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CHANGELOG.md

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Revision history for cardano-loans

2.0.0.0rc

Bug Fixes

  • [On-Chain] Fixed a bug where non-compounding loans could not have incentivized minimum payments. The previous design required compoundFrequency to be Nothing in order to enable non-compounding, but this would also disable the required minimum payments. Now, a separate boolean flag is used in the datum to toggle compounding of the interest. compoundFrequency was renamed to epochDuration and lastCompounding was renamed to lastEpochBoundary in order to make the names more representative of their functionality.

1.0.0.1rc

Bug Fixes

  • [Off-Chain] Fixed bug in CLI executable where the lastCompounding field in the datum was not being set properly when multiple interest payments were made in the same transaction. The protocol would properly reject this transaction.

1.0.0.0rc

New Features

Most of the features discussed in the Potential Future Features section of the previous version's README have been added:

  • Interest free, non-compounding, and compounding interest loans - the compounding periods are set as part of the negotiation phase.
  • Required minimum payments - a borrower is required to repay a certain amount of the loan during each compounding period. If the minimum amount is not paid, a penalty will be applied against the outstanding balance the next time interest is applied to the loan. This penalty incentivizes borrowers to make regular payments. The penalty is set as part of the negotiation phase.
  • Direct payments to lenders - when a borrower makes a payment, the payment must go directly to the lender's specified address. This address can be updated by the lender.
  • Tradable bonds - when a loan is accepted, the borrower must create a lock & key NFT pair that is unique to the new loan. The key copy must go to the lender's specified address (the same address where future payments will go). This key NFT identifies who the lender is at any point in time. If the lender sells this key NFT to another entity, the new entity becomes the lender in the eyes of the protocol. The key NFT can be freely traded. The functionality of the Key NFT is specifically designed to pair with a secondary market like cardano-secondary-market; the new lender can update the payment address in the same transaction where the key NFT is purchased on the secondary market. This composition dramatically minimizes possible financial risk for buyers of these key NFTs. Imagine what would happen if Bob purchased the key NFT, but Alice fully paid off the loan before Bob had a chance to update the payment address...
  • Multi-asset loans - the original restriction of only one acceptance per transaction has been lifted. It is now possible to accepted multiple offers in a single transaction. Because of this, it is now possible for Alice to accept an offer for ada in the same transaction where she accepts an offer for djed. This composition enables borrowers to create "packaged" loans where they borrow different assets as a hedge against "global" price movements of any one asset. It is also possible to make payments on all of these loans in a single transaction. So effectively, these separate loans can be treated as a single loan that requested multiple different assets as the loan asset.
  • Staking script support - borrowers and lenders can both use staking credentials for their identities. This enables the possibility of using multi-sig (or other more complicated logic) to protect an entity's identity. This is a major step towards enabling corporations to start using the protocol.
  • Additional beacons - there is now a loan asset beacon, a loan id beacon, and even the collateral used can act like a beacon. These new beacons increase the kinds of queries that are possible.
  • Updating Asks/Offers in-place - Ask and Offer UTxOs can now be updated in place. The first version required two transactions to do this (closing in one transaction and creating the new UTxO in another).
  • Relaxed Credit History Method - Borrower IDs can now be burned in the same transaction where other tokens are minted/burned.

Optimizations

The smart contracts have been re-written in aiken, and all of the "one per tx" restrictions have been lifted. Every part of the protocol has seen huge performance improvements over the PlutusTx version.

The logic for the protocol was broken over several smart contracts to allow fitting more features into the protocol. The universal loan spending script just delegates to one of the other scripts which can either be executed as minting policies or staking scripts. Since all scripts can be used as reference scripts, there was no drawback from splitting up the logic like this.

1.0.0 (MVP)

  • First version. Released on an unsuspecting world.