xTokens
Mint
The mint function transfers an asset into the protocol, which begins accumulating interest based on the current Supply Rate for the asset. The user receives a quantity of xTokens equal to the underlying tokens supplied, divided by the current Exchange Rate.
XErc20
function mint(uint mintAmount) returns (uint)
- msg.sender: The account which shall supply the asset, and own the minted xTokens.
- mintAmount: The amount of the asset to be supplied, in units of the underlying asset.
- RETURN: 0 on success, otherwise an Error code Before supplying an asset, users must first approve the xToken to access their token balance.
XEther
function mint() payable
- msg.value: The amount of ether to be supplied, in wei.
- msg.sender: The account which shall supply the ether, and own the minted xTokens.
- RETURN: No return, reverts on error.
Solidity
Erc20 underlying = Erc20(0xToken...); // get a handle for the underlying asset contract
XErc20 xToken = XErc20(0x3FDA...); // get a handle for the corresponding xToken contract
underlying.approve(address(xToken), 100); // approve the transfer
assert(xToken.mint(100) == 0); // mint the xTokens and assert there is no error
Web3 1.0
const xToken = XEther.at(0x3FDB...);
await xToken.methods.mint().send({from: myAccount, value: 50});
Redeem
The redeem function converts a specified quantity of xTokens into the underlying asset, and returns them to the user. The amount of underlying tokens received is equal to the quantity of xTokens redeemed, multiplied by the current Exchange Rate. The amount redeemed must be less than the user’s Account Liquidity and the market’s available liquidity.
XErc20 / XEther
function redeem(uint redeemTokens) returns (uint)
- msg.sender: The account to which redeemed funds shall be transferred.
- redeemTokens: The number of xTokens to be redeemed.
- RETURN: 0 on success, otherwise an Error code
Solidity
XEther xToken = XEther(0x3FDB...);
require(xToken.redeem(7) == 0, "something went wrong");
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
xToken.methods.redeem(1).send({from: ...});
Redeem Underlying
The redeem underlying function converts xTokens into a specified quantity of the underlying asset, and returns them to the user. The amount of xTokens redeemed is equal to the quantity of underlying tokens received, divided by the current Exchange Rate. The amount redeemed must be less than the user’s Account Liquidity and the market’s available liquidity.
XErc20 / XEther
function redeemUnderlying(uint redeemAmount) returns (uint)
- msg.sender: The account to which redeemed funds shall be transferred.
- redeemAmount: The amount of underlying to be redeemed.
- RETURN: 0 on success, otherwise an Error code
Solidity
XEther xToken = XEther(0x3FDB...);
require(xToken.redeemUnderlying(50) == 0, "something went wrong");
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
xToken.methods.redeemUnderlying(10).send({from: ...});
Borrow
The borrow function transfers an asset from the protocol to the user, and creates a borrow balance which begins accumulating interest based on the Borrow Rate for the asset. The amount borrowed must be less than the user’s Account Liquidity and the market’s available liquidity. To borrow Ether, the borrower must be ‘payable’ (solidity).
XErc20 / XEther
function borrow(uint borrowAmount) returns (uint)
- msg.sender: The account to which borrowed funds shall be transferred.
- borrowAmount : The amount of the underlying asset to be borrowed.
- RETURN: 0 on success, otherwise an Error code
Solidity
XErc20 xToken = XErc20(0x3FDA...);
require(xToken.borrow(100) == 0, "got collateral?");
Web3 1.0
const xToken = XEther.at(0x3FDB...);
await xToken.methods.borrow(50).send({from: 0xMyAccount});
Repay Borrow
The repay function transfers an asset into the protocol, reducing the user’s borrow balance.
XErc20
function repayBorrow(uint repayAmount) returns (uint)
- msg.sender: The account which borrowed the asset, and shall repay the borrow.
- repayAmount: The amount of the underlying borrowed asset to be repaid. A value of -1 (i.e. 2^256 - 1) can be used to repay the full amount.
- RETURN: 0 on success, otherwise an Error code Before repaying an asset, users must first approve the xToken to access their token balance.
XEther
function repayBorrow() payable
- msg.value: The amount of ether to be repaid, in wei.
- msg.sender: The account which borrowed the asset, and shall repay the borrow.
- RETURN: No return, reverts on error.
Solidity
XEther xToken = XEther(0x3FDB...);
require(xToken.repayBorrow.value(100)() == 0, "transfer approved?");
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
xToken.methods.repayBorrow(10000).send({from: ...});
Repay Borrow Behalf
The repay function transfers an asset into the protocol, reducing the target user’s borrow balance.
XErc20
function repayBorrowBehalf(address borrower, uint repayAmount) returns (uint)
- msg.sender: The account which shall repay the borrow.
- borrower: The account which borrowed the asset to be repaid.
- repayAmount: The amount of the underlying borrowed asset to be repaid. A value of -1 (i.e. 2^256 - 1) can be used to repay the full amount.
- RETURN: 0 on success, otherwise an Error code Before repaying an asset, users must first approve the xToken to access their token balance.
XEther
function repayBorrowBehalf(address borrower) payable
- msg.value: The amount of ether to be repaid, in wei.
- msg.sender: The account which shall repay the borrow.
- borrower: The account which borrowed the asset to be repaid.
- RETURN: No return, reverts on error.
Solidity
XEther xToken = XEther(0x3FDB...);
require(xToken.repayBorrowBehalf.value(100)(0xBorrower) == 0, "transfer approved?");
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
await xToken.methods.repayBorrowBehalf(0xBorrower, 10000).send({from: 0xPayer});
Transfer
Transfer is an ERC-20 method that allows accounts to send tokens to other Ethereum addresses. A xToken transfer will fail if the account has entered that xToken market and the transfer would have put the account into a state of negative liquidity.
XErc20 / XEther
function transfer(address recipient, uint256 amount) returns (bool)
- recipient: The transfer recipient address.
- amount: The amount of xTokens to transfer.
- RETURN: Returns a boolean value indicating whether or not the operation succeeded.
Solidity
XEther xToken = XEther(0x3FDB...);
xToken.transfer(0xABCD..., 100000000000);
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
await xToken.methods.transfer(0xABCD..., 100000000000).send({from: 0xSender});
Liquidate Borrow
A user who has negative account liquidity is subject to liquidation by other users of the protocol to return his/her account liquidity back to positive (i.e. above the collateral requirement). When a liquidation occurs, a liquidator may repay some or all of an outstanding borrow on behalf of a borrower and in return receive a discounted amount of collateral held by the borrower; this discount is defined as the liquidation incentive. A liquidator may close up to a certain fixed percentage (i.e. close factor) of any individual outstanding borrow of the underwater account. Unlike in v1, liquidators must interact with each xToken contract in which they wish to repay a borrow and seize another asset as collateral. When collateral is seized, the liquidator is transferred xTokens, which they may redeem the same as if they had supplied the asset themselves. Users must approve each xToken contract before calling liquidate (i.e. on the borrowed asset which they are repaying), as they are transferring funds into the contract.
XErc20
function liquidateBorrow(address borrower, uint amount, address collateral) returns (uint)
- msg.sender: The account which shall liquidate the borrower by repaying their debt and seizing their collateral.
- borrower: The account with negative account liquidity that shall be liquidated.
- repayAmount: The amount of the borrowed asset to be repaid and converted into collateral, specified in units of the underlying borrowed asset.
- xTokenCollateral: The address of the xToken currently held as collateral by a borrower, that the liquidator shall seize.
- RETURN: 0 on success, otherwise an Error code Before supplying an asset, users must first approve the xToken to access their token balance.
XEther
function liquidateBorrow(address borrower, address xTokenCollateral) payable
- msg.value: The amount of ether to be repaid and converted into collateral, in wei.
- msg.sender: The account which shall liquidate the borrower by repaying their debt and seizing their collateral.
- borrower: The account with negative account liquidity that shall be liquidated.
- xTokenCollateral: The address of the xToken currently held as collateral by a borrower, that the liquidator shall seize.
- RETURN: No return, reverts on error.
Solidity
XEther xToken = XEther(0x3FDB...);
XErc20 xTokenCollateral = XErc20(0x3FDA...);
require(xToken.liquidateBorrow.value(100)(0xBorrower, xTokenCollateral) == 0, "borrower underwater??");
Web3 1.0
const xToken = XErc20.at(0x3FDA...);
const xTokenCollateral = XEther.at(0x3FDB...);
await xToken.methods.liquidateBorrow(0xBorrower, 33, xTokenCollateral).send({from: 0xLiquidator});
Key Events
Event | Description |
Mint(address minter, uint mintAmount, uint mintTokens) | Emitted upon a successful Mint. |
Redeem(address redeemer, uint redeemAmount, uint redeemTokens) | Emitted upon a successful Redeem. |
Borrow(address borrower, uint borrowAmount, uint accountBorrows, uint totalBorrows) | Emitted upon a successful Borrow. |
RepayBorrow(address payer, address borrower, uint repayAmount, uint accountBorrows, uint totalBorrows) | Emitted upon a successful Repay Borrow. |
LiquidateBorrow(address liquidator, address borrower, uint repayAmount, address xTokenCollateral, uint seizeTokens) | Emitted upon a successful Liquidate Borrow. |
Error Codes
Code | Name | Description |
0 | NO_ERROR | Not a failure. |
1 | UNAUTHORIZED | The sender is not authorized to perform this action. |
2 | BAD_INPUT | An invalid argument was supplied by the caller. |
3 | COMPTROLLER_REJECTION | The action would violate the comptroller policy. |
4 | COMPTROLLER_CALCULATION_ERROR | An internal calculation has failed in the comptroller. |
5 | INTEREST_RATE_MODEL_ERROR | The interest rate model returned an invalid value. |
6 | INVALID_ACCOUNT_PAIR | The specified combination of accounts is invalid. |
7 | INVALID_CLOSE_AMOUNT_REQUESTED | The amount to liquidate is invalid. |
8 | INVALID_COLLATERAL_FACTOR | The collateral factor is invalid. |
9 | MATH_ERROR | A math calculation error occurred. |
10 | MARKET_NOT_FRESH | Interest has not been properly accrued. |
11 | MARKET_NOT_LISTED | The market is not currently listed by its comptroller. |
12 | TOKEN_INSUFFICIENT_ALLOWANCE | ERC-20 contract must allow Money Market contract to call transferFrom. The current allowance is either 0 or less than the requested supply, repayBorrow or liquidate amount. |
13 | TOKEN_INSUFFICIENT_BALANCE | Caller does not have sufficient balance in the ERC-20 contract to complete the desired action. |
14 | TOKEN_INSUFFICIENT_CASH | The market does not have a sufficient cash balance to complete the transaction. You may attempt this transaction again later. |
15 | TOKEN_TRANSFER_IN_FAILED | Failure in ERC-20 when transfering token into the market. |
16 | TOKEN_TRANSFER_OUT_FAILED | Failure in ERC-20 when transfering token out of the market. |
Failure Info
Code | Name |
0 | ACCEPT_ADMIN_PENDING_ADMIN_CHECK |
1 | ACCRUE_INTEREST_ACCUMULATED_INTEREST_CALCULATION_FAILED |
2 | ACCRUE_INTEREST_BORROW_RATE_CALCULATION_FAILED |
3 | ACCRUE_INTEREST_NEW_BORROW_INDEX_CALCULATION_FAILED |
4 | ACCRUE_INTEREST_NEW_TOTAL_BORROWS_CALCULATION_FAILED |
5 | ACCRUE_INTEREST_NEW_TOTAL_RESERVES_CALCULATION_FAILED |
6 | ACCRUE_INTEREST_SIMPLE_INTEREST_FACTOR_CALCULATION_FAILED |
7 | BORROW_ACCUMULATED_BALANCE_CALCULATION_FAILED |
8 | BORROW_ACCRUE_INTEREST_FAILED |
9 | BORROW_CASH_NOT_AVAILABLE |
10 | BORROW_FRESHNESS_CHECK |
11 | BORROW_NEW_TOTAL_BALANCE_CALCULATION_FAILED |
12 | BORROW_NEW_ACCOUNT_BORROW_BALANCE_CALCULATION_FAILED |
13 | BORROW_MARKET_NOT_LISTED |
14 | BORROW_COMPTROLLER_REJECTION |
15 | LIQUIDATE_ACCRUE_BORROW_INTEREST_FAILED |
16 | LIQUIDATE_ACCRUE_COLLATERAL_INTEREST_FAILED |
17 | LIQUIDATE_COLLATERAL_FRESHNESS_CHECK |
18 | LIQUIDATE_COMPTROLLER_REJECTION |
19 | LIQUIDATE_COMPTROLLER_CALCULATE_AMOUNT_SEIZE_FAILED |
20 | LIQUIDATE_CLOSE_AMOUNT_IS_UINT_MAX |
21 | LIQUIDATE_CLOSE_AMOUNT_IS_ZERO |
22 | LIQUIDATE_FRESHNESS_CHECK |
23 | LIQUIDATE_LIQUIDATOR_IS_BORROWER |
24 | LIQUIDATE_REPAY_BORROW_FRESH_FAILED |
25 | LIQUIDATE_SEIZE_BALANCE_INCREMENT_FAILED |
26 | LIQUIDATE_SEIZE_BALANCE_DECREMENT_FAILED |
27 | LIQUIDATE_SEIZE_COMPTROLLER_REJECTION |
28 | LIQUIDATE_SEIZE_LIQUIDATOR_IS_BORROWER |
29 | LIQUIDATE_SEIZE_TOO_MUCH |
30 | MINT_ACCRUE_INTEREST_FAILED |
31 | MINT_COMPTROLLER_REJECTION |
32 | MINT_EXCHANGE_CALCULATION_FAILED |
33 | MINT_EXCHANGE_RATE_READ_FAILED |
34 | MINT_FRESHNESS_CHECK |
35 | MINT_NEW_ACCOUNT_BALANCE_CALCULATION_FAILED |
36 | MINT_NEW_TOTAL_SUPPLY_CALCULATION_FAILED |
37 | MINT_TRANSFER_IN_FAILED |
38 | MINT_TRANSFER_IN_NOT_POSSIBLE |
39 | REDEEM_ACCRUE_INTEREST_FAILED |
40 | REDEEM_COMPTROLLER_REJECTION |
41 | REDEEM_EXCHANGE_TOKENS_CALCULATION_FAILED |
42 | REDEEM_EXCHANGE_AMOUNT_CALCULATION_FAILED |
43 | REDEEM_EXCHANGE_RATE_READ_FAILED |
44 | REDEEM_FRESHNESS_CHECK |
45 | REDEEM_NEW_ACCOUNT_BALANCE_CALCULATION_FAILED |
46 | REDEEM_NEW_TOTAL_SUPPLY_CALCULATION_FAILED |
47 | REDEEM_TRANSFER_OUT_NOT_POSSIBLE |
48 | REDUCE_RESERVES_ACCRUE_INTEREST_FAILED |
49 | REDUCE_RESERVES_ADMIN_CHECK |
50 | REDUCE_RESERVES_CASH_NOT_AVAILABLE |
51 | REDUCE_RESERVES_FRESH_CHECK |
52 | REDUCE_RESERVES_VALIDATION |
53 | REPAY_BEHALF_ACCRUE_INTEREST_FAILED |
54 | REPAY_BORROW_ACCRUE_INTEREST_FAILED |
55 | REPAY_BORROW_ACCUMULATED_BALANCE_CALCULATION_FAILED |
56 | REPAY_BORROW_COMPTROLLER_REJECTION |
57 | REPAY_BORROW_FRESHNESS_CHECK |
58 | REPAY_BORROW_NEW_ACCOUNT_BORROW_BALANCE_CALCULATION_FAILED |
59 | REPAY_BORROW_NEW_TOTAL_BALANCE_CALCULATION_FAILED |
60 | REPAY_BORROW_TRANSFER_IN_NOT_POSSIBLE |
61 | SET_COLLATERAL_FACTOR_OWNER_CHECK |
62 | SET_COLLATERAL_FACTOR_VALIDATION |
63 | SET_COMPTROLLER_OWNER_CHECK |
64 | SET_INTEREST_RATE_MODEL_ACCRUE_INTEREST_FAILED |
65 | SET_INTEREST_RATE_MODEL_FRESH_CHECK |
66 | SET_INTEREST_RATE_MODEL_OWNER_CHECK |
67 | SET_MAX_ASSETS_OWNER_CHECK |
68 | SET_ORACLE_MARKET_NOT_LISTED |
69 | SET_PENDING_ADMIN_OWNER_CHECK |
70 | SET_RESERVE_FACTOR_ACCRUE_INTEREST_FAILED |
71 | SET_RESERVE_FACTOR_ADMIN_CHECK |
72 | SET_RESERVE_FACTOR_FRESH_CHECK |
73 | SET_RESERVE_FACTOR_BOUNDS_CHECK |
74 | TRANSFER_COMPTROLLER_REJECTION |
75 | TRANSFER_NOT_ALLOWED |
76 | TRANSFER_NOT_ENOUGH |
77 | TRANSFER_TOO_MUCH |
Exchange Rate
Each xToken is convertible into an ever increasing quantity of the underlying asset, as interest accrues in the market. The exchange rate between a xToken and the underlying asset is equal to:
exchangeRate = (getCash() + totalBorrows() - totalReserves()) / totalSupply()
XErc20 / XEther
function exchangeRateCurrent() returns (uint)
- RETURN: The current exchange rate as an unsigned integer, scaled by 1 * 10^(18 - 8 + Underlying Token Decimals).
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint exchangeRateMantissa = xToken.exchangeRateCurrent();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const exchangeRate = (await xToken.methods.exchangeRateCurrent().call()) / 1e18;
Tip: note the use of call vs. send to invoke the function from off-chain without incurring gas costs.
Get Cash
Cash is the amount of underlying balance owned by this xToken contract. One may query the total amount of cash currently available to this market.
XErc20 / XEther
function getCash() returns (uint)
- RETURN: The quantity of underlying asset owned by the contract.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint cash = xToken.getCash();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const cash = (await xToken.methods.getCash().call());
Total Borrows
Total Borrows is the amount of underlying currently loaned out by the market, and the amount upon which interest is accumulated to suppliers of the market.
XErc20 / XEther
function totalBorrowsCurrent() returns (uint)
- RETURN: The total amount of borrowed underlying, with interest.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint borrows = xToken.totalBorrowsCurrent();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const borrows = (await xToken.methods.totalBorrowsCurrent().call());
Borrow Balance
A user who borrows assets from the protocol is subject to accumulated interest based on the current borrow rate. Interest is accumulated every block and integrations may use this function to obtain the current value of a user’s borrow balance with interest.
XErc20 / XEther
function borrowBalanceCurrent(address account) returns (uint)
- account: The account which borrowed the assets.
- RETURN: The user’s current borrow balance (with interest) in units of the underlying asset.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint borrows = xToken.borrowBalanceCurrent(msg.caller);
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const borrows = await xToken.methods.borrowBalanceCurrent(account).call();
Borrow Rate
At any point in time one may query the contract to get the current borrow rate per block.
XErc20 / XEther
function borrowRatePerBlock() returns (uint)
- RETURN: The current borrow rate as an unsigned integer, scaled by 1e18.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint borrowRateMantissa = xToken.borrowRatePerBlock();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const borrowRate = (await xToken.methods.borrowRatePerBlock().call()) / 1e18;
Total Supply
Total Supply is the number of tokens currently in circulation in this xToken market. It is part of the EIP-20 interface of the xToken contract.
XErc20 / XEther
function totalSupply() returns (uint)
- RETURN: The total number of tokens in circulation for the market.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint tokens = xToken.totalSupply();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const tokens = (await xToken.methods.totalSupply().call());
Underlying Balance
The user’s underlying balance, representing their assets in the protocol, is equal to the user’s xToken balance multiplied by the Exchange Rate.
XErc20 / XEther
function balanceOfUnderlying(address account) returns (uint)
- account: The account to get the underlying balance of.
- RETURN: The amount of underlying currently owned by the account.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint tokens = xToken.balanceOfUnderlying(msg.caller);
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const tokens = await xToken.methods.balanceOfUnderlying(account).call();
Supply Rate
At any point in time one may query the contract to get the current supply rate per block. The supply rate is derived from the borrow rate, reserve factor and the amount of total borrows.
XErc20 / XEther
function supplyRatePerBlock() returns (uint)
- RETURN: The current supply rate as an unsigned integer, scaled by 1e18.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint supplyRateMantissa = xToken.supplyRatePerBlock();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const supplyRate = (await xToken.methods.supplyRatePerBlock().call()) / 1e18;
Total Reserves
Reserves are an accounting entry in each xToken contract that represents a portion of historical interest set aside as cash which can be withdrawn or transferred through the protocol’s governance. A small portion of borrower interest accrues into the protocol, determined by the reserve factor.
XErc20 / XEther
function totalReserves() returns (uint)
- RETURN: The total amount of reserves held in the market.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint reserves = xToken.totalReserves();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const reserves = (await xToken.methods.totalReserves().call());
Reserve Factor
The reserve factor defines the portion of borrower interest that is converted into reserves.
XErc20 / XEther
function reserveFactorMantissa() returns (uint)
- RETURN: The current reserve factor as an unsigned integer, scaled by 1e18.
Solidity
XErc20 xToken = xToken(0x3FDA...);
uint reserveFactorMantissa = xToken.reserveFactorMantissa();
Web3 1.0
const xToken = XEther.at(0x3FDB...);
const reserveFactor = (await xToken.methods.reserveFactorMantissa().call()) / 1e18;