diff --git a/.DS_Store b/.DS_Store index fbaaf84..2f32395 100644 Binary files a/.DS_Store and b/.DS_Store differ diff --git a/.github/workflows/retype-action.yml b/.github/workflows/retype-action.yml deleted file mode 100644 index 85edcad..0000000 --- a/.github/workflows/retype-action.yml +++ /dev/null @@ -1,30 +0,0 @@ -name: Publish Retype powered website to GitHub Pages -on: - workflow_dispatch: - push: - branches: - - main - -jobs: - publish: - name: Publish to retype branch - - runs-on: ubuntu-latest - - permissions: - contents: write - - steps: - - uses: actions/checkout@v3 - - - uses: actions/setup-dotnet@v1 - with: - dotnet-version: 7.0.x - - - uses: retypeapp/action-build@latest - # with: - # license: ${{ secrets.RETYPE_SECRET }} - - - uses: retypeapp/action-github-pages@latest - with: - update-branch: true diff --git a/.gitignore b/.gitignore new file mode 100644 index 0000000..b6d21bf --- /dev/null +++ b/.gitignore @@ -0,0 +1,4 @@ +.retype +./retype.manifest + +.DS_Store \ No newline at end of file diff --git a/CNAME b/CNAME index 194edc0..995d38e 100644 --- a/CNAME +++ b/CNAME @@ -1 +1 @@ -docs.collarprotocol.xyz +docs.votre.xyz \ No newline at end of file diff --git a/Collar Primer/Benefits.md b/Collar Primer/Benefits.md deleted file mode 100644 index d633281..0000000 --- a/Collar Primer/Benefits.md +++ /dev/null @@ -1,18 +0,0 @@ ---- -# icon: ":smile:" -order: 100 ---- - -#### Collar is... - -- **Liquidation-Free** - Since the protocol swaps the asset upfront, directional risk is removed. But what if the price goes up? This is mitigated by the return cap + the solvers guaranteeing performance on the upside to the ceiling in exchange for the chance to make money if the asset price declines. -- **Tax-Advantaged** - Borrowing can be a better way to sell in most tax regimes, allowing borrowers to withdraw wealth while deferring tax obligations. _Note: in some jurisdictions, this will require a feature under development called supplier mode, which is under development._ -- **Non-Custodial** - Both parties could abandon Collar and would still receive their payoff at maturity, since anyone can mature a position onchain. -- **Liquidity-Independent** - Collar does not require unsustainable yield farming in order to function. -- **Interest-Free** - Any interest is priced into the terms provided by the marketmaker. Slippage is the main cost paid by borrowers. -- **High LTV** - LTVs are only economically limited by how high a marketmaker is willing to offer. LTVs approaching 100%, even on volatile assets, are possible but may carry tax ramifications. For now, LTVs must be added via the ConfigHub (multi-sig gated) for security purposes. -- **Collateral Efficient** - Collar has been designed from the ground up to require the minimal amount of collateral necessary to function without introducing credit risk into the system. -- **Asset Agnostic** - The logic behind Collar is scalable to any ERC20 asset pair a marketmaker is willing to quote, so long as it has liquidity in any DEX. For now, asset pairs must be added via the ConfigHub (multi-sig gated) for security purposes. -- **Minimized Hack Surface Area** - Hackable value is only a fraction of the total value traded for a given Collar. The lower the LTV and higher the callstrike, the more collateral is at risk from a hack, as more collateral is required for these types of trades. -- **Minimized MEV Surface Area** - We plan to ensure users are not frontrun by routing frontend traffic through private mempools such as Flashbots Protect. For layer 2 deployments, MEV is currently largely a nonissue. -- **Oracle Independent** - Collar currently relies on Uniswap TWAP observations as opposed to offchain price providers. These Uniswap TWAP oracles are available on far more assets than Chainlink, etc. This could be made modular in the future. diff --git a/Collar Primer/Example Trade.md b/Collar Primer/Example Trade.md deleted file mode 100644 index 3ee8fb0..0000000 --- a/Collar Primer/Example Trade.md +++ /dev/null @@ -1,59 +0,0 @@ ---- -# icon: ":dollar:" -order: 110 ---- - - - -Below, we walk through a sample Collar. - -- Client wants to borrow against wstETH -- Client wants their loan in USDC -- 1 wstETH (~$2k) -- 2,000 USDC/wstETH price -- 90% LTV (loan-to-value ratio) -- 3 month loan duration -- Collar Protocol Fee of 1% -- Solve for maximum return - -Let's say we have a client named "ABC Capital" who runs a liquid token fund with various investors. Their strategy is to buy and sell tokens in order to make money. At times, they are fully allocated to wstETH, but want to buy a new token. The problem is, ABC would have to sell wstETH in order to do so, limiting their exposure to wstETH. They could use AAVE to borrow against their wstETH, but then they'd be at risk of forced liquidation. Instead, ABC leverages Collar to borrow against existing tokens and deploy more capital (temporarily) without giving up exposure to their current position. - -One of their portfolio managers heard about Collar at a conference and decides to head on over to collarprotocol.xyz, click "Enter App" and connect their wallet. From then on, these are the steps they would take, and the corresponding action on the backend that occurs. - -Let's name our most competitive and active marketmaker "Jane Sigma Research" or JSR. JSR is hooked up via API to the Offchain Intent Platform and streams prices constantly, providing a phenomenally fast user experience. - -0. ABC Cap selects the terms they'd like (see above) and clicks request quote. Within seconds, they get back three potential return caps, or "quotes": 108%, 109%, and JSR's price 110%. These quotes came from solvers who quickly communicated their preferences via the Offchain Intent Platform. - -1. ABC Cap agrees to move forward, notifying JSR via the Collar Frontend and Offchain Intent Platform, that they have been selected as the winner. - -2. JSR prepares an onchain Offer reflecting the terms ABC Cap initially requested, containing 200 USDC, reflecting the collateral requirements of the Collar Protocol of 110% - 100% = 10% \* 1 wstETH \* 2000 USDC per wstETH = 200 USDC, the best case returns for the user. This reflects JSR's willingness to facilitate the trade. - -3. ABC Cap then accepts the Offer, completing the trade, depositing wstETH to the protocol. - -4. The protocol then swaps the supplied wstETH in a decentralized exchange, such as Uniswap v3, for USDC (note: this incurs some slippage). The price at which this swap executes determines the exact maximum and minimum of the vault (i.e. swapping 1 wstETH -> 1999 USDC (0.05% slippage) results in a ceiling of 2198.9 USDC and a floor of 1799.1 USDC). - -5. Of the 1999 USDC of proceeds from this swapped wstETH, 1799.1 is sent to the borrower as the Loan Balance, and 199.9 is deposited into a vault in case the collateral declines in value, incentivizing solvers in a downside scenario. This vault cannot be accessed by anyone until the maturity timestamp is greater than that of block.timestamp (a measurement native to the blockchain). - -!!! Expert Note -JSR understands hedging Collars is a bearish trade, so once the trade is executed they go to their favorite source of liquidity and get long wstETH to isolate the volatility risk from the directional risk produced by the trade. This is called "scalping gamma" and it's how solvers can make money by isolating and trading volatility itself. -!!! - -## wstETH Up 7% Scenario - -A month goes by and wstETH is up 7% vs. USDC, so ABC Cap decides they want to lock in gains, extending their loan. Since JSR is streaming prices to the Offchain Intent Platform, ABC Cap can get estimate roll terms at any time. - -6a. ABC Cap then requests execution at terms they saw on the Collar Frontend, prompting JSR to automatically show an offer to extend and restrike the contract at the same percentage strikes of 90% and 110%, posting additional collateral as the asset has appreciated, diminishing JSR's portion of the collateral. - -## wstETH Down 30% Scenario - -A month goes by and wstETH is down 30% vs. USDC, but ABC Cap believes in the asset and want to extend their Collar. Similarly, JSR has been streaming possible roll prices, and ABC Cap sees this in the Collar Frontend. - -6a. ABC Cap sees JSR is demanding 0.29 wstETH to do so (400 USDC of losses, divided by an wstETH price of 1400, rounded up to reflect JSR's cost of hedging) and decides the extension is worth it. ABC Cap uses the Collar Frontend to request execution, JSR confirms by raising an Offer onchain, and ABC Cap accepts, posting the requisite collateral. If ABC Cap couldn't afford this, they could wait until maturity and hope the asset recovers, or they could sell back their portion of the position to the marketmaker for some residual value, abandoning their loan. - -## At Maturity - -7. As the trade nears maturity, wstETH drops to a price of 1000 USDC. The marketmaker ended up being right and the price of the asset dropped, so they are given the entirety of the USDC from the position. - -8. Currently, any party can mature a vault so long as block.timestamp exceeds the maturity date timestamp. Collar's Offchain Intent Platform also helps facilitate this. - -9. At maturity, the vault observes the Uniswap TWAP oracle provided natively by Uniswap to decide how much collateral to pay out to a given user, in line with the payout diagram displayed on the app's homepage. This oracle is extremely expensive to manipulate over long periods of time (minutes of constant buying onchain). diff --git a/Collar Primer/Explain Like I'm 5.md b/Collar Primer/Explain Like I'm 5.md deleted file mode 100644 index 2d64101..0000000 --- a/Collar Primer/Explain Like I'm 5.md +++ /dev/null @@ -1,38 +0,0 @@ ---- -# icon: ":eyes:" -order: 89 ---- - - - - - -### Why Collar - -Collar is for those scenarios where you have a big expense or need liquidity and you don't want to sell your crypto to pay for it. - -If you want to buy a new token, LP in uniswap for a bit, buy a car, make a down payment on a house, or post margin somewhere else in DeFi, Collar helps you access liquidity without fully giving up your exposure. - -Even better, with our supplier mode upgrade (under construction), in some jurisdictions (not tax advice) this could allow borrowers to get cash without triggering a taxable event. - -Keep your exposure, borrow against your crypto, and don't worry if the price tanks for a couple months because you have time to post collateral, liquidate something else, or hope crypto prices go back up before you have to face the loss. - -### The Wealth Management META - -[Buy, borrow, die.](https://smartasset.com/investing/buy-borrow-die-how-the-rich-avoid-taxes) - -### But what if it moons? - -If prices go up, roll! Rolling is like a checkpoint in a video game you can always fall back to. Think of it like [going up the salmon ladder](https://tenor.com/f63t97qBEpT.gif). There's certainly a cost to rolling, but there's a bigger cost to not having protection. - -### The Collar Difference - -The key difference between Collar and other liquidation-driven protocols is that normally, you'd have to watch prices all the time and make sure you don't get margin-called / liquidated. Now, you can sleep at night knowing that if prices tank you don't have to sell your stuff into a market that has no buyers. - -### What Collar Solves - -You know those big "liquidation cascades" when everyone's getting margin called? Collar fixes that, reducing volatility in the space for everyone. - -### The Inflation Tailwind - -One last thing... what happens if you borrow a million dollars and the money supply doubles? You owe LESS! Sure it's the same number of dollars, but hey, dollars are cheaper now. In an inflationary world, [debt is the META](https://moneywithkatie.com/blog/why-higher-inflation-might-mean-you-shouldnt-pay-off-your-low-interest-debt-early) (most effective tactics available). diff --git a/Collar Primer/How It Works.md b/Collar Primer/How It Works.md deleted file mode 100644 index e385130..0000000 --- a/Collar Primer/How It Works.md +++ /dev/null @@ -1,58 +0,0 @@ ---- -# icon: ":eyes:" -order: 11000 ---- - -Collar hedges collateral upfront instead of waiting for the price to drop. This allows borrowers to be shielded from any liquidation risk for months at a time. - -Collar's Offchain Intent Platform helps borrowers and solvers communicate with one another in order to arrive at acceptable terms. Once this is achieved, solvers create an onchain offer and the borrower accepts, with each party posting collateral only when necessary. - -We call this "just-in-time liquidity provision". - -Below, we’ve put together a simple diagram, video, and cashflow tracking spreadsheet which explains in detail how Collar works. - -[Cashflow Tracking Sheet](https://docs.google.com/spreadsheets/d/1lqiA0cenlmkuer_e1YZHTPq0dOYr5d7rGd3WFy3ix1w/edit?usp=sharing) - -Video (under construction) - -Flow of Funds Diagram - -![](/static/collarintentflow.png) - -### Coordination Phase - Offchain - -First, borrowers request quotes for a cap (maximum return) from whitelisted solvers via the Offchain Intent Platform. Once solvers show pricing, borrowers accept the best quote or reject the quotes and try another trade. Borrowers can also accept existing Offers "off the shelf" from solvers, creating a more one-click experience. - -The Offchain Intent Platform, similar to the sequencers of many top rollups like Arbitrum, Optimism, and more, will be progressively decentralized over time via Onchain Auctions and other mechanisms, the same way other DeFi protocols advanced in complexity, decentralization, and performance over time. - -### Settlement Phase - Onchain - -If the user accepts, a marketmaker receives a notification and promptly creates an offer, posting the USDC or cash asset required to guarantee the user's upside exposure. - -Finally, the user accepts the Offer and provides their collateral. Once this transaction confirms onchain, the marketmaker now benefits from a decline in price. Solvers prefer to remain delta-neutral, so they would likely hedge this out using perps, onchain, or other offchain tools. - -!!! -Note: In order to collar assets, borrowers must be willing to temporarily forego near-term upside exposure beyond a return cap specified by the liquidity provider, risking a small portion of the borrowed capital for the duration of the loan. For example, a user with 1 wstETH worth $1000 can borrow $900 for 3 months liquidation-free, but returns will be capped at $100 or a final wstETH price of $1100. -!!! - -Upon acceptance by both parties, the protocol takes the user's collateral (stETH) and swaps it for the liability token (USDC) via [Uniswap v3](https://docs.uniswap.org/), removing price risk. The proceeds of the swap are then multiplied by the LTV percentage and sent to the user, with the remainder staying as collateral that can be won by the marketmaker. This incentivizes solvers to facilitate collars. - -Collar allows for loan renegotiations or "rolls", where borrowers can "re-strike" higher. This is akin to a climber putting a new spike in the ice as they make progress. If they fall, they get caught by the higher spike. - -Over the life of the trade, borrowers are offered terms to extend or "roll" their loan, extending the maturity and updating the floor and cap in line with the market. This coordination is facilitated via the Offchain Intent Platform. - -If a roll offer is accepted, the loan is extended, and the floor and cap are updated. Depending on the performance of the asset, the user either posts or receives collateral in order to extend. - -The Collar Team is also developing "auto-roll" functionality in order to make it extremely easy for users to roll as assets are increasing in value. - -Since Collar positions are tracked as NFTs that are tradeable by the user and the marketmaker, the marketmaker can purchase the borrower's half of the position and retire the NFTs early in order to close out and reclaim the locked collateral inside. This allows for "novations" which remove an inactive marketmaker as well as "unwinds" which allow a user to exit a trade early for some price. - -Once the blockchain's native timestamp exceeds the vault's maturity timestamp, the Position is able to be matured. Borrowers can wait to repay their loan, but they are fully exposed to any changes in price of the asset (i.e. if the asset appreciates after maturity and the borrower has not repaid their loan, they miss out on gains). This grace period is limited to 5 days, changeable at the configuration level of the protocol. - -Loan repayment is handled by the keeper, which is maintained by the Offchain Intent Platform prior to full decentralization. Users are encouraged to authorize a sufficient amount of the liability asset upfront (i.e. USDC) so the keeper can initiate repayment on their behalf. If this approval is not in place, a default would occur even if the user has sufficient USDC in their wallet to repay. Users can specify this "autopay" functionality. - -Upon being matured, Position collateral is divided between the marketmaker and borrower based on the final price of the asset, which is obtained via a Uniswap TWAP oracle, and the terms of the trade agreed upon upfront. Any liability token awarded to the borrower is combined with the borrower's repaid tokens and sent to Uniswap v3 to repurchase the user's original collateral, which is then returned to them, closing out the trade. - -!!! -Note: It is worth noting that the team is developing a "supplier mode" that will likely experience far better tax treatment and allow the user to not have to sell their collateral. -!!! diff --git a/Collar Primer/Lifecycle.md b/Collar Primer/Lifecycle.md deleted file mode 100644 index 15f228e..0000000 --- a/Collar Primer/Lifecycle.md +++ /dev/null @@ -1,9 +0,0 @@ ---- -# icon: ":smile:" -order: 97 ---- - -#### Settlement at Maturity - -- Currently, maturities of expired positions are facilitated by a permitted "keeper" which is hosted in the "Offchain Intent Platform" (i.e. a server running a cron job on a periodic basis) -- This is purely done to improve the user experience and is a target for decentralization / removal in future versions with incentives diff --git a/Collar Primer/Risks and Limitations.md b/Collar Primer/Risks and Limitations.md deleted file mode 100644 index f2d752c..0000000 --- a/Collar Primer/Risks and Limitations.md +++ /dev/null @@ -1,52 +0,0 @@ ---- -# icon: ":slightly_frowning_face:" -order: 95 ---- - -#### Key Risks - -**Hack Risk** - -- DeFi protocols have been hacked before and there is a large incentive to steal user assets from the protocol. Collar has been designed in such a way that minimizes hack surface area to, on average, around ~25% of TVT (Total Volume Traded), since users take the majority out as a loan day one. - -!!! -Note on mitigation: Collar works with top security firms in the space to ensure user funds are protected from hackers. Collar will also run a bug bounty program to disincentivize hacking and encourage bugs to be reported for a smaller, legal payoff. -!!! - -**Layer 2 Risks** - -- These include sequencer downtime, MEV, or any other bespoke risk to any layer 2 Collar is deployed on. - -**Illiquidity Risk** - -- Users, when repaying loans, must consider the liquidity of the market they are repaying into. If the Uni v3 pool is illiquid, slippage could eat up a large portion of repaid funds, leading to poor execution. - -#### Key Limitations of Collar - -**Users must be comfortable temporarily limiting upside in order to protect downside** - -- This can be partially mitigated with rolls and even more so with "auto-roll", which remains under development - -**Savvy solvers to participate in the protocol actively** - -- Where there is money to be made, solvers tend to participate. - -**Lack of AMM liquidity** - -- This is rarely an issue, after all, if there's no spot market, why even try to create products that are more complex. - -**Potential barriers to understanding and entry** - -- Collar can be a lot for the average user to understand, which is why we're committed to transparency and simplicity. - -**Declined pricing for rolls in highly volatile times** - -- Solvers may not always provide roll pricing, which is a risk. - -**Lack of desire for solvers to quote the most volatile of tail assets** - -- Solvers may not be willing to quote the latest dog, frog, or memecoin. - -**Market impact upon sale of assets into DEX** - -- It's arguably better to have the market absorb this sale in good times rather than bad, however market impact is largely unavoidable, as it's inherently bearish to borrow against an asset. diff --git a/Collar Primer/faq.md b/Collar Primer/faq.md deleted file mode 100644 index 8cbcae8..0000000 --- a/Collar Primer/faq.md +++ /dev/null @@ -1,83 +0,0 @@ ---- -# icon: question -label: FAQ -order: 90 ---- - -# Frequently Asked Questions - -#### Why the name Collar? - -Collar is short for “COLlateralized Lending ARrangement”. It also refers to an options strategy that closely mimics the payout of Collar protocol. - -#### Is Collar live? - -Collar is currently in Private Beta as we finalize key features and iterate on user feedback. You can request access [here](https://pukzi11x7je.typeform.com/to/Z5ZnQlOJ). - -#### Who should use Collar? - -Collar, like other borrowing protocols, will predominantly be used by holders of concentrated token positions such as family offices, high net worth individuals, foundations, DAOs, miners, validators, traders, degens and more. - -#### How do you prevent liquidations? - -Collar hedges directional risk upfront so as to remove the need for forced sales in illiquid market environments. This is done in a way that does not introduce counterparty risk or credit risk from a borrower. - -#### How do you hedge collateral? - -The protocol swaps the collateral to the borrower’s chosen liability token (typically stablecoins), mitigating the protocol’s exposure to any decline in the asset’s price. - -#### But what if the asset appreciates in value? - -Providers post stablecoins upfront to guarantee the borrower’s upside exposure to the cap. - -#### Why should providers use Collar? - -Because Collars are volatile bets and providers can monetize this volatility. They do this by offering terms to the user that contain a small spread, then monetizing this spread over the life of the trade. This technique is called “gamma scalping” and you can learn more about it here. - -#### How do I know I’m getting the best price? - -Collar allows for open competition between providers onchain to provide the best offer. With every Collar request via the hosted frontend, users are shown competitive quotes before they can execute in order to promote best execution. - -#### How big is this “spread”? - -Like any spread, it is a function of the number of providers. Collar will go live with three sophisticated options providers from day one who we have partnered with, and they will compete for user flow. - -#### Why would I cap my returns? - -Because in bull markets it can be beneficial to take chips off the table or even redeploy borrowed collateral into a new position for greater capital efficiency. Users can also “roll” their positions higher as assets appreciate to maintain exposure so long as there is sufficient provider-provided liquidity. - -#### How is the final price determined? - -Uniswap TWAP oracles - -#### What venues does the protocol swap on? - -Uniswap for now, but this may expand in the future as liquidity improves - -#### Does swapping create slippage? - -Yes, but compared to interest rates and capital requirements of other protocols, this is minimal. - -#### Does Collar charge interest? - -Since users are providing the collateral required for the directional hedge, there is no need to charge interest to source collateral or funds. - -#### What if a provider fails like in 2022? - -All provider collateral is locked into Collar’s smart contracts, so they'll only get money back at maturity once the final price of the asset is in. Additionally, both sides of a Collar position are represented as NFTs, which can be sold, traded, or united to unwind a position. - -#### How is Collar different from AAVE, Compound, and other lending protocols? - -Other protocols liquidate your collateral at the worst possible time. Collar creates a time-based, as opposed to a price-based loan. - -#### Does swapping create a taxable event? - -Protocols can’t give tax advice, but this is an issue that is solved by a feature called “supplier mode”, which introduces suppliers to Collar. By escrowing user collateral day one and charging users interest, Collars may allow capital gains to be deferred in some jurisdictions. Speak to your tax professional for more information. - -#### When will supplier mode be live? - -This feature is on the roadmap with top priority and slated for later this year. - -#### Where do you get supply? - -From users who want to earn yield diff --git a/Collar Primer/index.yml b/Collar Primer/index.yml deleted file mode 100644 index cf66dee..0000000 --- a/Collar Primer/index.yml +++ /dev/null @@ -1,3 +0,0 @@ -order: 2000 -expanded: true -icon: note diff --git a/LEGAL & COMPLIANCE/index.yml b/LEGAL & COMPLIANCE/index.yml deleted file mode 100644 index d017e83..0000000 --- a/LEGAL & COMPLIANCE/index.yml +++ /dev/null @@ -1,3 +0,0 @@ -order: 500 -icon: ":scales:" -expanded: true diff --git a/Protocol Architecture/Offchain Intent Platform.md b/Protocol Architecture/Offchain Intent Platform.md deleted file mode 100644 index 482e9f9..0000000 --- a/Protocol Architecture/Offchain Intent Platform.md +++ /dev/null @@ -1,16 +0,0 @@ ---- -# icon: ":classical_building:" -order: 110 ---- - -In order to bootstrap liquidity, usage, and offers for the Collar Protocol, the Collar team has created an offchain communication channel for providers and borrowers (the Offchain Intent Platform). This helps minimize near term collateral and gas requirements for providers and maximize capital efficiency. This list of providers initially remains whitelisted but will be opened up over time to anyone who wishes to hedge Collars. - -The Offchain Intent Platform consists of: - -1. A database of all requested Collar quotes -2. A server, which handles quote requests by interacting with solvers' own quoting APIs -3. The server also helps schedule and run cron jobs, which ensure on-time maturation of Collar's onchain - -This intent platform will be decentralized over time. - -Collar's Founding Solvers will be announced later this year. diff --git a/Protocol Architecture/index.yml b/Protocol Architecture/index.yml deleted file mode 100644 index ec8e84f..0000000 --- a/Protocol Architecture/index.yml +++ /dev/null @@ -1,3 +0,0 @@ -order: 1000 -icon: book -expanded: true diff --git a/Why Collar/index.yml b/Why Collar/index.yml deleted file mode 100644 index c5200a1..0000000 --- a/Why Collar/index.yml +++ /dev/null @@ -1,3 +0,0 @@ -order: 900 -icon: broadcast -expanded: true diff --git a/_includes/head.html b/_includes/head.html new file mode 100644 index 0000000..4bf02b1 --- /dev/null +++ b/_includes/head.html @@ -0,0 +1 @@ + diff --git a/economics/how-it-works.md b/economics/how-it-works.md new file mode 100644 index 0000000..23bd764 --- /dev/null +++ b/economics/how-it-works.md @@ -0,0 +1,99 @@ +--- +label: "How It Works" +order: 11000 +--- + +Votre protects borrowers from liquidation risk by hedging collateral upfront rather than waiting for price drops. This ensures liquidation-free borrowing for months at a time. + +Votre’s Offchain Intent Platform enables borrowers and providers to negotiate terms before executing onchain transactions, providing just-in-time liquidity provision. + +### Coordination Phase (Offchain) + +- Borrowers request quotes from whitelisted providers for a return cap. +- Solvers present pricing, and borrowers choose the best offer or select an existing one for a one-click experience. + +```mermaid +flowchart TD + User -->|Request Quotes| Providers[Providers] + Providers -->|Show Quotes| User + User -->|Request Execution| WinningProvider[Winning Provider] + + %% Styling Nodes + classDef important fill:#ffcc00,stroke:#333,stroke-width:2px; + classDef provider fill:#ff6666,stroke:#333,stroke-width:2px; + + class User important + class WinningProvider provider +``` + +### Settlement Phase (Onchain) + +- Upon acceptance, a provider posts collateral (USDC) to guarantee the borrower’s upside. +- Borrowers then post their collateral, which is swapped via Uniswap v3 to remove price risk. +- Borrowers receive a loan amount based on the loan-to-value (LTV) ratio, while the remaining asset stays locked for settlement. + +```mermaid +flowchart TD + User -->|Post Collateral| TakerNFT[TakerNFT.sol] + User -->|Create Offer| ProviderNFT[ProviderNFT.sol] + + %% Onchain Execution + + TakerNFT -->|Withdraw USDC| User + ProviderNFT -->|Send USDC| WinningProvider + WinningProvider -->|Delta| PerpsCEX[Perps / CEX] + WinningProvider -->|Delta + Vega ProviderNFT| ProviderNFT + + %% Loan and Swap Flow + User -->|ETH| Loans[Loans.sol] + + Loans -->|ETH| Swaps[Swaps.sol] + Swaps -->|USDC| Loans + Loans -->|USDC| User + + %% Rolling Mechanism + Loans -->|Re-allocate| Rolls[Rolls.sol] + Rolls -->|Extend| Loans + Rolls -->|Matures| Keeper[Keeper] + Keeper -->|At Maturity| Rolls + + + + %% DEX Interaction + Swaps -->|ETH| DEX + Swaps -->|USDC| DEX + + %% Additional Roll Offer Flow + Rolls -.->|Create Roll Offer| WinningProvider + WinningProvider -.->|Payout User / Provider| User + + %% Styling Nodes + classDef important fill:#ffcc00,stroke:#333,stroke-width:2px; + classDef provider fill:#ff6666,stroke:#333,stroke-width:2px; + classDef external fill:#66ccff,stroke:#333,stroke-width:2px; + classDef governance fill:#99cc99,stroke:#333,stroke-width:2px; + + class User important + class WinningProvider provider + class PerpsCEX external + class MultiSig governance + class ConfigHub governance +``` + +### Managing & Exiting Positions + +- Borrowers can roll (extend) their loans, adjusting terms as market conditions change. +- “Auto-roll” functionality simplifies this process for assets that increase in value. +- Positions are NFTs, meaning they can be sold, transferred, or settled early via “novations” and “unwinds”. + +### Loan Repayment & Maturity + +- Loans must be repaid before maturity, with a 5-day grace period. +- Once matured, collateral is divided based on market prices and trade terms. + + + + +Votre’s unique approach ensures borrowers have liquidation-free loans while providers efficiently hedge risk. diff --git a/economics/index.yml b/economics/index.yml new file mode 100644 index 0000000..7ebd696 --- /dev/null +++ b/economics/index.yml @@ -0,0 +1,4 @@ +order: 1100 +icon: globe +expanded: false +label: "Economics" diff --git a/Collar Primer/Marketmaking.md b/economics/market-making.md similarity index 99% rename from Collar Primer/Marketmaking.md rename to economics/market-making.md index 5948c28..fe1034f 100644 --- a/Collar Primer/Marketmaking.md +++ b/economics/market-making.md @@ -1,6 +1,7 @@ --- # icon: ":chart_with_upwards_trend:" order: 93 +label: "Marketmaking" --- #### Solvers quote prices offchain and provide liquidity onchain diff --git a/Collar Primer/Monetization.md b/economics/monetization.md similarity index 97% rename from Collar Primer/Monetization.md rename to economics/monetization.md index 94c4026..457596a 100644 --- a/Collar Primer/Monetization.md +++ b/economics/monetization.md @@ -1,6 +1,7 @@ --- # icon: ":book:" order: 91 +label: "Monetization" --- Solvers price in a required fee for the protocol of 80 basis points (0.8%). This is in line with other protocols and platforms in the space. diff --git a/economics/risks.md b/economics/risks.md new file mode 100644 index 0000000..b81f604 --- /dev/null +++ b/economics/risks.md @@ -0,0 +1,44 @@ +--- +# icon: ":slightly_frowning_face:" +order: 95 +label: "Risks and Limitations" +--- + +### Key Risks + +==- Hack Risk +DeFi protocols have been hacked before and there is a large incentive to steal user assets from the protocol. Votre has been designed in such a way that minimizes hack surface area to, on average, around ~25% of TVT (Total Volume Traded), since users take the majority out as a loan day one. + +!!! +Note on mitigation: Votre works with top security firms in the space to ensure user funds are protected from hackers. Votre will also run a bug bounty program to disincentivize hacking and encourage bugs to be reported for a smaller, legal payoff. +!!! + +==- Layer 2 Risks +These include sequencer downtime, MEV, or any other bespoke risk to any layer 2 Votre is deployed on. + +==- Illiquidity Risk +Users, when repaying loans, must consider the liquidity of the market they are repaying into. If the Uni v3 pool is illiquid, slippage could eat up a large portion of repaid funds, leading to poor execution. +==- + +### Key Limitations + +==- Users must be comfortable temporarily limiting upside in order to protect downside +This can be partially mitigated with rolls and even more so with "auto-roll", which remains under development + +==- Savvy solvers to participate in the protocol actively +Where there is money to be made, solvers tend to participate. + +==- Lack of AMM liquidity +This is rarely an issue, after all, if there's no spot market, why even try to create products that are more complex. + +==- Potential barriers to understanding and entry +Votre can be a lot for the average user to understand, which is why we're committed to transparency and simplicity. + +==- Declined pricing for rolls in highly volatile times +Solvers may not always provide roll pricing, which is a risk. + +==- Lack of desire for solvers to quote the most volatile of tail assets +Solvers may not be willing to quote the latest dog, frog, or memecoin. + +==- Market impact upon sale of assets into DEX +It's arguably better to have the market absorb this sale in good times rather than bad, however market impact is largely unavoidable, as it's inherently bearish to borrow against an asset. diff --git a/economics/swap-trade.md b/economics/swap-trade.md new file mode 100644 index 0000000..ac93466 --- /dev/null +++ b/economics/swap-trade.md @@ -0,0 +1,64 @@ +--- +label: "Swap Trade Example" +order: 120 +--- + +Below is a step-by-step walkthrough of a sample trade using Votre. + +### Trade Setup + +- Borrower: ABC Capital, a liquid token fund +- Loan collateral: wstETH (~$2,000 per wstETH) +- Loan currency: USDC +- Loan-to-value (LTV): 90% +- Loan duration: 3 months +- Votre protocol fee: 1% +- Objective: Maximize return while avoiding liquidation risk + +### Why ABC Capital Uses Votre + +ABC Capital wants to borrow USDC without selling their wstETH holdings. Traditional lending platforms like AAVE expose them to liquidation risk. Instead, they use Votre to unlock capital without forced liquidation and while maintaining exposure to wstETH. + +### Executing the Trade + +ABC Capital visits votre.xyz, connects their wallet, and follows these steps: + +##### 1. Request a Quote + +- ABC Capital selects loan terms and requests quotes. +- Three return cap options appear: 108%, 109%, and 110% (offered by “Jane Sigma Research” or JSR). + +##### 2. Accepting the Offer + +- ABC Capital chooses JSR’s 110% cap via the Votre frontend. +- JSR is notified via Votre’s Offchain Intent Platform. + +##### 3. Onchain Offer Creation + +- JSR prepares an onchain Offer, posting 200 USDC in collateral to secure the trade. 4. Trade Execution +- ABC Capital accepts the offer, depositing wstETH into Votre. 5. Collateral Swap & Loan Issuance +- Votre swaps wstETH for USDC using Uniswap v3, accounting for slippage. +- Loan funds are sent to ABC Capital, while collateral is locked for settlement. + +### Managing & Extending the Loan + +##### If wstETH Rises 7% + +- ABC Capital extends the loan to lock in gains. +- JSR provides updated loan terms via Votre’s Offchain Intent Platform. +- ABC Capital accepts the roll, adjusting the collateral to reflect new pricing. + +##### If wstETH Drops 30% + +- ABC Capital still believes in wstETH and wants to extend. +- JSR offers new terms, requiring 0.29 wstETH to cover losses. +- ABC Capital can: +- Accept and post more collateral to extend the loan. +- Wait until maturity, hoping for a price rebound. +- Sell back part of the position to exit early. + +### At Maturity + +- When the loan reaches maturity, the marketmaker receives the USDC collateral if the asset price has dropped. +- Any party can finalize the vault once maturity is reached, assisted by Votre’s Offchain Intent Platform. +- The final settlement amount is determined using Uniswap’s TWAP oracle, ensuring a fair payout based on the agreed trade terms. diff --git a/faq.md b/faq.md new file mode 100644 index 0000000..a539f7b --- /dev/null +++ b/faq.md @@ -0,0 +1,59 @@ +--- +icon: light-bulb +label: FAQs +order: 100 +--- + +# Frequently Asked Questions + +==- Who should use Votre? +Votre, like other borrowing protocols, will predominantly be used by holders of concentrated token positions such as family offices, high net worth individuals, foundations, DAOs, miners, validators, traders, degens and more. + +==- How do you prevent liquidations? +Votre hedges directional risk upfront so as to remove the need for forced sales in illiquid market environments. This is done in a way that does not introduce counterparty risk or credit risk from a borrower. + +==- How do you hedge collateral? +The protocol swaps the collateral to the borrower’s chosen liability token (typically stablecoins), mitigating the protocol’s exposure to any decline in the asset’s price. + +==- But what if the asset appreciates in value? +Providers post stablecoins upfront to guarantee the borrower’s upside exposure to the cap. + +==- Why should providers use Votre? +Because Votres are volatile bets and providers can monetize this volatility. They do this by offering terms to the user that contain a small spread, then monetizing this spread over the life of the trade. This technique is called “gamma scalping” and you can learn more about it here. + +==- How do I know I’m getting the best price? +Votre allows for open competition between providers onchain to provide the best offer. With every Votre request via the hosted frontend, users are shown competitive quotes before they can execute in order to promote best execution. + +==- How big is this “spread”? +Like any spread, it is a function of the number of providers. Votre will go live with three sophisticated options providers from day one who we have partnered with, and they will compete for user flow. + +==- Why would I cap my returns? +Because in bull markets it can be beneficial to take chips off the table or even redeploy borrowed collateral into a new position for greater capital efficiency. Users can also “roll” their positions higher as assets appreciate to maintain exposure so long as there is sufficient provider-provided liquidity. + +==- How is the final price determined? +Uniswap TWAP oracles + +==- What venues does the protocol swap on? +Uniswap for now, but this may expand in the future as liquidity improves + +==- Does swapping create slippage? +Yes, but compared to interest rates and capital requirements of other protocols, this is minimal. + +==- Does Votre charge interest? +Since users are providing the collateral required for the directional hedge, there is no need to charge interest to source collateral or funds. + +==- What if a provider fails like in 2022? +All provider collateral is locked into Votre’s smart contracts, so they'll only get money back at maturity once the final price of the asset is in. Additionally, both sides of a Votre position are represented as NFTs, which can be sold, traded, or united to unwind a position. + +==- How is Votre different from AAVE, Compound, and other lending protocols? +Other protocols liquidate your collateral at the worst possible time. Votre creates a time-based, as opposed to a price-based loan. + +==- Does swapping create a taxable event? +Protocols can’t give tax advice, but this is an issue that is solved by a feature called “supplier mode”, which introduces suppliers to Votre. By escrowing user collateral day one and charging users interest, Votres may allow capital gains to be deferred in some jurisdictions. Speak to your tax professional for more information. + +==- But what if my token moons? +If prices go up, [roll!](./loan/roll-loan.md) Rolling is like a checkpoint in a video game you can always fall back to. Think of it like going up the salmon ladder. There's certainly a cost to rolling, but there's a bigger cost to not having protection. + +==- Where do you get supply? +From users who want to earn yield +=== diff --git a/LEGAL & COMPLIANCE/.DS_Store b/legal/.DS_Store similarity index 100% rename from LEGAL & COMPLIANCE/.DS_Store rename to legal/.DS_Store diff --git a/LEGAL & COMPLIANCE/Disclosures.md b/legal/disclosures.md similarity index 97% rename from LEGAL & COMPLIANCE/Disclosures.md rename to legal/disclosures.md index 923ade5..d8ce071 100644 --- a/LEGAL & COMPLIANCE/Disclosures.md +++ b/legal/disclosures.md @@ -1,6 +1,6 @@ --- -# icon: ":classical_building:" -order: 120 +order: 130 +label: "Disclosures" --- ## United States Borrowers diff --git a/LEGAL & COMPLIANCE/Eligibility.md b/legal/eligibility.md similarity index 99% rename from LEGAL & COMPLIANCE/Eligibility.md rename to legal/eligibility.md index bae4f0b..69778b0 100644 --- a/LEGAL & COMPLIANCE/Eligibility.md +++ b/legal/eligibility.md @@ -1,3 +1,8 @@ +--- +order: 150 +label: "Eligibility" +--- + Collar is only available to and designed for sophisticated investors and non-US persons at this time. **Non-US** diff --git a/legal/index.yml b/legal/index.yml new file mode 100644 index 0000000..4545228 --- /dev/null +++ b/legal/index.yml @@ -0,0 +1,4 @@ +order: 300 +icon: law +expanded: false +label: "Legal & Compliance" diff --git a/legal/kyc.md b/legal/kyc.md new file mode 100644 index 0000000..487b8a8 --- /dev/null +++ b/legal/kyc.md @@ -0,0 +1,24 @@ +--- +order: 140 +label: "Know Your Customer (KYC) Verification" +--- + +### Votre's Compliance with Financial Regulations + +Votre is committed to adhering to local anti-money laundering regulations as part of our robust financial compliance program. These regulations require us to verify your identity before granting full access to our services. We achieve this through our know-your-customer (KYC) program powered by [Persona](https://withpersona.com/), which is one of the initial steps when you sign up for a new account. + +### KYC Process + +The KYC process is designed to ensure the authenticity of our users and to prevent fraudulent activities. It involves a series of steps to verify your identity and comply with regulatory requirements. + +### KYC Verification Steps + +- **Document Upload**: Upload a valid government-issued ID (e.g., passport, driver's license, or national ID card). +- **Selfie Verification**: Take a selfie to match against your ID document. +- **Address Verification**: Provide your current address to verify your residency. + +!!! Troubleshooting + +For any questions or assistance, our support team is ready to help and answer any questions you may have. You can reach out to us on [discord](https://discord.gg/WBygxVrT). + +!!! diff --git a/LEGAL & COMPLIANCE/Privacy Policy.md b/legal/privacy-policy.md similarity index 99% rename from LEGAL & COMPLIANCE/Privacy Policy.md rename to legal/privacy-policy.md index 5041e0c..7be64e0 100644 --- a/LEGAL & COMPLIANCE/Privacy Policy.md +++ b/legal/privacy-policy.md @@ -1,6 +1,6 @@ --- -# icon: ":classical_building:" order: 120 +label: "Privacy Policy" --- **Effective Date: June 17, 2023** diff --git a/LEGAL & COMPLIANCE/Terms of Service.md b/legal/terms-of-service.md similarity index 99% rename from LEGAL & COMPLIANCE/Terms of Service.md rename to legal/terms-of-service.md index 3e2702c..b65eadf 100644 --- a/LEGAL & COMPLIANCE/Terms of Service.md +++ b/legal/terms-of-service.md @@ -1,10 +1,9 @@ --- # icon: ":classical_building:" order: 110 +label: "Terms of Service" --- -#### Terms of Service - THE COLLAR INTERFACE (AS DEFINED BELOW) IS NOT AVAILABLE TO PERSONS OR ENTITIES WHO RESIDE IN, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA OR CANADA (COLLECTIVELY, “BLOCKED PERSONS”). MOREOVER, NO SERVICES (AS DEFINED BELOW) ARE OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN ANY RESTRICTED TERRITORY (AS DEFINED BELOW, AND ANY SUCH PERSON OR ENTITY FROM A RESTRICTED TERRITORY, A “RESTRICTED PERSON”). WE DO NOT MAKE EXCEPTIONS; THEREFORE, IF YOU ARE A BLOCKED PERSON, THEN DO NOT ATTEMPT TO USE THE COLLAR INTERFACE AND IF YOU ARE A RESTRICTED PERSON, THEN DO NOT ATTEMPT TO USE ANY OF THE SERVICES. USE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT THE RESTRICTIONS SET FORTH HEREIN IS PROHIBITED. These terms of use, together with any documents and additional terms they expressly incorporate by reference, which includes any other terms and conditions or other agreement that Collar Networks Inc. and its affiliates (“Collar,” “we,” “us” and “our”) posts publicly or makes available to you or the company or other legal entity you represent (“you” or “your”) (collectively, these “Terms”), are entered into between Collar and you concerning your use of, and access to: diff --git a/loan/index.yml b/loan/index.yml new file mode 100644 index 0000000..e479bdd --- /dev/null +++ b/loan/index.yml @@ -0,0 +1,4 @@ +order: 2000 +expanded: true +icon: graph +label: "Get A Loan" diff --git a/loan/login.md b/loan/login.md new file mode 100644 index 0000000..56b5500 --- /dev/null +++ b/loan/login.md @@ -0,0 +1,28 @@ +--- +order: 10 +label: "Login" +--- + +# Logging in to Votre + +Welcome to Votre! Here's a quick guide to ensure a smooth and secure login experience. + +### Web3 Wallet Access + +We support various Web3 wallets for a seamless login experience. Choose your preferred wallet to authenticate securely. + +### Security + +Your login is protected with industry-standard encryption to ensure your data remains safe. + +### KYC Compliance + +To comply with local anti-money laundering regulations, we verify your identity through our KYC program. This is a necessary step to gain full access to our services. For detailed information on the KYC process, please refer to the [KYC Verification page](/legal/kyc). + +![Votre login screen](/static/images/login.png) + +!!! Troubleshooting + +For any questions or assistance, our support team is ready to help and answer any questions you may have. You can reach out to us on [discord](https://discord.gg/WBygxVrT). + +!!! diff --git a/loan/manage-loans.md b/loan/manage-loans.md new file mode 100644 index 0000000..2c033e4 --- /dev/null +++ b/loan/manage-loans.md @@ -0,0 +1,43 @@ +--- +order: 5 +label: "Manage Loans" +--- + + + +# Managing Your Loans with Votre + +Once your loan is accepted and authorized onchain, Votre provides a robust loan management dashboard. This tool is designed to give you a comprehensive view of all your positions on the platform, ensuring you have the information you need to manage your loans effectively. + +### Dashboard Features + +=== Comprehensive Loan Overview + +- Access a detailed view of all your active loans, including loan IDs, asset values, and projected outcomes. +- Monitor the maturity of each loan to plan your financial strategies accordingly. + +=== Loan Details Page + +- Dive deeper into individual loans to view specific details such as interest rates, payment schedules, and collateral requirements. +- Track asset values and project outcomes to stay informed about your financial commitments. + +=== Roll Offers + +- Users can request and receive roll offers on their existing loans. This feature allows you to extend or modify the terms of your loan based on current market conditions. +- For more details on how roll offers work, please refer to the [Roll Offer Documentation](/loan/roll-loan.md). + +=== + +### Benefits + +- **Centralized Management**: Keep all your loan information in one place for easy access and management. +- **Real-Time Updates**: Receive up-to-date information on your loans and any changes in asset values or market conditions. +- **Flexible Loan Options**: Utilize roll offers to extend your loan terms as needed, providing flexibility in your financial planning. + +![Votre manage loan](/static/images/manage-loan.png) + +!!! Troubleshooting + +For any questions or assistance, our support team is ready to help and answer any questions you may have. You can reach out to us on [discord](https://discord.gg/WBygxVrT). + +!!! diff --git a/loan/request-quote.md b/loan/request-quote.md new file mode 100644 index 0000000..5402ac6 --- /dev/null +++ b/loan/request-quote.md @@ -0,0 +1,44 @@ +--- +order: 9 +label: "Request Quote" +--- + +# Requesting a Quote with Votre + +Customize your personal loan experience by requesting a quote through Votre. This process is designed to be efficient and user-friendly, ensuring you receive competitive offers tailored to your needs. + +### How It Works + +=== 1. **Submit Your Request** + +Begin by filling out the necessary details for your loan request. This includes the loan amount, duration, and any specific terms you might have in mind. + +=== 2. **Supplier Network Engagement** + +Once submitted, Votre will publish your request to our curated network of suppliers. These suppliers will review your request and provide personalized offers in real-time. + +=== 3. **Offchain Management** + +To optimize speed and efficiency, the initial request and offer management are handled offchain. This approach enables swift processing and negotiation, allowing for more flexible and dynamic interactions between borrowers and suppliers. + +=== 4. **Approval and Onchain Transition** + +After reviewing the offers, you can approve the one that best suits your needs. Once approved, the transaction is moved onchain, where it is secured and managed through our robust protocol. + +=== 5. **Secure and Transparent** + +# The onchain management ensures that your loan is handled with the highest level of security and transparency, leveraging blockchain technology to maintain integrity and trust. + +### Benefits + +- **Real-Time Offers**: Receive competitive offers quickly from a network of trusted suppliers. +- **Efficient Processing**: Enjoy faster processing times with offchain management. +- **Secure Transactions**: Benefit from the security and transparency of onchain management once your loan is approved. + +![Votre request quote](/static/images/request-quote.png) + +!!! Troubleshooting + +For any questions or assistance, our support team is ready to help and answer any questions you may have. You can reach out to us on [discord](https://discord.gg/WBygxVrT). + +!!! diff --git a/loan/roll-loan.md b/loan/roll-loan.md new file mode 100644 index 0000000..da6bbcd --- /dev/null +++ b/loan/roll-loan.md @@ -0,0 +1,49 @@ +--- +order: 4 +label: "Roll Loan" +--- + +# Rolling a Loan + +### How to Roll a Loan + +To roll a loan, look for a roll proposal on your loan details page. + +### Why Roll a Loan? + +Rolling a loan can be a strategic financial decision for several reasons. Here's why you might need or want to roll a loan: + +=== Extended Loan Term + +- **Need More Time**: If you need more time to repay your loan, rolling it can extend the loan term, providing you with additional time to manage your finances without defaulting. +- **Cash Flow Management**: Extending the loan term can help manage cash flow by reducing the immediate financial burden of large repayments. + +=== Improved Loan Terms + +- **Better Interest Rates**: If market conditions have changed since you took out the original loan, rolling it might allow you to secure a lower interest rate, reducing the overall cost of the loan. +- **Flexible Repayment Options**: Rolling a loan can offer more flexible repayment options that better align with your current financial situation. + +=== Consolidation of Debt + +- **Simplified Payments**: If you have multiple loans, rolling them into a single loan can simplify your payments, making it easier to manage your debt. +- **Reduced Interest Costs**: Consolidating loans can sometimes reduce the total interest paid over time, especially if the new loan has a lower interest rate. + +=== Avoiding Default + +- **Preventing Penalties**: If you're at risk of defaulting on your loan, rolling it can prevent penalties and negative impacts on your credit score by restructuring the debt. + +=== Taking Advantage of Market Opportunities + +- **Investment Opportunities**: If rolling a loan frees up capital, you might be able to take advantage of investment opportunities that could yield higher returns than the cost of the loan. + +=== + +Rolling a loan should be considered carefully, weighing the benefits against any potential costs or risks. It's often advisable to consult with a financial advisor to ensure that rolling a loan aligns with your overall financial strategy. + +![Votre roll loan](/static/images/roll-loan.png) + +!!! Troubleshooting + +For any questions or assistance, our support team is ready to help and answer any questions you may have. You can reach out to us on [discord](https://discord.gg/WBygxVrT). + +!!! diff --git a/Protocol Architecture/Contract Explanations.md b/protocol/architecture.md similarity index 98% rename from Protocol Architecture/Contract Explanations.md rename to protocol/architecture.md index e976143..ab595ae 100644 --- a/Protocol Architecture/Contract Explanations.md +++ b/protocol/architecture.md @@ -1,5 +1,6 @@ --- order: 1000 +label: "Architecture" --- ## Core Protocol Contracts @@ -13,11 +14,13 @@ Central configuration hub that manages protocol permissions and parameters. Hand Form the foundation of the protocol's collar positions: **CollarTakerNFT.sol** + - Manages the taker side of collar positions - Handles position settlement using oracle prices - Works with provider NFTs to create zero-sum paired positions **CollarProviderNFT.sol** + - Allows liquidity providers to create offers - Manages provider positions and protocol fees - Handles provider side position settlement by taker NFT, and provider withdrawals @@ -27,6 +30,7 @@ Form the foundation of the protocol's collar positions: Primary entry point for borrowers, offering collateralized loans through collar positions: **Key Functions**: + 1. Opens loans by accepting collateral and providing borrowed funds 2. Manages asset swaps through authorized Swapper contracts 3. Handles loan closure and settlement @@ -37,6 +41,7 @@ Primary entry point for borrowers, offering collateralized loans through collar ### EscrowSupplierNFT.sol Optional system for escrow-backed loans: + - Manages escrow positions with fixed interest rates - Handles position lifecycle including late fees - Provides tax-efficient loan structure @@ -44,6 +49,7 @@ Optional system for escrow-backed loans: ### Rolls.sol Enables extension of existing positions at new prices: + - Allows providers to offer position rolls - Manages settlement and new positions creation - Handles associated fee calculations and transfers diff --git a/protocol/audits.md b/protocol/audits.md new file mode 100644 index 0000000..8f4abeb --- /dev/null +++ b/protocol/audits.md @@ -0,0 +1,7 @@ +--- +# icon: ":slightly_frowning_face:" +order: 1 +label: "Audits" +--- + +# Audits diff --git a/Protocol Architecture/Deployments.md b/protocol/deployments.md similarity index 99% rename from Protocol Architecture/Deployments.md rename to protocol/deployments.md index d1f4623..d82f7b7 100644 --- a/Protocol Architecture/Deployments.md +++ b/protocol/deployments.md @@ -1,6 +1,7 @@ --- # icon: ":slightly_frowning_face:" order: 100 +label: "Deployments" --- ### Base Mainnet diff --git a/protocol/index.yml b/protocol/index.yml new file mode 100644 index 0000000..a129879 --- /dev/null +++ b/protocol/index.yml @@ -0,0 +1,4 @@ +order: 1000 +icon: cpu +expanded: false +label: "Protocol" diff --git a/Protocol Architecture/Roadmap.md b/protocol/roadmap.md similarity index 99% rename from Protocol Architecture/Roadmap.md rename to protocol/roadmap.md index a0334d0..310f74b 100644 --- a/Protocol Architecture/Roadmap.md +++ b/protocol/roadmap.md @@ -1,6 +1,7 @@ --- # icon: ":slightly_frowning_face:" -order: 1 +order: 0 +label: "Roadmap" --- Planned: diff --git a/Why Collar/Attempted Solutions.md b/protocol/why/attempted-solutions.md similarity index 98% rename from Why Collar/Attempted Solutions.md rename to protocol/why/attempted-solutions.md index 5b70ed0..d2f14d9 100644 --- a/Why Collar/Attempted Solutions.md +++ b/protocol/why/attempted-solutions.md @@ -1,6 +1,6 @@ --- -# icon: ":raising_hand:" order: 100 +label: "Attempted Solutions" --- #### Centralization, Liquidations, and Credit diff --git a/Why Collar/Behavior of Nations.md b/protocol/why/behavior-of-nations.md similarity index 97% rename from Why Collar/Behavior of Nations.md rename to protocol/why/behavior-of-nations.md index 292d522..caa7d24 100644 --- a/Why Collar/Behavior of Nations.md +++ b/protocol/why/behavior-of-nations.md @@ -1,6 +1,6 @@ --- -# icon: ":earth_asia:" order: 200 +label: "Behavior of Nations" --- #### Governments Spend Money, Inflate Currency, and Tax Citizens diff --git a/Why Collar/DeFi Problems: Liquidations.md b/protocol/why/defi-problems.md similarity index 97% rename from Why Collar/DeFi Problems: Liquidations.md rename to protocol/why/defi-problems.md index 58cd0ac..51796bb 100644 --- a/Why Collar/DeFi Problems: Liquidations.md +++ b/protocol/why/defi-problems.md @@ -1,6 +1,6 @@ --- -# icon: ":grey_question:" order: 170 +label: "DeFi Problems: Liquidations" --- #### No protocol has properly addressed the elephant in the room of DeFi UX diff --git a/Collar Primer/Further Reading.md b/protocol/why/further-reading.md similarity index 65% rename from Collar Primer/Further Reading.md rename to protocol/why/further-reading.md index 3c2eb55..c87bf0b 100644 --- a/Collar Primer/Further Reading.md +++ b/protocol/why/further-reading.md @@ -1,6 +1,6 @@ --- -# icon: ":book:" order: 80 +label: "Further Reading" --- #### A few articles discussing the history of Collars @@ -10,3 +10,7 @@ order: 80 [!ref Mark Cuban's Famous Trade](https://markets.businessinsider.com/news/stocks/how-mark-cuban-saved-billions-yahoo-windfall-dot-com-crash-2020-6-1029303375) [!ref Forbes Coverage of PVFs](https://www.forbes.com/sites/robertwood/2021/05/29/money-now-taxes-later-with-prepaid-forward-contracts/?sh=5bd9c0b17f6d) + +[!ref Buy, borrow, die.](https://smartasset.com/investing/buy-borrow-die-how-the-rich-avoid-taxes) + +[!ref debt is the META](https://moneywithkatie.com/blog/why-higher-inflation-might-mean-you-shouldnt-pay-off-your-low-interest-debt-early) diff --git a/protocol/why/index.yml b/protocol/why/index.yml new file mode 100644 index 0000000..be63571 --- /dev/null +++ b/protocol/why/index.yml @@ -0,0 +1,3 @@ +order: 1100 +expanded: false +label: "Why A Protocol?" diff --git a/Why Collar/Progress With DeFi.md b/protocol/why/progress-with-defi.md similarity index 98% rename from Why Collar/Progress With DeFi.md rename to protocol/why/progress-with-defi.md index 9a1fb22..683ced2 100644 --- a/Why Collar/Progress With DeFi.md +++ b/protocol/why/progress-with-defi.md @@ -1,6 +1,6 @@ --- -# icon: ":white_check_mark:" order: 180 +label: "Progress With DeFi" --- #### DeFi has pioneered open, transparent, 24/7 systems for value exchange. diff --git a/Why Collar/Resulting Trilemma.md b/protocol/why/resulting-trilemma.md similarity index 85% rename from Why Collar/Resulting Trilemma.md rename to protocol/why/resulting-trilemma.md index 32923b2..b096021 100644 --- a/Why Collar/Resulting Trilemma.md +++ b/protocol/why/resulting-trilemma.md @@ -1,6 +1,6 @@ --- -# icon: ":trident:" order: 90 +label: "Resulting Trilemma" --- #### Among the many difficulties in designing a perfect on-chain borrowing solution, a few stand out among the rest. @@ -14,5 +14,3 @@ order: 90 While it may seem impossible, a solution was actually devised 20+ years ago on Wall Street. We're bringing it to DeFi with the advent of Collar Protocol. - -[!ref What We Do](/COLLAR-PRIMER/What-We-Do) diff --git a/Why Collar/What To Do About It.md b/protocol/why/what-to-do-about-it.md similarity index 98% rename from Why Collar/What To Do About It.md rename to protocol/why/what-to-do-about-it.md index bcdb3ce..4c9a1bf 100644 --- a/Why Collar/What To Do About It.md +++ b/protocol/why/what-to-do-about-it.md @@ -1,6 +1,6 @@ --- -# icon: ":exclamation:" order: 190 +label: "What To Do About It" --- #### Buy Hard Assets, Borrow Against Them, Defer Taxes diff --git a/retype.manifest b/retype.manifest new file mode 100644 index 0000000..e7f86f5 --- /dev/null +++ b/retype.manifest @@ -0,0 +1,177 @@ +{ + "version": "3.6.0", + "created": "2025-02-11T18:17:11Z", + "files": [ + { + "path": ".nojekyll" + }, + { + "path": "404.html" + }, + { + "path": "CNAME" + }, + { + "path": "economics/how-it-works/index.html" + }, + { + "path": "economics/market-making/index.html" + }, + { + "path": "economics/monetization/index.html" + }, + { + "path": "economics/risks/index.html" + }, + { + "path": "economics/swap-trade/index.html" + }, + { + "path": "faq/index.html" + }, + { + "path": "index.html" + }, + { + "path": "legal/disclosures/index.html" + }, + { + "path": "legal/eligibility/index.html" + }, + { + "path": "legal/privacy-policy/index.html" + }, + { + "path": "legal/terms-of-service/index.html" + }, + { + "path": "loan/accept-callstrike/index.html" + }, + { + "path": "loan/accept-supplier/index.html" + }, + { + "path": "loan/authorize-onchain/index.html" + }, + { + "path": "loan/login/index.html" + }, + { + "path": "loan/manage-loans/index.html" + }, + { + "path": "loan/request-quote/index.html" + }, + { + "path": "loan/roll-loan/index.html" + }, + { + "path": "protocol/architecture/index.html" + }, + { + "path": "protocol/audits/index.html" + }, + { + "path": "protocol/deployments/index.html" + }, + { + "path": "protocol/roadmap/index.html" + }, + { + "path": "protocol/why/attempted-solutions/index.html" + }, + { + "path": "protocol/why/behavior-of-nations/index.html" + }, + { + "path": "protocol/why/defi-problems-liquidations/index.html" + }, + { + "path": "protocol/why/further-reading/index.html" + }, + { + "path": "protocol/why/progress-with-defi/index.html" + }, + { + "path": "protocol/why/resulting-trilemma/index.html" + }, + { + "path": "protocol/why/what-to-do-about-it/index.html" + }, + { + "path": "readme.txt" + }, + { + "path": "resources/css/retype.css" + }, + { + "path": "resources/fonts/Inter-italic-latin-var.woff2" + }, + { + "path": "resources/fonts/Inter-roman-latin-var.woff2" + }, + { + "path": "resources/js/config.js" + }, + { + "path": "resources/js/lunr.js" + }, + { + "path": "resources/js/mermaid.js" + }, + { + "path": "resources/js/retype.js" + }, + { + "path": "resources/js/search.json" + }, + { + "path": "resources/lunr.js.LICENSE.txt" + }, + { + "path": "resources/mermaid.js.LICENSE.txt" + }, + { + "path": "resources/prism.js.LICENSE.txt" + }, + { + "path": "resources/retype.js.LICENSE.txt" + }, + { + "path": "resources/retype.LICENSE.txt" + }, + { + "path": "robots.txt" + }, + { + "path": "sitemap.xml.gz" + }, + { + "path": "static/.ds_store" + }, + { + "path": "static/collarintentflow.png" + }, + { + "path": "static/collarlogo.png" + }, + { + "path": "static/collarlogodark.png" + }, + { + "path": "static/custom.css" + }, + { + "path": "static/favicon.ico" + }, + { + "path": "static/votre_dark.svg" + }, + { + "path": "static/votre.svg" + }, + { + "path": "todo.txt" + } + ] +} \ No newline at end of file diff --git a/retype.yml b/retype.yml index 04a89ba..56c435e 100644 --- a/retype.yml +++ b/retype.yml @@ -1,18 +1,24 @@ input: . output: .retype -url: https://docs.collarprotocol.xyz +url: https://docs.votre.xyz branding: colors: - background: "#fcfc95" - logo: /static/collarlogo.png - logoDark: /static/collarlogodark.png - # title: "'" + label: + text: "#fff" + background: "#e5ba59" + logo: /static/votre.svg + logoDark: /static/votre_dark.svg + # title: "Votre" label: Docs logoAlign: left -# links: -# - text: Getting Started -# link: https://retype.com/guides/getting-started/ +links: + - text: Home + link: https://votre.xyz + - text: App + link: https://app.votre.xyz + - text: Discord + link: https://discord.gg/WBygxVrT footer: copyright: "© Copyright {{ year }}. 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Collar offers the highest LTVs in DeFi without introducing credit or counterparty risk. Collar is powered by solvers instead of liquidators as well as other DeFi primitives like Uniswap v3. +Votre is a liquidation-free, non-custodial lending protocol that allows users to borrow against their crypto assets with high loan-to-value (LTV) ratios, no interest, and potential tax advantages. Unlike traditional lending platforms, Votre removes directional risk upfront, ensuring borrowers never face forced liquidation. -Collar is short for “COLlaborative Lending ARrangement” (Collar). It also happens to match the name of an options strategy with a similar payout profile. +By leveraging providers instead of liquidators, Votre guarantees performance up to a return cap, allowing borrowers to access liquidity while maintaining exposure to their assets. -Collars are agreed upon offchain and settled onchain. For those of you Collar OG's, the new architecture is intent-based, relying on offchain, whitelisted solvers to ensure users receive prompt, competitive pricing on proposed Collars. This is called the Offchain Intent Platform throughout these docs. +### Why Choose Votre? -This documentation explains how Collar works and answers questions prospective borrowers may have. Borrowers can access Collar Protocol via the smart contracts directly or via the Collar Frontend, hosted at https://app.collarprotocol.xyz, launching later this year. +- [x] **Liquidation-Free** – No risk of forced liquidation, as assets are swapped upfront. +- [x] **Tax-Advantaged** – Borrowing can defer tax obligations in many jurisdictions. +- [x] **Non-Custodial** – Users retain full control; positions can mature automatically. +- [x] **Liquidity-Independent** – No reliance on unsustainable yield farming. +- [x] **Interest-Free** – No ongoing interest payments; costs are priced into the initial terms. +- [x] **High LTV** – LTVs as high as 95%, depending on provider terms. +- [x] **Collateral-Efficient** – Requires minimal collateral without introducing credit risk. +- [x] **Asset-Agnostic** – Works with any ERC-20 asset pair with DEX liquidity. -For those who prefer a long-form historical and mathematical walkthrough, our whitepaper will be released in the coming months. +Votre is designed for borrowers who want efficient, flexible, and secure access to liquidity without the drawbacks of traditional lending. Whether you’re an investor looking to unlock capital without selling assets or a fund manager optimizing capital efficiency, Votre provides a smarter way to borrow against crypto. -Collar is not available in all jurisdictions or to all prospective borrowers. Usage of Collar may be limited by local regulation. Collar strives to comply with any and all applicable financial regulation; see disclosures for more. - -Below, we’ve put together a simple diagram, video, and cashflow tracking spreadsheet which explains in detail how Collar works. - -[Cashflow Tracking Sheet](https://docs.google.com/spreadsheets/d/1lqiA0cenlmkuer_e1YZHTPq0dOYr5d7rGd3WFy3ix1w/edit?usp=sharing) - -Video (under construction) - -Flow of Funds Diagram - -![](/static/collarintentflow.png) +!!! +Votre may not be available in all jurisdictions. Compliance with financial regulations varies by region — see [disclosures](./legal/Disclosures.md) and [eligibility](./legal/Eligibility.md) for more details. +!!!