Membrane is a community-owned DAO that carries the torch of decentralization. The main protocol is a pegged token (stablecoin) stabilization system that uses collateralized debt in the form of collateralized debt positions (CDPs) to mint. A CDP is a loan that holds collateral and mints debt within the set LTV limits of the position. Typical CDPs are 1 collateral per position but Membrane enables bundles to mix-n-match collateral enabling further risk control for the position owners. Prices are sourced from the oracle contract which currently queries Osmosis TWAPs & Pyth Network (for OSMO/USD). As new robust oracles are deployed Membrane should diversify.
Loan liquidations are used to keep the debt token collateralized and typically auction off the full amount to the contract caller in a first come first serve manner. Membrane’s liquidations are a 4-part filtration system that liquidate collateral at market driven fees until ultimately being backed by the Membrane network token.
From 1-4:
- Liquidation Queue for single collateral w/ dynamic fees
- Stability Pool for all collateral at a fixed fee
- Market sales through a DEX router
- Bad debt recapitalization through Membrane Debt Auctions
Pegged token mints are handled by the Osmosis Proxy in a way that allows for multiple versions of the CDP contract to run in tandem. All external user facing contracts that hold funds should be immutable long term to allow the market to choose its upgrades.
| Name | Description |
|---|---|
positions |
Credit position manager |
liquidation queue |
Debt liquidation queue |
stability pool |
Position stability pool |
debt auction |
Last-resort MBRN auction for bad debt |
oracle |
TWAP oracles for approved assets |
liquidity check |
Checks for acceptable AMM liquidity of collateral assets |
| Name | Description |
|---|---|
governance |
Decentralized governance contract for updating protocol params and contract versions |
staking |
Manages staked MBRN functionality |
vesting |
Manages vesting MBRN functionality |
| Name | Description |
|---|---|
osmosis proxy |
Proxy to Osmosis SDK module functions |
margin proxy |
Proxy for cleaner looped margin functionality |
launch: osmo1g6hgj3eu9ju4vuaprjxdzj97ecnuczytve3junulgnwlamnndl5q6k73w6
discount_vault: osmo1v8wckds5lvsdd0xrragvleu8srxprjpwdl7mga5uygnwmz5e7qzsl5zexw
governance: osmo19h8huy2hz4q7detxzv2r2erlsvlq8hzlsquu6n5x83775va4qgkskf20kq
liq_queue: osmo1ycmtfa7h0efexjxuaw7yh3h3qayy5lspt9q4n4e3stn06cdcgm8s50zmjl
liquidity_check: osmo1xxx0yuqhmwekt44q00jrf3rwvfa70rpeu622q0x56yaf423vq93q3qpzux
mbrn_auction: osmo1qwdlg9le9kdrvgyp35jxz53m8zhdssyvxvyevmdxcn852h6dq9gqknf2aa
oracle: osmo160t4k7x8axfd335s0rj5jdffzag684tjrzchlwmqk23xte32alvq6nfz6k
osmosis_proxy: osmo1s794h9rxggytja3a4pmwul53u98k06zy2qtrdvjnfuxruh7s8yjs6cyxgd
positions: osmo1gy5gpqqlth0jpm9ydxlmff6g5mpnfvrfxd3mfc8dhyt03waumtzqt8exxr
stability_pool: osmo1326cxlzftxklgf92vdep2nvmqffrme0knh8dvugcn9w308ya9wpqv03vk8
staking: osmo1fty83rfxqs86jm5fmlql5e340e8pe0v9j8ez0lcc6zwt2amegwvsfp3gxj
system_discounts: osmo1p0hvtat69dash8f0w340n2kjdkdfq0ggyp77mr426wpnfwp3tjyqq6a8vr
vesting: osmo1flwr85scpcsdqa8uyh0acgxeqlg2ln8tlklzwzdn4u68n3p5wegsgspjf6