mirage protocol
  • overview
  • mirage assets
    • vaults
    • peg
    • yield strategies
  • mirage market
    • funding and fees
    • liquidations
  • mirage swap
  • mira token
  • oasis
  • roadmap
  • resources
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  1. mirage assets

vaults

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Last updated 1 year ago

users mint mirage assets by locking collateral into vaults.

vaults are overcollateralized debt positions containing a single form of collateral and the minted mirage asset. collateralization ratios (c-ratios) are parameterized for each collateral and mirage asset type. for example, highly correlated vaults like USDC/mUSD will have a much lower c-ratio than less correlated pairings such as APT/mUSD.

if a user falls below the target c-ratio, they risk liquidation. liquidations can be performed by anyone, and the liquidator will receive a fee for processing the liquidation. the mirage team has written open-source software that anyone can run to be a liquidator. of course, you're always free to write your own liquidator as well or modify the existing code.

each vault is a token. this means vaults can be transferred between accounts, listed on a secondary marketplace, and are easily composed across other protocols. the gives users added flexibility for managing their position and allows other participants to take over positions at a fair market value. from a portfolio management perspective, users will be able to see their vaults from within their wallet.

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