FAQ
Can anyone freeze my PAR?
No. The PAR mint was created with no freeze authority, so there is no key that can freeze any account holding it. This is a property of the mint itself on Token-2022, readable by anyone.
Can the team change the rules?
No. initialize only runs once the program's upgrade authority is gone, and every parameter is a constant in the code. There is no admin account and no instruction that changes a parameter.
Who sets my interest rate?
You do. Your trove sits in one of 246 buckets from 0.5% to 25% a year. Only you can move it, free once a week, or sooner for an upfront fee of seven days of interest.
Why would I not pick the lowest rate?
Redemptions take debt from the lowest-rate troves first. At a very low rate you are first in line when someone swaps PAR for collateral. Being redeemed reduces your debt and your collateral by the same dollar value, and you keep the fee, but your SOL exposure shrinks.
Who gets the interest I pay?
The stability pool. Interest is minted as PAR to the pool's depositors, who in return repay troves that fall under 120%.
What keeps PAR at a dollar?
From below: anyone can swap 1 PAR for $1 of collateral at any time (minus a fee of at least 0.5%). From above: anyone can borrow new PAR against collateral at 120% and sell it.
What happens if SOL drops?
Troves under 120% can be liquidated by anyone. The stability pool repays the debt and takes the collateral (up to 105% of the debt). Anything the pool cannot cover is redistributed to the other troves in that branch.
What if the oracles break?
New borrowing needs Pyth and Switchboard to be fresh and within 2% of each other. If either is missing or they disagree, new borrowing pauses. Redemptions and liquidations keep running on whichever source is fresh.
Which collateral can I use?
jitoSOL and mSOL, each in its own branch with its own pool and ceiling. The list is in the code.
How much can be borrowed?
Each branch starts with a ceiling of 1,000,000 PAR, which doubles every 30 days until it reaches 4,096,000,000 PAR after 12 doublings.
Is there a token or an airdrop?
PAR itself is the dollar. There is no other token. The PAR mint is ycTSMY4S5brqnSc3hQmfktFGyvXEtePAL2AcoxENySd.
How small can a trove be?
The smallest debt an active trove can carry is 200 PAR. That keeps every trove worth liquidating and every redemption step worth an account slot.