# Introduction What do I need to know? ## What is vires.finance? Vires.finance is is a decentralized non-custodial liquidity protocol based on Waves Blockchain, where users, wallets and dapps can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralised manner. ## Why use vires.finance? Vires.finance utilizes common pool-based mechanics where all funds deposited participate in interest-bearing activities equally. *Being based on Waves Bockchain, it utilizes extremely low fees(\~only few cents per transaction)* making it highly attractive for both high and low volume deposits and loans. ## How do I use the service? In order to use the service, you simply **supply** your preferred assets . After **supplying**, you will earn passive income based on the market borrowing demand. Depositing assets allows you to **borrow** other assets by using your deposited assets as a collateral. Additionally, some tokens(for example, WAVES and USDN) are safely staked within the ecosystem to earn additional income for the depositors. ## Where are my deposited funds stored? Your funds are stored in a system of smart contracts. The code of the smart contract is public, open source. You can withdraw your funds from the pool or export a tokenised (vTokens) version of your lender position. Learn more about vTokens in the [corresponding section](/faq/vtokens). ## Is there any risk? The risks related to the vires.finance protocol are mostly smart contract risks(risk of a bug within the protocol code) and liquidation risk (risk on the collateral liquidation process). You can find more details in the [Terms of Use ](/g1/terms-of-use#4-assumption-of-risk)section. ## VIRES token \- Stakers of the VIRES token participate in direct governance by proposing and voting for system parameters. \- Stakers of the token take a cut from the interest that borrowers pay. # Depositing and Earning How to earn from participating in protocol? ## How do I deposit? Connect your wallet and click "Deposit" for the asset you want to deposit within the [home page](https://vires.finance). Select the amount you'd like to deposit and click "Confirm" button. Once the transaction is confirmed, your deposit is successfully registered and you begin earning. ## How much will I earn? Depending on the asset, each deposit in eligible for * **The interest payment on loans.** Depositors share the interests paid by borrowers corresponding to the borrow rate. Higher the utilisation of a reserve mean the higher yield for depositors. * **Staking income.** Tokens that support *risk-free* staking/leasing within Waves ecosystem can be staked/leased automatically by underlying smart contracts. * **\[Upcoming] Governance token** will be continuously distributed for liquidity provision. ## Where can I see the earned income? Your income appears in the form of your deposit increasing with every block(\~1 minute). There's neither a dedicated field within the interface for that nor an airdrop procedure -- simply your Supply grows over time. ## Is there a minimum or maximum amount to deposit? There's no minimum or maximum defined for any operation. ## How do I withdraw? To withdraw, click the "Withdraw" button for the asset you want to pull. Select the amount to withdraw and submit the transaction. Please mind that the withdraw operation can reduce your Account health. ## When can I withdraw? You can withdraw any amount at any time, except for the times when everything is borrowed. During these periods, however, the Supply APY skyrockets and you probably wouldn't want to withdraw. If you still do, the high Supply APY will attract other depositors6 so the funds will soon be available for withdrawal. ## What is "Use as collateral"? When and after depositing your assets, you are able to unselect the asset so that it will not be used as collateral. Using asset as collateral increases your Borrow limit. Opting out from using an asset as collateral lows your Borrow limit and decreases your Account health. # Borrowing How borrowing works? ## Why do I need to borrow assets? By borrowing you are able to obtain liquidity (working capital) without selling your assets you want to hold. The main goals of borrowing are usually new investment opportunities, arbitrage trading, hedging and participating in governance. For example, assets can be borrowed and used within AMM pools for higher yields, margin-traded, or required for immediate use. ## How do I borrow? Ensure you have deposited the funds with "Use as collateral" option. You can borrow up to your "Borrow limit" worth of assets, with the respect to assets' "Liquidation threshold" by using the [home page](https://vires.finance) and clicking "Borrow" against the asset of interest. ## How much I can borrow? You can borrow up to your "Borrow limit" worth of assets, with the respect to assets' "Liquidation threshold". Depositing assets used as collateral increase your Borrow limit. For operations, decreasing account health, like **Borrow** or **Withdraw**(if you have outstanding debts), [Account health](/faq/account-health) can't go below a certain value(for example 1.05). This means you can borrow assets up to lowering your health to 1.05. However, this is still risky in terms of liquidation, so **Max. Safe** functionality advises amounts to keep your health higher than the recommended value(for example 1.20). ## How much would I pay in interest? The interest rate you pay for borrowing assets depends on the borrowing rate which is derived from the supply and demand ratio of the asset. The interest rate changes constantly, you can find your current borrowing rate at any time within the main page. ## How do I repay? You repay your loan in the same asset you borrowed by clicking your your debt in "My Borrows" section at the home page. ## When do I need to repay? There is no fixed time period to pay back the loan. As long as your position is safe, you can borrow for an undefined period. However, as time passes, the accrued interest will grow making your health factor decrease, which might result in your deposited assets becoming more likely to be liquidated. ## How do I avoid liquidation? In order to avoid the reduction of your Account health leading to liquidation, you can repay the loan or deposit more assets in order to increase your health factor. Out of these two available options, repaying the loan would increase your health factor more. # Account Health Avoiding liquidation risk ## What is Account health? In essence, Account health is a proportion between your Borrow Limit(Borrow Capacity) and your Borrow Capacity Used. $$ BC\_{u} = \sum(CF\_a \* C\_{(u, a)} \*Deposit\_{(u,a)} \* Price\_a) $$ where, for user *u* and asset *a:* * *CF* is asset's Collateral Factor * *C* is 1 for assets used as collateral, otherwise 0 * *Deposit* is amount of asset deposited * *Price* is the equivalent asset's price in U.S. Dollars $$ \\ BCU\_{u} = \sum((Borrow\_{(u,a)} \* Price\_a) / LT\_a) $$ where * *Borrow* is amount of asset borrowed * *LT* is Liquidation Threshold for the asset *a.* Altogether, $$ AccountHealth\_u = 1 - BCU\_u/BC\_u $$ ### Special case: Supply and Borrow in the same asset It's a completely healthy situation to borrow the same asset as the collateral: Depositing amount *D* and borrowing amount *B* should effectively be seen as Deposit *D-B*, but only until Borrow starts exceeding Deposit. In this moment, a healthy account can become burned-out(with total negative saldo) and there's nothing liquidators can do about it. To prevent that, an *overlap\_factor* is introduced to smoothen the account health formula while still be tolerable with the same deposit-borrow asset: If $$ Borrow\_{(u, a)} > C\_{(u,a)} \*Deposit\_{(u,a)} $$ Then $$ BC\_{u,a} =0 \\ BCU\_{(u,a)} =( \frac{(Borrow\_{(u, a)} - C\_{(u,a)} \*Deposit\_{(u,a)})}{ LT\_a} + OverlapCharge\_{(u,a)}) \* Price\_a $$ Otherwise $$ BC\_{u,a} = CF\_a \*(Deposit\_{(u,a)}- Borrow\_{(u,a)}) \* Price\_a \\ BCU\_{(u,a)} = OverlapCharge\_{(u,a)} \* Price\_a $$ Given $$ OverlapCharge\_{(u,a)} = min(Borrow\_{(u, a)} , C\_{(u,a)} \* Deposit\_{(u,a)}) \* overlap\_factor $$ {% hint style="warning" %} Liquidators can liquidate part of your debt when your Account Health goes below 0. {% endhint %} ## Why has my Account health changed? Even if you don't interact with the protocol, your account health is subject to change: * Your Deposit increased or decreased its value * Your Borrows increased or decreased its value * Interest on your deposits/borrows has been accounted. * Your debt has been liquidated in order to increase your account health ## What is liquidation? Liquidators can liquidate part of your debt when your Account Health goes below 0%. This means, when your Account Health goes below 0%, a liquidator can step in and take up to 50% of your debt for one asset and the corresponding amount of your deposit + premium. The related parameters(Liquidation Threshold and Liquidation Penalty) are listed in "Asset Parameters" section. # Asset Parameters Rates formation and liquidation properties Each asset supported is configured by different *Interest Rate Model parameters(ABCD), Borrow Power(or Loan-to-value), Liquidation Threshold, Liquidation Penalty* and *Reserve Factor*. ## Interest Rate Model **ABCD parameters** define interest rate model as a function between current utilisation and borrow APR. Graphically, it's a line of 2 segments: the first goes from (0,A) to (B,C); the second goes from (B,C) to (1, D), where X coordinate is current utilisation of the asset defined as TotalBorrow/TotalDeposit, Y coordinate defines Borrow APR and Deposit APR: $$Utilisation = TotalBorrow/TotalDeposit \ BorrowAPR = ABCD(Utilisation) \ SupplyAPR = BorrowAPR \* Utilisation \* (1 - ReserveFactor)$$ {% hint style="info" %} Learn the difference between APY and APR [here](https://docs.vires.finance/knowledgebase/apy-vs-apr). {% endhint %} ![Sample Interest rate model: with 11% utilisation rate, BorrowAPR is 11.5%, SupplyAPR is 1.1%](/files/-Mbfmfu0C4EBB3kIvjWz) **Reserve Factor** defines which portion of accumulated interest go to system reserves to ensure liquidity is always there when needed. ## Borrow Limits **Collateral Factor** defines the capacity of the asset as collateral. **Liquidation Threshold** defines the reserve margin when the Account health would be considered low enough to start liquidation. **Liquidation Penalty** defines the extra premium liquidator deducts from the deposit of the liquidated loan borrower. {% hint style="info" %} During initial launch, Collateral Factor and Liquidation threshold are set to low values. These parameters will be levelled up to increase Borrow Limits for all deposits. {% endhint %} *Current asset parameters can be found in the asset details.* # vTokens The advanced functionality for managing your deposit ## What are vTokens? *vToken*(vUSDN, vWAVES, vBTC, etc) is an LP token for the specific market on vires.finance. *vToken* *represents your share in total deposit of one asset*. Once you've deposited funds into the protocol, you can export your deposit as vToken equivalent if you want to move, trade or exchange your lender position. *vTokens* *are interest-bearing tokens,* meaning its value steadily grows as interest rate is applied to open loans. Being standard Waves tokens, vTokens can be moved and traded across the ecosystem. {% hint style="warning" %} vTokens are your "deposit receipts": losing access to vTokens automatically means losing rights to claim your deposit back. {% endhint %} ## Do I need vTokens? The short answer is "most likely not". This is an advanced functionality for manipulating your lender position like moving it to another wallet or selling it on the market. {% hint style="info" %} vTokens are subject to rounding. Exporting(minting) and-then importing(redeeming or replenishing) cycle should typically result in the same amount of assets, but due to integer arithmetics, this can result in rounding down by no more than 1 satoshi(waveslet, pauli, wei, etc.). {% endhint %} ## What are the side effects of lending via holding vTokens? When you export your deposit in the form of vTokens, the smart contract system can't effectively track who owns it, therefore * your Borrow Power is decreased, * vTokens don't earn VIRES rewards. ## What can I do with vTokens within the protocol? * vTokens can be used to replenish your deposit, * vTokens can be redeemed for the underlying asset. # Deployed Contracts Smart contract addresses of the system #### Core
nameaddress
main3PAZv9tgK1PX7dKR7b4kchq5qdpUS3G5sYT
liquidator-entry-point3PJ6iR5X1PT2rZcNmbqByKuh7k8mtj5wVGw
config3P2rJGfb5MbeivZNSqdVmsD1Y2Mz8y6Jr3Z
vires-eb-rewards3PMqStMdARUA1KDNSrknUkQgXBVJR9Kgxko
vires-minter3PM9SV8qsubjwfxENgsLJvP1BG2Wc2VAd7b
vires-reward-distributor3P2RkFDTHJCB82HcVvJNU2eMEfUo82ZFagV
dao-dividends3PHvU5KXYJUAReeActQpS56TCdF8gupEjdR
voting3PKNPHY8VX4XnrrvQ6ery7VqFtmmisD4aUX
#### Reserves
nameaddress
waves3P8G747fnB1DTQ4d5uD114vjAaeezCW4FaM
usdn3PCwFXSq8vj8iKitA5zrrLRbuqehfmimpce
usdt3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR
usdc3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S
btc3PA7QMFyHMtHeP66SUQnwCgwKQHKpCyXWwd
eth3PPdeWwrzaxqgr6BuReoF3sWfxW8SYv743D
eurn3PBjqiMwwag72VWUtHNnVrxTBrNK8D7bVcN
protected-reserve3PJKKT7gsWiPBJj11gkF3Xv7gKt8s2WPdTr
#### Native Staking
nameaddress
waves-vault3PMHsJn1G4ngd6A4dyZpaSMiQmr4XJiDuym
waves-node3PBKBQGrLwAf9xht5spVBHv8pDJhCSp5ynM
usdn-vault3P23drfMhqqouvzpt3xUyGwjVX8P8qAzrmi
eurn-vault3PH9oV2vraW7z7BxbMjHjcCMg3dmBKmUyhh
protected-usdn-vault3PDHaUcRCwK2FBBTGjNMcRHfEVUBp4x5sdB
protected-waves-vault3PGHgV42rDxknn1RBMQcwfAYZHjHYGxna7P
protected-waves-node3PFRjWiLTjtAf8r5NUFpiEv2EAkVN262PcZ
# ⓥ Governance What you need to know about the revenue distribution model *The two critical ingredients to successful tokenomics are protocol governance and harvesting the results of the decisions made by the voters.* ### Why lock VIRES? *VIRES locking reflects your commitment to the protocol governance*. Therefore, it grants you the ability to make decisions and **directly earn your share of the protocol’s income**. This share exists in the form of *gVires*. ### What is gVires? **gVires**(g is for ‘governance’) is a unit of measure of your commitment to the protocol’s future. The more Vires you lock, the more you are committed; therefore, the more voting power and the larger share of the protocol’s revenue stream you receive. ![Sample 'Claim Revenue' page](/files/nzGhtdXNL2DUjFplKyht) ### Deprecation of Vires Staking Vires staking is not a commitment: users can always unstake and sell their tokens, leaving the community behind the decisions made. Therefore, simply staking doesn’t provide any part of the revenue stream of the protocol. # FAQ and User Guide Frequently Asked Questions and How-to Guide ### How do I lock VIRES? VIRES locking reflects your commitment to the protocol governance and therefore grants you the ability to earn your share of the protocol's income directly. ![VIRES Locking dialog](/files/n79SUQWrX1hEKscwYtEV) ### How do I claim protocol revenue? After locking, you can claim protocol revenue at any time. ![Claim revenue button](/files/RL5qpOFZXzY0naJGxdJs) Proceed to [Claim Revenue ](https://vires.finance/governance/revenue)section. The first bits should appear in the next block; use the "Claim Revenue" button and confirm your transaction with your provider. ![Confirm claiming revenue in all coins](/files/uFGEunUq8RCPceZ9biTr) Relocking VIRES boosts your Vires Weight back to 100%. ### Which share of the revenue do I receive? Every block, the participant receives a share of the revenue proportional to his/her **gVires**. ### **Where do profits come from?** [Vires.finance](https://vires.finance/) markets take a cut of the interest that borrowers pay. The corresponding cut for each market is labeled as 'Protocol share' on the asset details page. This value can vary for different markets, configurable through governance. ### **How are the revenue calculations performed?** The per-block revenue is calculated based on current market conditions(Utilization, Borrow APR, Waves Leasing APY, etc.) and market configuration(Protocol Share). Approximate dollar value is then calculated based on the oracle prices. Daily, Monthly, and Yearly estimations are performed based on the average block time being 60 seconds(1440 blocks per day). ### **How often does the distribution happen?** The distribution is continuous, e.g., as the interest accumulates every block, does the distribution for Vires stakers. Participants can start claiming revenue the following block(usually within 1 minute after the lock). ### **What is minimum lock time and amount?** There's no minimum lock amount. Unlocking starts right after the transaction is confirmed. * 50% of tokens are unlocked in 6 months, * 75% of tokens are unlocked after 12 months since lock start, * 87.5% of tokens are unlocked after 18 months since lock start, * 100% of tokens are unlocked after 24 months since lock start; You can learn more about gVires unlocking mechanics in the section above. ### **How do I maximise my share?** To increase revenue share, relock VIRES as it unlocks. This can be done during claiming revenue. You can always lock additional VIRES(this resets locking). Simply input the amount on the[ My Vires page](https://vires.finance/governance/my) and confirm your transaction after clicking on the "Lock" button. ### **How do I withdraw?** As time passes, your VIRES gets unlocked. You can always withdraw the unlocked part at[ My Vires ](https://vires.finance/governance/my)page. Full unlock happens within 24 months of last lock. ### **I used to stake VIRES. Where can I find them?** \- To migrate from Legacy Staking, simply use locking dialog and make sure "Migrate my Vires" is on, the assets will be moved automatically under the hood. ![Migration dialogue example](/files/UIH2J4uNxLjQLJ5KF7v0) \- To withdraw from Legacy Staking, just use "Withdraw Unlocked" dialog at My Vires page. The locking dialog has been removed from the interface. The legacy staking APY of 12.5% is now reduced. # gVires Math All the related math you need to know ### VIRES, gVires & Half-life The core of math is simple: At any time, accounts lose half of their current commitment in 6 months. The algorithm is based on a [half-life decay formula](https://en.wikipedia.org/wiki/Half-life): Given a user $$u$$ commits $$V\_{u, t\_0}$$ Vires tokens at time $$t\_0$$, $$ gVires\_{(u,t)} = V\_{u, t\_0} \* e^{-\lambda(t-t\_0)} $$ where $$\lambda$$ indicates the decay speed(half-life time): $$ \lambda = ln(2) / 180 / 1440 = 0.00000267417 $$ ### Example for 1 particpant For example, a user X1-locked 100 Vires on Jan 1, 2022. The user’s governance power starts decaying; his tokens start to unlock: | Date | gVires | Still locked VIRES | Unlocked VIRES | | ---------------------- | ----------------- | ------------------ | -------------- | | **Jan 1, 2022, 00:00** | **100.00 gVires** | **100.00 ⓥ** | **0.00 ⓥ** | | Feb 1, 2022 | 89.09 gVires | 89.09 ⓥ | 10.91 ⓥ | | Mar 1, 2022 | 79.37 gVires | 79.37 ⓥ | 20.63 ⓥ | | Apr 1, 2022 | 70.71 gVires | 70.71 ⓥ | 29.29 ⓥ | | May 1, 2022 | 63.00 gVires | 63.00 ⓥ | 37.00 ⓥ | | June 1, 2022 | 56.12 gVires | 56.12 ⓥ | 43.88 ⓥ | | **July 1, 2022** | **50.00 gVires** | **50.00 ⓥ** | **50.00 ⓥ** | | … | … | … | … | | Jan 1, 2023 | 25.00 gVires | 25.00 ⓥ | 75.00 ⓥ | | … | … | … | … | | July 1, 2023 | 12.50 gVires | 12.50 ⓥ | 87.50 ⓥ | | … | … | … | … | | **Jan 1, 2024, 00:00** | **6.25 gVires** | **0.00 ⓥ** | **100 ⓥ** | | … | … | … | … | ![](https://i.imgur.com/w4zbi7W.png) As illustrated above, * The unlock starts immediately after locking VIRES, * In half a year, the users’s amount of gVires gets halved; also, half of VIRES is free to be withdrawn, * *In two years, there’s a cliff: user can withdraw all the rest vires now(6.25% of initial lock), although if he doesn’t do it, he still has the voting, governance, and revenue stream power(under the continued decay)*; ### Example for multiple participants Vires.finance markets take a cut of the interest that borrowers pay. The ‘Protocol share’ value can be found under any asset on the asset details page. Generally, it can be different for different markets, and this value is up to governance to configure. Let’s look at an example: * Borrowers on the USDC market have borrowed 100M USC for 36.5% APR, * Therefore, borrowers on the USDC market have to pay 100,000 USDC of interest today, * Protocol share for USDC is 10%; therefore, governance receive 10,000 USDC today, * Alice and Bob locked **100 VIRES** each yesterday, totaling 200 gVires(by 100 gVires each), so Alice and Bob both received 5,000 USDC today; Day 0: | user | VIRES in the system | Still locked VIRES = gVires | Already unlocked VIRES | gVires | Revenue share | | ----- | ------------------- | --------------------------- | ---------------------- | ------ | ------------- | | Alice | 100 ⓥ | 100 ⓥ | 0 ⓥ | 100 | 50% | | Bob | 100 ⓥ | 100 ⓥ | 0 ⓥ | 100 | 50% | Now, after half a year, all the gVires have decayed: * Alice accounts for 50 gVires, Bob accounts for 50 gVires(of now total 100), so they still split the revenue stream 50-50%, | user | VIRES in the system | Still locked VIRES = gVires | Already unlocked VIRES | gVires | Revenue share | | ----- | ------------------- | --------------------------- | ---------------------- | ------ | ------------- | | Alice | 100 ⓥ | 50 ⓥ | 50 ⓥ | 50 | 50% | | Bob | 100 ⓥ | 50 ⓥ | 50 ⓥ | 50 | 50% | ![](https://i.imgur.com/SoQrrsS.png) * Dave comes in and locks **100 VIRES**, which grants him 100 gVires: | user | VIRES in the system | Still locked VIRES = gVires | Already unlocked VIRES | gVires | Revenue share | | ----- | ------------------- | --------------------------- | ---------------------- | ------ | ------------- | | Alice | 100 ⓥ | 50 ⓥ | 50 ⓥ | 50 | 25% | | Bob | 100 ⓥ | 50 ⓥ | 50 ⓥ | 50 | 25% | | Dave | 100 ⓥ | 100 ⓥ | 0 ⓥ | 100 | 50% | Dave commits twice more than Alice, so he receives twice more than her in revenue: This day, — Alice receives 2500 USDC, — Bob receives 2500 USDC, — Dave receives 5000 USDC; ![](https://i.imgur.com/wSssPpU.png) As illustrated in the examples, gVires is proportional to the total amount of VIRES still locked by a given user. At any time, anyone else can re-lock their stake. Here’s how the picture changes if Alice decides to re-lock her VIRES: | user | VIRES in the system | Still locked VIRES | Already unlocked VIRES | gVires | Revenue share | | ----- | ------------------- | ------------------ | ---------------------- | ------ | ------------- | | Alice | 100 ⓥ | 100 ⓥ | 0 ⓥ | 100 | 40% | | Bob | 100 ⓥ | 50 ⓥ | 50 ⓥ | 50 | 20% | | Dave | 100 ⓥ | 100 ⓥ | 0 ⓥ | 100 | 40% | ![](https://i.imgur.com/8iNGrsA.png) ### # System parameters How to read and write vires.finance governance proposals There're 4 main categories of parameters: * Wire-up configuration * Asset parameters * Staking parameters * Governance and Voting parameters * Special parameters All the parameters are stored in `3PJ1kc4EAPL6fxuz3UZL68LPz1G9u4ptjYT`. ### How to create a proposal To create a new configurational proposal, one needs to create a valid data transaction with from the configuration address(public key as shown below) ``` { "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9", "data": [ { "type": "integer", "value": "700", "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_ReserveFactor" }, // etc, many params at once ], "feeAssetId": null, "proofs": [], "fee": 5000000, "type": 12, "version": 2, "timestamp": 1644858113777, } ``` Please find the list of active configuration parameters below. Current values might vary from what the ones in the examples below. ### Wire-up Configuration ``` { "key": "vires_distributor", "type": "string", "value": "3P2RkFDTHJCB82HcVvJNU2eMEfUo82ZFagV" }, { "key": "vires_minter", "type": "string", "value": "3PM9SV8qsubjwfxENgsLJvP1BG2Wc2VAd7b" }, { "key": "vires_staker", "type": "string", "value": "3PMrcFXJx23B9zbxxUT49z6ET6wF2dKfTdW" }, { "key": "protected_reserve", "type": "string", "value": "3PJKKT7gsWiPBJj11gkF3Xv7gKt8s2WPdTr" }, { "key": "dividends_contract", "type": "string", "value": "3PHvU5KXYJUAReeActQpS56TCdF8gupEjdR" }, { "key": "eb_rewards", "type": "string", "value": "3PMqStMdARUA1KDNSrknUkQgXBVJR9Kgxko" }, { "key": "main", "type": "string", "value": "3PAZv9tgK1PX7dKR7b4kchq5qdpUS3G5sYT" }, { "key": "divAdmins", "type": "string", "value": "3PHvU5KXYJUAReeActQpS56TCdF8gupEjdR" }, { "key": "primary_reserves", "type": "string", "value": "3PCwFXSq8vj8iKitA5zrrLRbuqehfmimpce|3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR|3P8G747fnB1DTQ4d5uD114vjAaeezCW4FaM|3PA7QMFyHMtHeP66SUQnwCgwKQHKpCyXWwd|3PPdeWwrzaxqgr6BuReoF3sWfxW8SYv743D|3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S|3PBjqiMwwag72VWUtHNnVrxTBrNK8D7bVcN" }, { "key": "oracle_address", "type": "string", "value": "3PFHm5TYKw4vVzj4rW8s3Yso88aD73Dai1C" }, { "key": "rewardable_reserves", "type": "string", "value": "3PCwFXSq8vj8iKitA5zrrLRbuqehfmimpce|3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR|3P8G747fnB1DTQ4d5uD114vjAaeezCW4FaM|3PA7QMFyHMtHeP66SUQnwCgwKQHKpCyXWwd|3PPdeWwrzaxqgr6BuReoF3sWfxW8SYv743D|3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S|3PBjqiMwwag72VWUtHNnVrxTBrNK8D7bVcN" }, { "key": "dividendableReserves", "type": "string", "value": "3P8G747fnB1DTQ4d5uD114vjAaeezCW4FaM|3PCwFXSq8vj8iKitA5zrrLRbuqehfmimpce|3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR|3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S|3PA7QMFyHMtHeP66SUQnwCgwKQHKpCyXWwd|3PPdeWwrzaxqgr6BuReoF3sWfxW8SYv743D|3PBjqiMwwag72VWUtHNnVrxTBrNK8D7bVcN" }, { "key": "voting_contract", "type": "string", "value": "3PKNPHY8VX4XnrrvQ6ery7VqFtmmisD4aUX" }, { "key": "protected_reserve_assets", "type": "string", "value": "WAVES|DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p|34N9YcEETLWn93qYQ64EsP1x89tSruJU44RrEMSXXEPJ|6XtHjpXbs9RRJP2Sr9GUyVqzACcby9TkThHXnjVC5CDJ|8LQW8f7P5d5PZM7GtZEBgaqRPGSzS3DfPuiXrURJ4AJS|474jTeYx2r2Va35794tCScAXWJG9hU2HcgxzMowaZUnu|DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t" }, { "key": "dividendableTokens", "type": "string", "value": "WAVES|DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p|34N9YcEETLWn93qYQ64EsP1x89tSruJU44RrEMSXXEPJ|6XtHjpXbs9RRJP2Sr9GUyVqzACcby9TkThHXnjVC5CDJ|8LQW8f7P5d5PZM7GtZEBgaqRPGSzS3DfPuiXrURJ4AJS|474jTeYx2r2Va35794tCScAXWJG9hU2HcgxzMowaZUnu|DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t" }, ``` ### Asset Parameters ``` { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_APoint", "type": "integer", "value": 80 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_BPoint", "type": "integer", "value": 800 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_CPoint", "type": "integer", "value": 200 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_DPoint", "type": "integer", "value": 800 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_CollateralFactor", "type": "integer", "value": 800 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_LiquidationPenalty", "type": "integer", "value": 100 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_LiquidationThreshold", "type": "integer", "value": 800 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_ReserveFactor", "type": "integer", "value": 100 }, { "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_LiquidationFractionFactor", "type": "integer", "value": 2 } ``` ### Staking ``` { "key": "staking_enabled_DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t", "type": "boolean", "value": true }, "key": "staking_config_DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t", "type": "string", "value": "3PH9oV2vraW7z7BxbMjHjcCMg3dmBKmUyhh" }, "key": "protected_staking_config_DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p", "type": "string", "value": "3PDHaUcRCwK2FBBTGjNMcRHfEVUBp4x5sdB" }, { "key": "protected_staking_enabled_DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p", "type": "boolean", "value": true }, { "key": "adder_cfg_3PPPWL4vZBmc1UMT9PjhWa7wq1N7x32TcyC", "type": "string", "value": "900|3PJKKT7gsWiPBJj11gkF3Xv7gKt8s2WPdTr" } ``` ### Governance and Voting parameters ``` { "key": "proposal_applyend_offset", "type": "integer", "value": 20160 }, { "key": "proposal_applystart_offset", "type": "integer", "value": 10080 }, { "key": "proposal_min_vires_required", "type": "integer", "value": 100000000000 }, { "key": "proposal_passed_ratio", "type": "integer", "value": 500 }, { "key": "proposal_quorum_ratio", "type": "integer", "value": 300 }, { "key": "proposal_votingend_offset", "type": "integer", "value": 10080 }, { "key": "proposal_votingstart_offset", "type": "integer", "value": 2880 }, { "key": "user_propose_delay", "type": "integer", "value": 10080 } ``` # APY vs APR Annual Percentage Rate vs Annual Percentage Yield **Annual percentage rate (APR)** refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly [cost of funds](https://www.investopedia.com/terms/c/costoffunds.asp) over the term of a loan or income earned on an investment. This includes any fees or additional costs associated with the transaction, but it does not take [compounding](https://www.investopedia.com/terms/c/compounding.asp) into account. The APR provides consumers with a bottom-line number they can compare among lenders, credit cards, or investment products. **The annual percentage yield (APY)** is the real rate of return earned on an investment, taking into account the effect of [compounding](https://www.investopedia.com/terms/c/compounding.asp) interest. Unlike simple interest, compounding interest is calculated periodically and the amount is immediately added to the balance. With each period going forward, the account balance gets a little bigger, so the interest paid on the balance gets bigger as well. {% hint style="info" %} In short: APY, or [annual percentage yield](https://www.investopedia.com/terms/a/apy.asp), takes into account [compound interest](https://www.investopedia.com/terms/c/compoundinterest.asp), but APR, which stands for [annual percentage rate](https://www.investopedia.com/terms/a/apr.asp), does not. {% endhint %} *source: investopedia.com* ## Why does it matter? When utilisation and therefore rates are low, the difference is negligible. When it's high, compounding matters in the long run. The graphical representation of the difference can be seen in the chart below. ![APY and APR difference at scale](/files/-MlFXOmomNthelEJHQCM) As you can see, when utilisation is extremely high, Deposit APY can be greater than Borrow APR. {% hint style="info" %} You can change between APY and APR for Interest rate model in asset page by turning 'Compounding' indication On/Off. {% endhint %} ## Why is it typically "Supply APY", but "Borrow APR"? **Suppliers** tend to provide liquidity for a *long time*, likely experiencing the effect of *compounding*, while **Borrowers**(especially in variable-rate-based lending protocols) are *typically short-term* actors, so debt compounding over a few days doesn't really happen. # How is Net APY calculated? ## Net APY Calculation 1. Convert all supplied and borrowed asset amounts to a single asset (USD). 2. Calculate **the sum of (suppliedAmount \* supplyApy - borrowedAmount \* borrowApy)** for all assets(including Vires APR for both deposits and borrows) 3. If the calculated sum from the previous step is >0 then Net APY = 100 \* (sum / totalSuppliedValue). If the calculation from the previous step is <0 then Net APY = 100 \* (sum / totalBorrowedValue). If the calculation from the previous step is 0 then Net APY = 0. ### Example Supplied Assets: * 1000 WAVES (*$28000*) @ 3.66% APY + 0.09% Vires APR = *3.72%* * 10000 USDC (*$10000*) @ 55.57 APY% + 3.16% Vires APR = *58.73%* Borrowed Assets: * 1000 USDT (*$1000*) @ 54.32 APY% - 3.12% Vires APR = *51.2%* Calculation: ``` change = (28000 * 0.0372 + 10000 * 0.5873) - (1000 * 0.512) = 6402.6 base = 28000 + 10000 = 38000 Net APY = 6402.6 / 38000 = 16.84% ``` Result: *Net APY = 16.84%* # Liquidation Penalty Rationale for Liquidation Penalty values *Goals:* \ *- liquidation is lucrative for liquidator,*\ *- liquidation improves health of the borrower;* Given $$ health = 1 - bcu/bc\\ $$ for * deposited asset A worth of *d* with collateral factor $$cf\_{A}$$, * borrowed asset B worth of *b* with liquidation threshold $$lt\_{B}$$ Liquidation starts when $$ h\_0 = 1 - \frac{(b/lt\_B)}{(d*cf\_A)} = 1 - \frac{b}{d*cf\_A*lt\_B} = 0,\\ \Downarrow\\ d/b = 1/(cf\_A*lt\_B) $$ Upon liquidation of portion $$\alpha$$ of B with penalty $$p\_A$$, health must increase: $$ h\_1 = 1 - \frac{(b(1-\alpha))}{cf\_A*lt\_B*(d-\alpha \* b (1 + p\_B))} > h\_0 = 0\ \Downarrow\ b(1-\alpha) < cf\_A*lt\_B*(d-\alpha \* b (1 + p\_B))\ \Downarrow\ (1-\alpha) < cf\_A*lt\_B*((d/b)-\alpha \* (1 + p\_B))\ 1 - \alpha < 1- \alpha \* (1 + p\_B) \* cf\_A*lt\_B \ \alpha > \alpha \* (1 + p\_B) \* cf\_A*lt\_B\ (1 + p\_B) \* cf\_A*lt\_B < 1\ (1 + p\_B) < \frac{1}{cf\_A*lt\_B}\ \Downarrow\ p\_B <\frac{1}{cf\_A\*lt\_B} - 1 $$ is the condition for liquidation to increase health. Given $$max(cf)=0.9$$​ $$ p <\frac{1}{0.9\*lt} - 1 $$ is then a safe condition for liquidation penalty for any asset. # Lending and Borrowing Guide Step-by-step guide for borrowing assets ## 1. Login using WavesKeeper / Waves.Exchange Navigate to the site, click connect wallet and chose the provider. Waves Keeper can be installed from your browser's store([chrome](https://chrome.google.com/webstore/detail/waves-keeper/lpilbniiabackdjcionkobglmddfbcjo?hl=en), [brave](https://chrome.google.com/webstore/detail/waves-keeper/lpilbniiabackdjcionkobglmddfbcjo?hl=en), [firefox](https://addons.mozilla.org/en-US/firefox/addon/waves-keeper/)). If you're using a mobile device(iOS/Android), only waves.exchange options are available. ## 2. Navigate to All Markets section and deposit your collateral ![All Markets section with current rates, basic statistics and your wallet balances](/files/-McUWPJjLxuHpDRv9LpI) Click "Supply" button, input the amount and ensure "Use as Collateral" is enabled. This will increase your borrow limit across the system. ![Asset Supply dialog, displaying current APY and projected changes to your account](/files/-McUXelmDDmTu_7f9X4U) Click "Supply", confirm the transaction and await for transaction confirmation. The dialog will close and a popup will be shown. *You'll start earning interest on your deposit immediately*. ## 3. Borrow the amount not exceeding your limit Borrowing decreases your account health. "Max Safe" button advises you the amount that will decrease it down to 20%. You can still input more, but no less than 5%. The smart contract ensures that to prevent your account from immediate liquidation. ![Borrow dialog, displaying current APR and projected changes to your account](/files/-McUYsdPzKO9igYJR84U) Click "Borrow", confirm the transaction and await for transaction confirmation. The dialog will close and a popup will be shown. As time passes, your debt, e.g. the amount you need to repay, will increase. ## 4. Get familiar with Rates formation In All markets section, click on the asset name and observe all information on the asset you need. As Total Supply and Total Borrow varies depending on asset demand, so do Supply APY and Borrow APR. The interest rate model section is used to illustrate the dependency between asset utilisation and APY\&APR. ![Asset Details and interest rate model](/files/-McUaWx3MsDta5p-6KQO) ## 5. Repay at any time To repay your debt, click on the corresponding asset in My Borrow section. ![All information regarding your account: Account Status, Supplies and Borrows](/files/-McUbz4q_hYamT4H6O3r) Withdrawing assets and disabling collateral decreases your borrow limit, so if you want to withdraw everything from the protocol, ensure you have no outstanding debts. ## 6. Avoid liquidation Ensure your account health stays high, so your account doesn't get partially liquidated in an active trading day. # Liquidators' Guide Liquidators make sure all borrows are always covered ## What is liquidation? Liquidation means transferring part of both debt and collateral(+premium) from the account with negative health to the caller. ## Can a given account be liquidated? {% hint style="info" %} Only users with negative health can be liquidated. {% endhint %} To find out if account fall under liquidation or not, one may query liquidator-entry-point(`3PAZv9tgK1PX7dKR7b4kchq5qdpUS3G5sYT)`contract, specifically, `getUserHealth(user)` function. The following snippet queries any waves node on the status of `3PMZCTZjdsVZe2hePquBpE4LCVuZ5JA2PvK` (the argument of `getUserHealth` function): ``` curl -X 'POST' \ 'https://nodes.wavesnodes.com/utils/script/evaluate/3PJ6iR5X1PT2rZcNmbqByKuh7k8mtj5wVGw' \ -H 'accept: application/json' \ -H 'Content-Type: application/json' \ -d '{ "expr": "getUserHealth(\"3PMZCTZjdsVZe2hePquBpE4LCVuZ5JA2PvK\")" }' ``` The output would be similar to: ``` { "result": { "type":"String", "value":"bp:2105388966, bpu:1861495565" }, "complexity":5354, "expr":"getUserHealth(\"3PMZCTZjdsVZe2hePquBpE4LCVuZ5JA2PvK\")", "address":"3PAZv9tgK1PX7dKR7b4kchq5qdpUS3G5sYT" }⏎ ``` The important line is #4: it returns `bp` and `bpu` where \- `bp` means "borrow power"\ \- `bpu` means "borrow power used" ``` account_health = (bp - bpu) / bp ``` {% hint style="warning" %} If `bp Settings -> Permission Control -> **clear settings for vires.finance domain** ## Issue: Desktop UI is frozen 1. **Disable all auto-translators** and other potential on-the-fly DOM editors 2. **Allow ALL cookies for vires.finance and waves.exchange domains(if you're using wx signer)** 3. **Disable popup-blocking(at least temporarily).** ## Issue: Signer Error 1004
Possible reasons: the user is in Incognito mode or has disabled cookies ## Issue: Signer Error 1001 ![Signer error 1001](/files/hpYwFmuNpVfV0QZw3bDQ) You are experiencing issues connecting to \*\* default endpoint for waveskeeper). This issue is usually temporary, you can either **retry instantly or with a few minutes**, of **change waves keeper settings to connect to any other waves mainnet node.** ![https://nodes.wavesnodes.com/](/files/QGiUbdUx8bK0s4HdBa9r) ## **Issue: Unable to login, login cancelled, etc** **Make sure your browser(mobile or desktop) allows cross-site cookies.** On iOS, it might be called "Prevent cross-site tracking" feature that needs to be turned **off**. ## Issue: Brave Browser and waves.exchange signer with seed ![If this happens, you need to 1.allow popups and 2.enable cookies](/files/-MhE4Y6FvD_rSqGm9Zz-) ![1. allow popups](/files/-MhEDLerN-7RLqJnoUHg) ![Allow all cookies for vires.finance](/files/-MhEC-0fvtZFRoG81zxI) ## Issue: Mobile UI *In rare cases of ui being frozen, no buttons can be pressed.* This happens due to waves.exchange signer opening a background window to access cookies instead of just popping up iframe within the interface. The issue is probably related to GC/thread management of mobile operating systems. #### **1. Open the tabs in your mobile browser and close "invisible" signer tab:** ![Invisible waves.exchange signer tab on iOS](/files/-MfqaN9bdBYBng7loSjU) * Close the invisible waves signer tab, try to access the vires.finance interface again, * Close the vires.finance tab, * Open waves.exchange in a new tab, * Open the app in a new tab; **2. Allow ALL cookies for vires.finance and waves.exchange domains:** * navigate to Settings -> Site Settings -> Cookies -> **Allow cookies** ![Allowing all cookies on Android](/files/-MgQSmOZKMgYmKflEPv0) **3. Disable popup-blocking(at least temporarily).** # API The easiest way to query rates and other information ## Current rates Returns current supply, current debt and the rates for supplying and borrowing Example output: ``` { "height": 2890215, "markets": [ { "name": "WAVES", "longName": "WAVES Asset", "address": "3P8G747fnB1DTQ4d5uD114vjAaeezCW4FaM", "totalSupply": 6326520.83785411, "totalSupplyUsd": 116344718.208137, "totalDebt": 222113.92171397, "totalDebtUsd": 4084675.020319, "supplyApy": 0.03672027038813552, "supplyViresApr": 0.005107641736909249, "borrowApr": 0.04443536741890213, "borrowViresApr": 0.007656959631076639 }, { "name": "USDN", "longName": "Neutrino USD", "address": "3PCwFXSq8vj8iKitA5zrrLRbuqehfmimpce", "totalSupply": 246090871.674766, "totalSupplyUsd": 246090871.674766, "totalDebt": 99231169.685799, "totalDebtUsd": 99231169.685799, "supplyApy": 0.11110019592047427, "supplyViresApr": 0.0056455215483197, "borrowApr": 0.1557670563404475, "borrowViresApr": 0.014000756255975062 } ... } ``` # Terms of Use Last Update: February 10, 2022 Vires.finance is a decentralized protocol operating over Waves Blockchain (“the Vires Protocol" or "Protocol"). The Website ("Website") acts as a front-end to the decentralized Vires.finance protocol provided by Numeris Ltd., a Seyshelles Limited Liability Company with registration number 230885 ("Company", "we", "us"). The following Terms of Use ("Terms") govern your ("you" or "User") use (the term "Use" will mean any access, downloading, reproduction, installing, copying, playing, demonstrating and/or other use, as applicable) of the Website: and related services enabling you to supply, deposit, borrow and stake tokens within the Vires Protocol ecosystem. Please read these Terms of Use carefully before using the Protocol because they form a binding agreement between Numeris Ltd. and you. **Numeris Ltd. is not a financial organization or a bank and is currently not under the supervision of any monetary supervisory authority. Therefore, your deposited crypto assets are not protected by any public authorities, including but not limited, state insurance corporations or agencies.** **Numeris Ltd. is an active member of the Vires Protocol ecosystem.**\ \ By using the Protocol in any capacity, you agree that you have read, understood, and accepted these Terms. The Сompany, in its sole discretion, reserves the right to any make changes, variations, or modifications to these Terms and you, as a User, agree to be bound by them in their entirety. You should check these Terms periodically to familiarize yourself with any changes to them. Such modifications will be effective when they are posted with notification of updates at the top of the Website.\ If you disagree, you must not use the Protocol in any way. Changes will be effective no sooner than the day they are publicly posted.\ \ Specific terms (if applicable) always take precedence over these Terms. Specific terms may be accessed via the links to external resources. The most current version of the Terms of Use will be provided at: \ \ All disclaimers, indemnities and exclusions in these Terms shall survive termination of the Terms and shall continue to apply during any suspension or any period during which the Website is not available for you to use for any reason whatsoever.
**ELIGIBILITY** You represent that you are at least eighteen years old, and you are of legal age to accept these Terms according to your residence country legislation. You comply with the laws and regulations of your country of residence, and you have the full right, power, and authority to enter and comply with these Terms on behalf of yourself. You guarantee that you are not acting for the purpose of speculative investment. You guarantee that you do not live in a jurisdiction which is qualifying digital tokens as securities. You guarantee that you will not use the Protocol for any illegal activity, including but not limited to money laundering and the financing of terrorism. You guarantee that you understand the use of cryptocurrencies and their associated risks. You agree to indemnify and hold harmless the Company and any of its affiliated persons against all suits, claims, costs, losses, damages or demands (including property loss, tax claims, infringements of intellectual or personal rights) in case of your non-compliance with these Terms. You guarantee that you will only use the Protocol for lawful purposes and in accordance with these Terms. As a condition to accessing or using the Protocol, you will not: * Violate any Applicable Law, including, without limitation, any relevant and applicable anti-money laundering and anti-terrorist financing laws and any relevant and applicable privacy and data collection laws, in each case as may be amended. * Use the Website for any unlawful purpose; * Export, re-export, or transfer, directly or indirectly, any Vires technology in violation of applicable export laws or regulations; * Infringe on or misappropriate any contract, intellectual property or other third-party rights, or commit a tort while using the Website; * Misrepresent the truthfulness, sourcing or reliability of any content on the Website; * Use the Website in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Website or the Vires Protocol, or that could damage, disable, overburden, or impair the functioning of the Website or the Vires Protocol in any manner; * Attempt to circumvent any content-filtering techniques or security measures that the Vires Protocol employs on the Website, or attempt to access any service or area of the Website that you are not authorized to access; * Use any robot, spider, crawler, scraper, or other automated means or interface not provided by us, to access the Website to extract data; * Introduce any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism or other harmful material into the Website; * Post content or communications on the Website that are, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable; * Post content on the Website containing unsolicited promotions, commercial messages or any chain messages or user content designed to deceive or trick the User of the Website; or * Encourage or induce any third party to engage in any of the activities prohibited under these Terms. The Company have the right to implement necessary measures to monitor compliance with this Section. **SMART CONTRACTS** You acknowledge and agree that the Company has no control over any transactions over the Company decentralized non-custodial liquidity protocol, the method of payment of any transactions or any actual payments of transactions. Accordingly, you must ensure that you have a sufficient balance of the applicable digital tokens. The User independently signs a blockchain transaction. The User should carefully check the transaction data before signing. Calculations performed by the smart contract may require rounding. All rounding is made in favour of the smart contract, so there may be minor rounding losses for users. We provide the measures of Emergency shutdown for a smart contract in case of vulnerability detection. During the Emergency shutdown, related services can become partially unavailable until a decision is made to resume operation. By accessing and using the Protocol, you represent that you understand the inherent risks associated with using cryptographic and blockchain-based systems and that you have a working knowledge of the usage and intricacies of digital (crypto) assets. You further understand that the markets for these digital (crypto) assets are highly volatile. If you borrow digital assets from the Protocol, you will have to supply digital assets of your own as collateral. If your collateral declines in value such that it is no longer sufficient to secure the amount that you borrowed, others may interact with the Protocol to seize your collateral in a liquidation event. You further acknowledge that we cannot be held liable for any resulting losses that you experience while accessing or using the Protocol. You understand and agree to assume full responsibility for all the risks of accessing and using and interacting with the Protocol. **Price feed oracles.** The price feed for WAVES, BTC, ETH, EURN is provided by public oracles on waves blockchain. All "stable coins" (USDT, USDC, USDN) are considered to value 1.00 with a matching fiat currency - USD. Details for each stable coin can be found in the corresponding webpages: USDT - \ USDC - \ USDN - \ **VIRES DAO (DECENTRALIZED AUTONOMOUS ORGANIZATION )**\ \ The Protocol is fully decentralized and managed by a decentralized community of gVires token-holders (Vires DAO), who propose and vote on upgrades to the Protocol.\ \ Vires locking mechanism (“gVires”, where ‘g’ stands for governance) allows to Users keep uniformly committed to the governance decisions for an extended period. The decentralized gVires voting allows Users to suggest, debate, and implement changes to the Protocol and control all related aspects of VIRES, including but not limited, such as adding support for a new asset, changing an asset’s collateral factor, changing a market’s interest rate model, or changing any other system parameters or variable of the Protocol, and the DAO.\ \ Vires DAO's Governance framework allows participation in shaping the direction of the Protocol. Please find the core rules of governance: \ \ **NO PROFESSIONAL ADVICE** All information provided by the Website is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained on the Website. The content and materials available on the Website do not constitute any form of advice or recommendation by us, should not be regarded as an offer, solicitation, invitation or recommendation to buy or sell investments, securities or any other financial services and is not intended to be relied upon by you in making any specific investment or other decisions in any jurisdiction. We recommend that you seek independent advice from a consultant before making any decision. We may hire software developers who can help us to develop, maintain and promote the Vires Protocol.\ We are liable for their activities related to the Protocol. **MARKETING CAMPAIGNS: GENERAL TERMS** Sometimes we may conduct marketing campaigns with third parties or not. Marketing campaigns (activities) are any promotional competition or promotional action(s). These activities will be regulated by the special terms published on the Website during the promotion period. All marketing campaigns are aimed at promoting a specific goal about the Vires Protocol. They do not force to access, download, reproduce, install, copy, play, demonstrate and/or other use the Website. Users make their own decision to take part in particular marketing campaign. We might delegate launching marketing campaigns to our agents who act on behalf of us and are responsible for all contented information. In such a case, we are not responsible for any disinformation. By participating in the activity, the User states to agree to the special terms. If you decide to participate in one of such activities, you must act in good faith.\ You guarantee that you have only one account which can participate in every activity. There are no costs associated with participation, except insofar as provided otherwise in the special terms for an activity. **COMMUNICATION** Any notice, request, or other communication to be given to us by the User under these Terms shall be in writing and shall be sent to the email address below and shall be deemed delivered only when received by us at: Numeris Ltd., Any communications sent to the User (documents, notices, confirmations, statements etc.) are deemed received within 24 hours after being sent it. **INTELLECTUAL PROPERTY** We grant the User a limited, non-exclusive, non-transferable revocable license to use the Protocol and the Website. This access shall remain in effect until and unless terminated by you or by us. You acknowledge and agree that all intellectual property on the Website is owned by us and is protected by applicable intellectual property and other laws ("Intellectual property"). Except as expressly authorized by the Company, you agree not to copy, modify, rent, lease, loan, sell, distribute, perform, display, or create any derivative works, in whole or in part, based on our Intellectual property. You cannot and have no right to use our trademarks, service marks, trade names, logos, domain names, and any other features, whether for commercial use. Except for the rights expressly granted to you in the Terms, we grant no right, title, or interest to you in the Protocol and/or related services, if applicable. You will retain ownership of all copyright in data you upload or submit to the Website. You grant us a worldwide, royalty-free, irrevocable license to use, copy, distribute or publish and send this data in any manner. **THIRD-PARTY LINKS** Any hyperlinks or references to third-party websites that the User may find on the Website are provided for your information and convenience only. We have no control over third party websites and accept no legal responsibility for any content, material or information contained in them. The display of any hyperlink and reference to any third-party website does not mean that we endorse that third party's Website, products, or services. Your use of a third-party website may be governed by the terms and conditions of that third-party site. We use third-party services for authorization. Before using it, we kindly recommend you to study their documents, including terms of use and privacy and cookies policy. At this moment, we use: * WavesKeeper(privacy policy: ) * WavesExchange( privacy policy: ) We may cooperate with other services on the Waves Blockchain or not for User’s comfort and convenience. You understand and accept that if you use these services, you should follow their rules. We are not responsible for their acts or omissions. \ \ Please refer to the 3rd party’s terms and conditions prior to using its services:\ swop.fi \ Puzzle Swap \ Unslashed Finance \ \ The list of the 3rd parties may be changed. It is your responsibility to monitor the changes of this document.\ \ **PRIVACY AND COOKIE POLICIES** You can find more information about how/if we process your personal information and process information about your computer and your interaction with the Website: **LIMITATION ON LIABILITY** You acknowledge and agree that you assume full responsibility for your use of the Protocol. You acknowledge and agree that any information you send or receive during your use may not be secure and may be intercepted or later acquired by unauthorized parties. You acknowledge and agree that your use is at your own risk. Recognizing such, you understand and agree that neither the Company nor its affiliated persons or representatives or software developers who were hired by the Company to develop, maintain and promote the Vires Protocol, will be liable to you for any direct, indirect, incidental, special, consequential, punitive, exemplary or other damages of any kind, including without limitation damages for loss of profits, goodwill, use, data or other tangible or intangible losses or any other damages based on contract, tort, strict liability or any other ground (even if the Company had been advised of the possibility of such damages); unauthorized access to or alteration of your transmissions or data; any actions we take or fail to take as a result of communications you send to us; human errors; technical malfunctions; failures, including public utility or internet outages; omissions, interruptions, latency, deletions or defects of any device or network, providers, or the Protocol; any injury or damage to computer equipment; inability to fully access the Protocol and/or related services or use the Protocol and such services; theft, tampering, destruction, or unauthorized access to, images or other content of any kind; data that is processed late or incorrectly or is incomplete or lost; typing, printing or other errors, or any combination thereof; or any other matter relating to the Protocol. The Company shall not have any liability or responsibility for any errors or omissions in the performance of the Protocol and related services, for your action or inaction in connection with it or for any damage to your computer or data or funds or any other damage you may incur in connection with the Protocol and related services. In no event shall the Company be liable for any direct, indirect, punitive, incidental, special or consequential damages arising out of or in any way connected with the use of the Protocol and related services, the delay or inability to use the Protocol rm and related services or otherwise arising in connection with the Protocol and related services whether based on contract, tort, strict liability or otherwise, even if advised of the possibility of any such damages. You acknowledge that the Company has no control over, and no duty to take any action regarding third-party websites and services you use with the help of or through the Protocol and related services; how you may use the Protocol and related services; or what actions you may take with the help of the Protocol. You release the Company from all liability for you having acquired or not acquired content through the Protocol and related services. The Company makes no representations concerning any content contained in or accessed through the Protocol and related services. You acknowledge that the Company is not responsible for transferring, safeguarding, or maintaining your private keys, password, or any crypto-assets accessible therewith. If you lose, mishandle or have stolen password or private keys, you acknowledge that you may not be able to recover your crypto-assets accessible via such private keys and passwords and that the Company is not responsible for such loss. You acknowledge that the Company is not responsible for any loss, damage or liability arising from your failure to comply with the Terms hereunder. **INDEMNITY** You agree to release and to indemnify, defend and hold harmless the Company and its parents, subsidiaries, affiliates and agencies, as well as the officers, directors, employees, shareholders and representatives of any of the foregoing entities, from and against any and all losses, liabilities, expenses, damages, costs (including attorneys' fees and court costs) claims or actions of any kind whatsoever arising or resulting from your use, your violation of these Terms of Use, and any of your acts or omissions that implicate publicity rights, defamation or invasion of privacy. The Company reserves the right, at its own expense, to assume exclusive defense and control of any matter otherwise subject to indemnification by you and, in such case, you agree to cooperate with the Company in defense of such matter. **FORCE MAJEURE** A Force Majeure Event includes without limitation each of the following: * Government actions, the threat of war, acts of terrorism, or any other crisis; * Act of God, earthquake, tsunami, hurricane, typhoon, accident, storm, flood, fire, epidemic or other natural disasters; * Labour disputes and lock-out; * Breakdown, failure or malfunction of any electronic, network and communication lines (not due to our fault). **COMPLAINTS AND DISPUTE RESOLUTION** If an alleged breach, controversy, claim, dispute ("Dispute") arises between you and us or in connection with your use of the Protocol, the parties shall seek to resolve the matter by negotiations. If you wish to report an error or a Dispute, you must send an email to us at The following information will need to be included: * your email address (or other recognition details); * a detailed enquiry description; * the date and time that the issue arose. If a situation arises which is not expressly covered by these Terms, the parties agree to try to resolve the matter based on good faith and fairness. Any dispute, controversy, or claim arising out of or in relation to these Terms, including the validity, invalidity, breach, or termination thereof, shall be settled by arbitration in accordance with the Federation Rules of International Arbitration of the Federation Chambers of Commerce in force on the date when the Notice of Arbitration is submitted in accordance with these Rules. The arbitration panel shall consist of one arbitrator only. The seat of the arbitration shall be Victoria, the Republic of Seychelles. The arbitral proceedings shall be conducted in English. With respect to all persons and entities, regardless of whether they have obtained or used the Website for personal, commercial, or other purposes, all disputes, controversies or claims must be brought in the parties' individual capacity and not as a plaintiff or class member in any purported class action, collective action or other representative proceedings. This waiver applies to class arbitration, and unless we agree otherwise, the arbitrator may not consolidate more than one person's claims. You agree that, by accepting these Terms, you and we are each waiving the right to a trial by jury or to participate in a class action, collective action, or other representative proceedings of any kind.\ \ These Terms shall exclusively be governed by and construed in accordance with the substantive laws of the Republic of Seychelles. **RISKS** **Risk of blockchain and other technology usage.** You understand that blockchain technologies, including Waves blockchain technology and other associated and related technologies, are new and untested and outside of your or the Company's control and adverse changes in market forces or the technology, broadly construed, may cause the nonperformance by the Company under these Terms including temporary interruption or permanent termination of your access to the Protocol and/or related services, forks, rollbacks or bugs causing loss of your crypto-assets. By utilizing the Protocol or interacting with the content in any way, you represent that you understand the inherent risks associated with blockchain systems; and warrant that you understand the usage and intricacies of blockchain-based software systems and crypto tokens. You understand and accept that there is no warranty that related services will be uninterrupted or error-free and why there is an inherent risk that the Software could contain weaknesses, vulnerabilities, inter alia, the complete loss of your crypto-assets. **Internet transmission and failures in functionality.** You acknowledge that there are risks associated with utilizing the Vires Protocol, including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that the Company shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience. You acknowledge that there are risks inherent in internet connectivity and technologies that could result in the loss of your privacy, confidential information, and property. **Unfavorable regulatory environment.** Cryptocurrencies, blockchain technologies have been the subject of scrutiny by various regulatory bodies around the world. The maintenance of the Protocol and the Website could be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions of use of crypto assets. The Company and its third-party service providers have implemented and maintained commercially reasonable technical and organizational security measures designed to meet the following objectives: (a) ensure the security and confidentiality of your data; (b) protect against anticipated threats or hazards to the security or integrity of your data; (c) protect against unauthorized access to or use of your data. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures to access your data for improper purposes. Herewith you acknowledge and agree that you access and use the Protocol at your own risk. The risk of loss of value of held and traded crypto assets can be substantial. You should, therefore, carefully consider whether such trading is suitable for you considering your circumstances and financial resources. THIS WARNING AND OTHER LATER PROVIDED BY THE COMPANY IN NO WAY EVIDENCE OR REPRESENT AN ONGOING DUTY TO ALERT YOU OF ALL OF THE POTENTIAL RISKS OF USING THE PROTOCOL. **Risk of theft or unauthorized access.** You understand and accept that the Protocol may be exposed to attacks by hackers or other individuals that could result in theft or loss of your crypto assets. We use third-parties services to authorize our Users. We do not have any access to any of users’ data. In the case of theft or unauthorized access, we can not help you. It is your responsibility to keep save all your access details. **Risk of non-compliance with these Terms.** You may not use our Website, the Protocol if you are a citizen, resident, habitant, or legal entity incorporated in Restricted Use Areas as described below. If you are using the services on behalf of a legal entity, you represent and warrant that: (a) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (b) you are duly authorized by such legal entity to act on its behalf; (c) any beneficial owner of the legal entity, director, employee, services provider or any other individual in any way connected with your company has not been placed on any of the sanctions lists, published and maintained by the United Nations, European Union, any E.U. country, U.K. Treasury, U.S. Office of Foreign Assets Control (OFAC). Also, you guarantee that (1) you are not a US citizen, resident, or entity, nor are you get access to and using the Website or signing on behalf of a US Person, (2) you are not a Chinese resident, (3) you are not a South Korean resident, (4) you do not live in a jurisdiction which is qualifying digital tokens as securities. Residents from Afghanistan, Angola, Bahamas, , Botswana, Burundi, Cambodia, Cameroon, Canada, Chad, China, Congo, Congo (Democratic Republic), Cuba, Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Japan, Lao People’s Democratic Republic, Libya, Madagascar, Mozambique, Nicaragua, North Korea, Pakistan, Somalia, South Sudan, Sri Lanka, Sudan, Syrian Arab Republic, Tajikistan, Trinidad and Tobago, Tunisia, Turkmenistan, Uganda, Vanuatu, Venezuela, Virgin Islands (U.S), Yemen, and Zimbabwe are not permitted to access our Protocol. Please consult the respective laws governing your region for the most accurate information. Otherwise, you understand and accept that we have the right to limit the availability of the site to any person, geographic area, or jurisdiction we so desire and/or to terminate your access to and use of the Website, Protocol and/or related services, if applicable, at any time and in our sole discretion if we find out that the User does not comply with our Terms. **The volatility of cryptocurrencies.** You understand that crypto-assets and other blockchain technologies and associated currencies or tokens are highly volatile due to many factors, including but not limited to adoption, speculation, regulatory changes, technology, and security risks. Forks and changes in the relevant network may result in significant and sudden changes to the value and/or usability of your crypto assets. You acknowledge these risks and represent that the Company cannot be held liable for such risks and related costs. **Risk of loss of funds.** The trading market for crypto assets is highly unstable. Prices for crypto assets can and do fluctuate at any given moment for any reason. Due to such price fluctuations, you may gain or lose value in your crypto assets at any given moment. Any asset or trading position may be subject to large swings in value and may even become worthless. You should have deep expertise in trading crypto assets. Moreover, the User shall bear any loss resulted in his/her own fault or error. The risk of loss in trading or holding crypto assets can be substantial. Therefore, you should carefully consider whether trading or holding crypto assets is suitable for you considering your financial condition. If you supply assets for lending, you understand and accept that you might not be able to withdraw a crypto-asset for an indefinite period of time in case it is borrowed by another user, you acknowledge that you understand the decentralized nature of the Protocol and therefore we do not have the control over users’ actions or non-actions and we cannot be held liable for any of those. You accept the risk of borrowers' default in the case of a non-liquidation event. Furthermore, we do not guarantee the impossibility of any default, including the default of the Protocol in cases, including but not limited, to the loss of trading liquidity, market sentiments, actions or non-actions by other protocol users. If you borrow digital assets from the Vires Protocol, you will have to supply digital assets of your own as collateral. If your collateral declines in value such that it is no longer sufficient to secure the amount that you borrowed, others may interact with the Vires Protocol to seize your collateral in a liquidation event. You further acknowledge that we are not responsible for any of these variables or risks, do not own or control the Vires Protocol, and cannot be held liable for any resulting losses that you experience while accessing or using the Interface. You understand and agree to assume full responsibility for all of the risks of accessing and using the Interface and interacting with the Vires Protocol. **WAIVER** The failure of the Company to exercise or enforce any right or provision of the Terms shall not constitute a waiver of such right or provision. **TAXATION** You bear the sole responsibility to make payments of all applicable taxes. By using the Protocol, you agree not to hold us liable for any tax liability associated with or arising from the operation of the Protocol or any other action or transaction related to the Protocol.
# Privacy policy Last Update: September 21, 2021 Vires.finance is a decentralized protocol operating over Waves Blockchain (“the Vires Protocol" or "Protocol"). The Website ("Website") acts as a front-end to the decentralized Vires.finance Protocol provided by Numeris Ltd., a Seychelles Limited Liability Company with registration number 230885 ("Company", "we", "us"). The Company, being the owner of the Website, provides access to a decentralized finance platform ("Platform"). This Privacy & Cookies Policy (“Policy”) relates to that is regulated by its Terms of Use: By accessing the Platform and related services, a User understands and accepts this Policy. We understand that Users value their privacy. This Privacy & Cookies Policy (“Policy”), together with our Term of Use, governs how you can use the Platform and related services and how we may use the information you provide to us. This document describes the specific provisions we follow to collect, utilize, disclose, share, and protect the information that we may get while you are using the Platform and related services. The Waves Blockchain provide transparency into transactions, and we are not responsible for preventing or managing information broadcasted on a blockchain. The Company does not collect any information about people under 18 years old. Company’s Website is not intended to people under 18 years old or older if such using of our Website is not comply with the laws and regulations of User’s country of residence. If you believe such information has been inadvertently collected, please inform us, and we will take the necessary steps in order to remove such information from our database. **THE INFORMATION WE GET** Personal information means any information that relates to somebody and can help to identify that person directly or indirectly, such as e-mail, IP address, kind of device, etc. As registration on our Platform does not require any KYC procedures, we do not collect and/or process your personal information. At the same time, we use Google Analytics to make the Platform and related services more convenient and friendly for all users. Such information is anonymous data. Anonymous data means anonymous information, namely information that does not relate to an identified or identifiable natural person. SO, we collect, process, and store anonymous data only. **PURPOSE OF ANONYMOUS DATA COLLECTION**\ Anonymous data is processed in order to: 1. Provide our services efficiently and effectively, like, to fulfill a transaction; 2. Understand users’ eligibility for products and services; 3. Analyze our users’ behavior. **USE OF EXTERNAL TOOLS ON OUR WEBSITE** We can integrate various tools from different companies with our Website, which allow us to analyze user behavior. For this purpose, we work with the following service providers: **Google Analytics** Google Analytics is a website analysis service. Website analysis refers to the collection, recording and analysis of data regarding the behavior of visitors (not just users) to the website. A website analysis service records, e.g. data showing from which website a data subject has come to a website (the so-called referrer), which subpages of the website were accessed or how often and how long a subpage was viewed. Website analysis is used mainly for the optimization of a website and for a cost-benefit analysis of Internet adverting. Google Inc., 1600 Amphitheatre Pkwy, Mountain View, CA 94043-1351, USA, is the operator of the Google Analytics component. Google Analytics uses cookies. The information about your use of our Website generated by the Google Analytics cookie is normally transmitted to a Google server in the USA and stored there. Google might disclose these personal data collected via the technical procedure to third parties. However, when you activate IP anonymization on our Website, Google shortens your IP address within the Member States of the European Union or in other countries that are parties to the European Marketing Area Treaty. Only in exceptional cases is the full IP address transmitted to a Google server in the USA and shortened there. Google uses this information to analyze your use of the website in order to compile a report about your website activities and provide us with other services associated with your website and Internet use anonymously. The IP address of your browser transmitted by Google Analytics is not linked to any other Google data. This Website also uses the UserID functions of Analytics in order to be able to track interaction data. This User ID is also anonymized and encrypted and is not linked to other data. You may prevent the storage of cookies by setting your browser software accordingly, but you might then not be able to fully use all functions of our Website. You may furthermore prevent the disclosure of the data generated by the cookie, which refer to the use of the Website (incl. your IP address) to Google as well as the processing of these data by Google by downloading and installing the browser plug-in available under the following link: . This browser add-on notifies Google Analytics via JavaScript that no data or information about website visitors may be transmitted to Google Analytics. Besides, a cookie left behind by Google Analytics may be erased at any time via the Internet browser or other software programs. Additional information and the applicable privacy policy of Google may be downloaded from and from . Google Analytics is explained in more detail under this link: . You may deactivate Google Analytics for display advertising and set the displays in the Google Display Network by accessing the display settings under this link: . **Waves Keeper** Waves Keeper browser plug-in is a software application extending the functionality of web browsers in order to enable users to make easy interactions with third-party websites and applications accepting Waves blockchain compatible crypto-payments with their User Wallets, and websites and applications to interact with the Waves blockchain through the Waves Keeper API, while the user keeps his/her SEED safe on his/her device only and is able to approve transactions without entering private SEED on third-parties web resources and applications. Being the third party in this context, we do not have any access to your SEED phrase or any other security details. Please keep it in safe! Please find more information about Waves Keeper privacy provisions here: **COOKIES** We use cookies in order to make our services the most convenient for users and let you navigate between pages efficiently. Cookies are small text files placed on your computer and stored by your browser. The types of cookies we use on the Website: * strictly necessary cookies that are essential to make our Website work. They enable you to move around the Website and use its features. Without these cookies, services that are necessary for you to be able to use our Website cannot be provided; * analytics cookies that collect information about how users are using our Website, like which pages are visited the most often, how users are moving from one link to another and if they get error messages from certain pages – all this information is impersonal; * functionality cookies that allow us to understand the way of the last log-in remember choices user make language choice or country selection. The length of time a cookie will stay on your browsing device depends on whether it is a “persistent” or “session” cookie. Session cookies will only stay on your device until you stop browsing. Persistent cookies stay on your browsing device after you have finished browsing until they expire or are deleted. Please note that if you set your browser to disable cookies, you may not be able to access the Website and/or the Website may not work properly. **PROTECTION OF THE ANONYMOUS DATA** Our systems and data are constantly under review to ensure the best possible level of service. **USER’S CONSENT** Consent is required for the collection of your cookies and data anonymously. Your agreement with Our Terms of Use constitutes your consent to the collection and use of cookies as described in this Policy. **DISCLOSURE OF THE PERSONAL INFORMATION** We can not disclose User’s personal information because we do not collect and/or process it. **SHARING THE ANONYMOUS DATA** We have the right to share, sell or exchange anonymous data for analytical purposes. #### **THIRD-PARTY LINKS** There may be links from our Website to other websites and resources provided by third parties. This Policy applies only to our Website. We do not control those third-party websites or any of the content contained therein, and you agree that we are in no way responsible or liable for any of those third-party websites, including, without limitation, their content, policies, failures, promotions, products, services or actions and/or any damages, losses, failures or problems caused by, related to or arising from those websites. We encourage you to review all policies, rules, terms, and regulations, including the privacy and/or cookies policies, of each website that you visit.
#### **CHANGES OF THIS POLICY** Our policies, content, information, disclaimers, and features may be revised, modified, updated, and/or supplemented at any time and without prior notice at the sole and absolute discretion of the Company. If we change this Policy, we will take steps to notify all Users by a notice on our Website and will post the amended Privacy Policy here:
**COMMUNICATION**\ \ If you have any questions or concerns regarding our Privacy & Cookies Policy, please contact us at