User Story

Makers (Range Order Creators - Market Makers or Curators)

Makers configure range orders to facilitate borrowing and lending.

1. Borrowing Range Order (Market Maker as Borrower):

   • Create Order:

     • Pre-built market parameters: Debt token, Collateral token, Maturity, LLTV, MLTV

     • Open Time

     • Collateral Amount (Can be adjusted)

     • Initial Borrow Amount (Can be adjusted)

     • Pricing Curve (Borrowing Amount vs. APR. Can be adjusted)

   • Order Lifecycle:

     • Order is to be taken by retail lenders.

     • Withdraw the borrowed amount.

     • Update Order (FT Reserve, XT Reserve against APR, Add/Remove Collateral, Repay)

     • Cancel Order

     • Early repay debt with remaining FT tokens

2. Lending Range Order (Market Maker as Lender):

   • Create Order:

     • Pre-built parameters: Debt token, Collateral token, Maturity, LLTV, MLTV

     • Open Time

     • Initial Lend Amount (Can be adjusted)

     • Pricing Curve (Can be adjusted)

   • Order Lifecycle:

     • Order is to be taken by retail borrowers.

     • Update Order (XT Reserve against APR).

     • Cancel Order (Redeem remaining XT and original FT for debt tokens)

3. Two-Way Range Order (Market Maker):

   • Order Types:

     • Starting with Collateral Token (similar to Borrowing Range Order).

     • Starting with Debt Token (similar to Lending Range Order).

     • Create/Update Order: Two distinct Pricing Curves (Borrowing and Lending).

   • Order Lifecycle:

     • Order is to be taken by both retail lenders and borrowers/leveragers.

     • Cancel Order (Withdraw all XT and FT tokens and redeem them for debt tokens).

4. Vault-Based Two-Way or Lending Range Order (Curator):

   • Initial Setup: Starts with Debt Token (similar to Lending Range Order). Gather liquidity from public users via a Vault.

   • Create/Update Order:

     • Two-way Range Order: Two distinct Pricing Curves for Borrowing and Lending.

     • Lending Range Order: Pricing curve for Lending.

   • Order Lifecycle:

     • Order is to be taken by both retail lenders and borrowers/leveragers.

     • Cancel Order (Withdraw all XT and FT tokens and redeem them for debt tokens).

Takers (Users Interacting with Existing Pools with configured Range Orders)

1. Retail Borrower: Match with Lending Range Order placed by market makers or curator’s vaults.

2. Retail Leverager: Match with Lending Range Order placed by market makers or curator’s vaults.

3. Retail Lender: Match with Borrowing Range Order placed by market makers or curator’s vaults.