/heal an account.
A user supplies the underlying asset to a pool by minting vTokens, where the corresponding vToken amount is determined by the exchangeRate. The exchangeRate will change over time, dependent on a number of factors, some of which accrue interest. Additionally, once users have minted vToken in a pool, they can borrow any asset in the isolated pool by using their vToken as collateral. In order to borrow an asset or use a vToken as collateral, the user must be entered into each corresponding market (else, the vToken will not be considered collateral for a borrow). Note that a user may borrow up to a portion of their collateral determined by the market’s collateral factor. However, if their borrowed amount exceeds an amount calculated using the market’s corresponding liquidation threshold, the borrow is eligible for liquidation. When a user repays a borrow, they must also pay off interest accrued on the borrow.
The Venus Protocol includes unique mechanisms for healing an account and liquidating an account. These actions are performed in the Comptroller and consider all borrows and collateral for which a given account is entered within a market. These functions may only be called on an account with a total collateral amount that is no larger than a universal minLiquidatableCollateral value, which is used for all markets within a Comptroller. Both functions settle all of an account’s borrows, but healAccount() may add badDebt to a vToken. For more detail, see the description of healAccount() and liquidateAccount() in the Comptroller summary section below.
Construct a new money market
Parameters
| Name | Type | Description |
|---|---|---|
❌ Errors
ZeroAddressNotAllowed is thrown when admin address is zero
ZeroAddressNotAllowed is thrown when shortfall contract address is zero
ZeroAddressNotAllowed is thrown when protocol share reserve address is zero
Transfer amount tokens from msg.sender to dst
Parameters
Return Values
📅 Events
Emits Transfer event on success
⛔️ Access Requirements
Not restricted
❌ Errors
TransferNotAllowed is thrown if trying to transfer to self
Transfer amount tokens from src to dst
Parameters
Return Values
📅 Events
Emits Transfer event on success
⛔️ Access Requirements
Not restricted
❌ Errors
TransferNotAllowed is thrown if trying to transfer to self
Approve spender to transfer up to amount from src
Parameters
Return Values
📅 Events
Emits Approval event
⛔️ Access Requirements
Not restricted
❌ Errors
ZeroAddressNotAllowed is thrown when spender address is zero
Increase approval for spender
Parameters
Return Values
📅 Events
Emits Approval event
⛔️ Access Requirements
Not restricted
❌ Errors
ZeroAddressNotAllowed is thrown when spender address is zero
Decreases approval for spender
Parameters
Return Values
📅 Events
Emits Approval event
⛔️ Access Requirements
Not restricted
❌ Errors
ZeroAddressNotAllowed is thrown when spender address is zero
Get the underlying balance of the owner
Parameters
Return Values
Returns the current total borrows plus accrued interest
Return Values
Accrue interest to updated borrowIndex and then calculate account's borrow balance using the updated borrowIndex
Parameters
Return Values
Sender supplies assets into the market and receives vTokens in exchange
Parameters
Return Values
📅 Events
Emits Mint and Transfer events; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
Sender calls on-behalf of minter. minter supplies assets into the market and receives vTokens in exchange
Parameters
Return Values
📅 Events
Emits Mint and Transfer events; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
❌ Errors
ZeroAddressNotAllowed is thrown when minter address is zero
Sender redeems vTokens in exchange for the underlying asset
Parameters
Return Values
📅 Events
Emits Redeem and Transfer events; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
❌ Errors
RedeemTransferOutNotPossible is thrown when the protocol has insufficient cash
Sender redeems vTokens in exchange for a specified amount of underlying asset
Parameters
Return Values
Sender borrows assets from the protocol to their own address
Parameters
Return Values
📅 Events
Emits Borrow event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
❌ Errors
BorrowCashNotAvailable is thrown when the protocol has insufficient cash
Sender repays their own borrow
Parameters
Return Values
📅 Events
Emits RepayBorrow event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
Sender repays a borrow belonging to borrower
Parameters
Return Values
📅 Events
Emits RepayBorrow event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
The sender liquidates the borrowers collateral. The collateral seized is transferred to the liquidator.
Parameters
Return Values
📅 Events
Emits LiquidateBorrow event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
❌ Errors
LiquidateAccrueCollateralInterestFailed is thrown when it is not possible to accrue interest on the collateral vToken
LiquidateCollateralFreshnessCheck is thrown when interest has not been accrued on the collateral vToken
LiquidateLiquidatorIsBorrower is thrown when trying to liquidate self
LiquidateCloseAmountIsZero is thrown when repayment amount is zero
LiquidateCloseAmountIsUintMax is thrown when repayment amount is UINT_MAX
sets protocol share accumulated from liquidations
Parameters
📅 Events
Emits NewProtocolSeizeShare event on success
⛔️ Access Requirements
Controlled by AccessControlManager
❌ Errors
Unauthorized error is thrown when the call is not authorized by AccessControlManager
ProtocolSeizeShareTooBig is thrown when the new seize share is too high
accrues interest and sets a new reserve factor for the protocol using _setReserveFactorFresh
Parameters
📅 Events
Emits NewReserveFactor event; may emit AccrueInterest
⛔️ Access Requirements
Controlled by AccessControlManager
❌ Errors
Unauthorized error is thrown when the call is not authorized by AccessControlManager
SetReserveFactorBoundsCheck is thrown when the new reserve factor is too high
Accrues interest and reduces reserves by transferring to the protocol reserve contract
Parameters
📅 Events
Emits ReservesReduced event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
❌ Errors
ReduceReservesCashNotAvailable is thrown when the vToken does not have sufficient cash
ReduceReservesCashValidation is thrown when trying to withdraw more cash than the reserves have
The sender adds to reserves.
Parameters
📅 Events
Emits ReservesAdded event; may emit AccrueInterest
⛔️ Access Requirements
Not restricted
accrues interest and updates the interest rate model using _setInterestRateModelFresh
Parameters
📅 Events
Emits NewMarketInterestRateModel event; may emit AccrueInterest
⛔️ Access Requirements
Controlled by AccessControlManager
❌ Errors
Unauthorized error is thrown when the call is not authorized by AccessControlManager
Repays a certain amount of debt, treats the rest of the borrow as bad debt, essentially "forgiving" the borrower. Healing is a situation that should rarely happen. However, some pools may list risky assets or be configured improperly – we want to still handle such cases gracefully. We assume that Comptroller does the seizing, so this function is only available to Comptroller.
Parameters
📅 Events
Emits RepayBorrow, BadDebtIncreased events; may emit AccrueInterest
⛔️ Access Requirements
Only Comptroller
❌ Errors
HealBorrowUnauthorized is thrown when the request does not come from Comptroller
The extended version of liquidations, callable only by Comptroller. May skip the close factor check. The collateral seized is transferred to the liquidator.
Parameters
📅 Events
Emits LiquidateBorrow event; may emit AccrueInterest
⛔️ Access Requirements
Only Comptroller
❌ Errors
ForceLiquidateBorrowUnauthorized is thrown when the request does not come from Comptroller
LiquidateAccrueCollateralInterestFailed is thrown when it is not possible to accrue interest on the collateral vToken
LiquidateCollateralFreshnessCheck is thrown when interest has not been accrued on the collateral vToken
LiquidateLiquidatorIsBorrower is thrown when trying to liquidate self
LiquidateCloseAmountIsZero is thrown when repayment amount is zero
LiquidateCloseAmountIsUintMax is thrown when repayment amount is UINT_MAX
Transfers collateral tokens (this market) to the liquidator.
Parameters
📅 Events
Emits Transfer, ReservesAdded events
⛔️ Access Requirements
Not restricted
❌ Errors
LiquidateSeizeLiquidatorIsBorrower is thrown when trying to liquidate self
Updates bad debt
Parameters
📅 Events
Emits BadDebtRecovered event
⛔️ Access Requirements
Only Shortfall contract
Sets protocol share reserve contract address
Parameters
⛔️ Access Requirements
Only Governance
❌ Errors
ZeroAddressNotAllowed is thrown when protocol share reserve address is zero
Sets shortfall contract address
Parameters
⛔️ Access Requirements
Only Governance
❌ Errors
ZeroAddressNotAllowed is thrown when shortfall contract address is zero
A public function to sweep accidental ERC-20 transfers to this contract. Tokens are sent to admin (timelock)
Parameters
⛔️ Access Requirements
Only Governance
A public function to set new threshold of block difference after which funds will be sent to the protocol share reserve
Parameters
⛔️ Access Requirements
Only Governance
Get the current allowance from owner for spender
Parameters
Return Values
Get the token balance of the owner
Parameters
Return Values
Get a snapshot of the account's balances, and the cached exchange rate
Parameters
Return Values
Get cash balance of this vToken in the underlying asset
Return Values
Returns the current per-block borrow interest rate for this vToken
Return Values
Returns the current per-block supply interest rate for this v
Return Values
Return the borrow balance of account based on stored data
Parameters
Return Values
Calculates the exchange rate from the underlying to the VToken
Return Values
Accrue interest then return the up-to-date exchange rate
Return Values
Applies accrued interest to total borrows and reserves
Return Values
📅 Events
Emits AccrueInterest event on success
⛔️ Access Requirements
Not restricted
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