XLS-0066d Lending Protocol #240
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Before merging, I'd like to have at least one review by an engineer to ensure everything is in order. In addition, similarly to Single Asset Vault, it is simpler/more convenient to edit a PR with various small design changes (e.g. names), rather than open a new PR for each of them. As a result, keeping a PR open allows to have a spec. that is more readily in-alignment with implementation. |
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Makes sense, especially if it's more convenient. Just didn't want you (or anyone reading along) to think that merging here implies "finished product" (that's why we have a |
ximinez
suggested changes
Jan 24, 2025
- Adds VaultNode to LoanBroker object to track in which owner directory of the Vaults pseudo-account the LoanBroker object is referenced. - Adds LoanBrokerNode to Loan object to track in which owner directory of the LoanBroker object the Loan is references. - Replaces CurrentTime to LastClosedLedger.CloseTime. - Changes the LoanBroker.Delete transaction to automatically return any outstanding Cover to the LoanBroker.Owner. - Adds a balance check to the LoanBrokerCoverDeposit transaction when depositing XRP. - Adds a check to LoanBrokerCoverWithdraw to ensure the CoverAvailable does not drop below Mimimum Cover Required.
Co-authored-by: Ed Hennis <[email protected]>
… when the last Loan is delete
… for the missing flc
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Hmmm, that would make sense, but let me make sure there are no legitimate
use cases we would block.
…On Tue, Jan 28, 2025, 19:18 Ed Hennis ***@***.***> wrote:
***@***.**** commented on this pull request.
------------------------------
In XLS-0066d-lending-protocol/README.md
<#240 (comment)>:
> +$$
+valueChange = (prepaymentPenalty) - (interestOutstanding - accruedInterest)
+$$
+
+Note that `valueChange <= 0` as an early repayment reduces the total value of the Loan.
In theory, yes, it is possible to have valueChange > 0.
Remember: prepaymentPenalty = principalOutstanding \times
closeInterestRate
valueChage > 0 suggests that the borrower would pay MORE to close the
Loan early, than repay the loan in scheduled payments.
Yeah, those would be pretty cruddy terms to accept on a loan. So do we
make valueChange <= 0 a hard requirement to stop loan sharking? 😁
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I prefer to measure a year in cups of coffee ☕
…On Tue, Jan 28, 2025, 19:24 Ed Hennis ***@***.***> wrote:
***@***.**** commented on this pull request.
------------------------------
In XLS-0066d-lending-protocol/README.md
<#240 (comment)>:
> +$$
+periodicRate = \frac{interestRate \times paymentInterval}{365 \times 24 \times 60 \times 60}
+$$
If we assume that, by monthly payments you mean every 30 days, then 12%
interest rate then the periodic rate would be (12 * 30) / 365 (the hours
and seconds cancel out) or ~= 0.986`
Ok. Perfect. Thanks! I was imaging a theoretical situation where I make 12
payments equally spaced across the year (i.e. every 365/12 = ~30.417 days
or every 24*365/12 = 730 hours. Since the loans are timed in seconds,
those terms are possible, and actually kinda interesting.) ...And now I'm
humming *Seasons of Love*...
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Discussion thread can be found here: #190
Development branch can be found here: TBD