30 instructions, no price feed.

list(amount: u64, ask: u64, cap: u64, term_secs: i64)

Put a bag in escrow and offer it: ask USDC now for cap USDC to take it back, any time before term_secs after funding. Open to lenders for the config's listing window.

cancel

Take a listing off the market. The borrower can do it any time before funding; anyone can once the listing window has passed. The collateral goes back to the borrower.

repay

Pay the cap before the end of the term. The collateral is then the borrower's to take back with reclaim, in the same transaction or any time later.

reclaim

Take the collateral back after paying the cap.

fund_direct

A wallet funds the whole ask. The borrower receives the ask less the origination fee; the repayment, if it comes, waits in the loan's own USDC account for the lender to collect.

claim

A wallet lender takes the collateral once the term is over and the cap was not paid.

collect

A wallet lender collects a repayment.

deposit(amount: u64)

Deposit USDC for vault shares at the current share price.

withdraw(shares: u64)

Redeem shares for USDC at the current share price, paid at once from the vault's free cash.

claim_recovery(index: u8)

Take this position's part of a slot's recovered collateral.

create_vault(args: VaultArgs)

fund_vault

A vault funds the whole ask, signed by its funder key, only if the listing meets every published rule.

set_rules(rules: Rules)

Tighter rules apply at once. Looser ones wait RULE_DELAY_SECS in public and then anyone can activate them, unless the vault has no depositors yet, when there is nobody to protect and every rule applies at once.

activate_rules

set_slot(index: u8, line_cap: u64)

Give a slot a collateral mint, or change the most its line may be. Lowering applies at once (and pulls the line down with it); raising, including a new mint's first cap, waits RULE_DELAY_SECS, unless the vault has no depositors yet.

activate_slot(index: u8)

set_line(index: u8, line: u64, until: i64)

The funder posts how much the vault lends per unit of a slot's collateral, never above the manager's cap, good until until (at most MAX_LINE_TTL_SECS ahead). A stale line funds nothing.

set_vault_flags(funding_open: bool, paused: bool)

set_vault_keys(funder: pubkey)

settle_repaid

Book a repaid vault loan once its term is over. Anyone can. Its principal and return go to the vault's cash and the performance fee is paid; the return was already counted in the share price over the term.

settle_default

Write off an unpaid vault loan once its term is over. Anyone can. It leaves the share price at once, and its collateral is credited to the shares that held it at this moment, claimable in kind. The books never wait on the collateral: an issuer can pause or freeze an xStock, and a frozen escrow must not stop the vault's deposits, withdrawals and loans. The bag itself moves into the vault with sweep_default, whenever it can move.

sweep_default

Move a written-off loan's collateral from its escrow into the vault, where its holders of record claim it. Anyone can, once the bag can move; until then the claims wait and nothing else does.

initialize(args: ParamsArgs)

propose_admin(next: pubkey)

accept_admin

set_collateral(lane: u8, enabled: bool)

Admit a mint as collateral, or stop new listings against it. Mints that take a fee on transfer, cannot move, or freeze new accounts by default are refused.

set_destinations

set_holder_perk(holder_min: u64, holder_fee_bps: u16)

Holding at least holder_min of the token when listing lowers that loan's origination fee to holder_fee_bps.

set_params(args: ParamsArgs)

set_paused(paused: bool)

Stops new listings and fundings. Everything already listed or running keeps every exit.