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Operational Parameters

This page lists the current values for the most important parameters of the FAssets system on Songbird Canary-Network and Songbird Testnet Coston. These values are subject to change as the system is further developed and tested.

Asset Manager Operational Parameters​

To get the default agent settings, you need to call the getSettings function on the IAssetManager interface. Read more about the IAssetManager interface here.

Minting and Redeeming​

ParameterXRPBTCDOGE
Minting cap 
mintingCapAMG
Total amount of allowed FAssets in circulation. Once reached, no more FAssets can be minted until some are redeemed. This is intended as a security measure. In the final deployment, this cap will be gradually increased and finally removed.		750k XRP18.5 BTC5M DOGE
Lot size 
lotSizeAMG
Minimum quantity required for minting FAssets.		10 XRP0.05 BTC200 DOGE
Collateral reservation fee (CRF) 
collateralReservationFee
Fee applied when reserving collateral for minting..		0.5%0.5%0.5%
Redemption fee 
redemptionFee
Fee charged during redemption of FAssets.		0.5%1%0.5%
Redemption default premium 
redemptionDefaultPremium
Premium paid if an agent fails to meet redemption obligations.		5%2%5%
Redemption default premium source 

Where does the premium come from when an agent fails to pay the redeemer on time? If the vault CR > 1.1, from the agent's vault. Otherwise, from the agent's vault and the collateral pool.		✅✅✅
Maximum redemption tickets 
maxRedeemedTickets
Maximum number of tickets redeemed in a single request.		202020

Payment Times​

ParameterXRPBTCDOGE
Underlying blocks for payment 
underlyingBlocksForPayment
The number of underlying blocks during which the minter or agent can pay the underlying value.		22536100
Underlying seconds for payment 
underlyingSecondsForPayment
The minimum time allowed for an agent to pay for a redemption or a minter to pay for minting.		15 minutes6 hours60 minutes
Average block time 
averageBlockTimeMS
The average time between two successive blocks on the underlying chain.		4 seconds10 minutes1 minute
Time of proof availability 
attestationWindowSeconds
The amount of time that proofs of payment or nonpayment must be available on the Data Connector.		1 day1 day1 day
Amount of extra time per redemption 
redemptionPaymentExtensionSeconds
The extra amount of time per redemption granted to an agent when many redemption requests occur in a short period of time.		45 seconds60 seconds60 seconds

Collateral Ratios​

ParameterXRPBTCDOGE
Backing factor 
minUnderlyingBackingBIPS
The percentage of underlying assets that must be actively backed at any time.		98%99%95%
Vault Collateral Supported Types 

Types of collateral required in the agent's vault.		USDXUSDXUSDX
Vault Minimal CR 
minimalCR
The minimum collateral ratio required to avoid liquidation.		1.21.21.2
Vault Collateral Call Band CR 
ccbCR
The threshold at which collateral is considered unhealthy but liquidation is delayed.		1.11.11.1
Vault Collateral Safety CR 
safetyCR
The collateral ratio required to exit liquidation mode.		1.31.31.3
Pool Collateral Supported Types 

Types of collateral required in the collateral pool.		SGBSGBSGB
Pool Collateral Pool Minimal CR 
minimalCR
The minimum collateral ratio required to avoid liquidation.		1.51.51.5
Pool Collateral Call Band CR 
ccbCR
The threshold at which collateral is considered unhealthy but liquidation is delayed.		1.41.41.4
Pool Collateral Safety CR 
safetyCR
The collateral ratio required to exit liquidation mode.		1.61.61.6
Minting pool holdings required 
mintingPoolHoldingsRequired
The minimum amount of pool tokens an agent must hold to be able to mint, as a percentage of the FAssets the agent is currently backing.		50%50%50%

Liquidation​

ParameterXRPBTCDOGE
CCB time 
ccbTime
Maximum time an agent can remain in CCB before liquidation starts.		600 seconds600 seconds600 seconds
Liquidation premium 
liquidationPremium
Increases in steps, as time passes.		Step 1: 5%
Step 2: 8%
Step 3: 12%		Step 1: 4%
Step 2: 8%
Step 3: 12%		Step 1: 4%
Step 2: 8%
Step 3: 12%
Liquidation step time 
liquidationStepTime
Elapsed time before the liquidation premium advances to the next step.		300 seconds300 seconds300 seconds
Liquidation source - Liquidated value 

Where do the funds come from to pay for liquidations?		The agent's vaultThe agent's vaultThe agent's vault
Liquidation source - Premium 

Where do the funds come from to pay for liquidations?		The collateral poolThe collateral poolThe collateral pool

Rewarding​

ParameterXRPBTCDOGE
Challenger reward 
paymentChallengeReward
After a successful challenge for an illegal operation, the agent goes into full liquidation and the challenger is paid this reward from the agent's vault.		250 USD converted to vault collateral250 USD converted to vault collateral250 USD converted to vault collateral
Confirmation by others 
confirmationByOthersAfter
If an agent or redeemer becomes unresponsive, anybody can confirm payments and non-payments some time after the request was made, and get a reward from the agent's vault.
Minimum time 
confirmationByOthersAfter
6 hours4 hours4 hours
Reward 
confirmationByOthersReward
50 USD (converted to vault collateral)50 USD (converted to vault collateral)50 USD (converted to vault collateral)

Time Locks​

ParameterXRPBTCDOGE
Time lock 
withdrawalTimelock
Agent has to announce any collateral withdrawal or vault destruction and then wait this time before executing it.		1 hour1 hour1 hour
Maximum governance update frequency 
minUpdateRepeatTime
Minimum amount of time between updates of any governance setting.		1 day1 day1 day
Token invalidation time 
tokenInvalidationTime
Time between the moment a token is deprecated by governance and it becomes invalid. Agents still using it as vault collateral get liquidated after this time.		1 day1 day1 day
Agent exit available time lock 
agentExitAvailableTimelock
The time the agent has to wait after announcing exit from the list of publicly available agents and executing the exit.		3 hours3 hours3 hours
Agent fee change time lock 
agentFeeChangeTimelock
The time the agent has to wait between announcing and changing the agent fee or the pool share.		1 hour1 hour1 hour
Agent minting CR change time lock 
agentMintingCRChangeTimelock
The time the agent has to wait between announcing and changing the minting CR (vault or pool).		5 minutes5 minutes5 minutes
Pool exit and top-up change time lock 
poolExitAndTopupChangeTimelock
The time the agent has to wait between announcing and changing any pool exit and top-up settings.		1 day1 day1 day
Agent time-locked operation window 
agentTimelockedOperationWindow
Once the above time locks expire, agents have this amount of time to execute the requested operation.		2 hours2 hours2 hours
Collateral pool token time lock 
collateralPoolTokenTimelock
Amount of seconds that a user entering the collateral pool must wait before spending (exit or transfer) the obtained pool tokens.		60 seconds60 seconds60 seconds
Minimum diamond-cut time lock 
diamondCutMinTimelockSeconds
Amount of time that must elapse before the system performs a <a href='https://eips.ethereum.org/EIPS/eip-2535' target='_blank'>diamond cut</a>.		1 hour1 hour1 hour

Emergency Pause​

ParameterXRPBTCDOGE
Emergency pause 
maxEmergencyPauseDurationSeconds
The maximum time for a pause triggered by governance or some other entity.		3 days3 days3 days
Emergency pause reset 
emergencyPauseDurationResetAfterSeconds
The amount of time since the last emergency pause. After it has elapsed, the pause duration counter automatically resets.		1 week1 week1 week

FAssets Upgrade​

ParameterXRPBTCDOGE
Buyback collateral premium 
buybackCollateralPremium
The premium at which agents can buy back their collateral when f-asset is terminated.		0.5%0.5%0.5%
Burn collateral premium 
vaultCollateralBuyForFlare
The premium at which agents can burn collateral to unstick a minting process.		0%0%0%

Transfer Fees​

ParameterXRPBTCDOGE
Transfer fee represented as a fraction of one millionth of the transferred amount 
transferFeeMillionths
The fee on FAsset token transfer. Each transfer has this value times the transferred amount deducted from its value. The fees get deposited into epochs that are claimable by agents depending on their minting history.		000
Maximum Unexpired Epochs for Transfer Fee Claims 
transferFeeClaimMaxUnexpiredEpochs
The number of epochs to pass before the fees get transferred to new epochs.		303030
Epoch Duration in Seconds for Transfer Fee Claims 
transferFeeClaimEpochDurationSeconds
Duration of each reward epoch.		3.5 days3.5 days3.5 days
Start Timestamp for First Transfer Fee Claim Epoch 
transferFeeClaimFirstEpochStartTs
The first reward epoch timestamp.		1733122800 (Mon Dec 02 2024 07:00:00 GMT)1733122800 (Mon Dec 02 2024 07:00:00 GMT)1733122800 (Mon Dec 02 2024 07:00:00 GMT)

Handshake​

ParameterXRPBTCDOGE
Collateral Reservation Timeout 
cancelCollateralReservationAfterSeconds
Time after which collateral reservation can be canceled if the handshake isn't completed.		60 seconds60 seconds60 seconds
Return factor for rejected (or canceled) minting handshake 
rejectOrCancelCollateralReservationReturnFactorBIPS
The percentage of the collateral reservation fee returned on rejected (or canceled) minting handshake.		5%2%2%
Redemption Request Rejection Window 
rejectRedemptionRequestWindowSeconds
Time window within which the agent can reject a redemption request.		120 seconds120 seconds120 seconds
Redemption Request Takeover Window 
takeOverRedemptionRequestWindowSeconds
Time window during which another agent can take over a rejected redemption request.		120 seconds120 seconds120 seconds
Vault Collateral Compensation Factor 
rejectedRedemptionDefaultFactorVaultCollateralBIPS
Portion of compensation factor paid from the agent's vault collateral during redemption rejection.		1.0011.0011.001
Pool Collateral Compensation Factor 
rejectedRedemptionDefaultFactorPoolBIPS
Portion of compensation factor paid from the pool collateral during redemption rejection.		000

Default Agent Settings​

To get the default agent settings, you need to call the getAgentInfo function on the IAssetManager interface. Read more about the IAssetManager interface here.

ParameterXRPBTCDOGE
Minting fee 
feeBIPS
The minting fee is when users (minters) mint FAssets by depositing underlying assets with an agent.		1%1%1%
Pool share 
poolFeeShareBIPS
The pool share fee is the portion of the minting and redemption fees allocated to pool collateral providers.		30%30%30%
Minting Collateral Ratio - Agent Vault 
mintingVaultCollateralRatioBIPS
The minting vault collateral ratio is the minimum collateral required to back FAssets, ensuring value protection against under-collateralization.		1.41.41.4
Minting Collateral Ratio - Collateral Pool 
mintingPoolCollateralRatioBIPS
The minting pool collateral ratio ensures the collateral value supports the minted FAssets.		1.71.71.7
Exit Collateral Ratio 
poolExitCollateralRatioBIPS
The pool exit collateral ratio is the minimum collateral ratio agents must maintain when exiting their pool collateral.		1.61.61.6
Top-up CR 
poolTopupCollateralRatioBIPS
Defines the minimum collateral ratio agents must maintain when topping up pool collateral.		1.51.51.5
Top-up discount 
poolTopupTokenPriceFactorBIPS
The pool top-up token discount values added tokens at a slight discount to market price, increasing system stability, shown as a factor on the Agent UI.		99.5%99.5%99.5%
Discount for agent self-close 
buyFAssetByAgentFactorBIPS
Applied when agents buy back FAssets during liquidation events, shown as a factor on the Agent UI.		99%99%99%

Core Vault​

Core Vault Manager​

To get the Core Vault manager operational parameters you need to use the ICoreVaultManager interface. Specific functions added to each parameter.

ParameterXRPBTCDOGE
Escrow amount 
_escrowAmount getSettings _escrowAmount
The amount of XRP to escrow (setting to 0 disables escrowing).		150k XRP
Minimal left amount in the multisig 
_minimalAmount getSettings _minimalAmount
The minimal amount that will be left on the multisig after escrowing.		150k XRP
Escrow expiration time 
_escrowEndTimeSeconds getSettings _escrowEndTimeSeconds
The time of day (UTC) when the escrows expire. Exactly one escrow per day will expire.		50400 (14:00 UTC)
Max expected fee 
_fee getSettings _fee
Maximum expected fee charged by the chain for a payment		0.0004 XRP (400 drops)

Core Vault Settings​

To get the Core Vault settings you need to use the ICoreVaultSettings interface. Specific functions added to each parameter.

ParameterXRPBTCDOGE
Minting left on agent's address 
getCoreVaultMinimumAmountLeftBIPS 
Minimum amount of minting left on agent's address after transfer to core vault. Expressed as percentage of agent's minting capacity (calculated from agent's vault and pool collateral).		15%
Transfer to core vault time 
getCoreVaultTransferTimeExtensionSeconds 
The extra time for an agent's transfer to the core vault, compared to ordinary redemption payment.		2 hours
Transfer fee to Core Vault 
getCoreVaultTransferTimeExtensionSeconds 
Fee (in percentage of transfer amount) paid by agent for transfer to the core vault.		0
Minimum number of lots for direct redemption 
getCoreVaultMinimumRedeemLots 
The minimum number of lots that a direct redemption from core vault can take		1000
Redemption fee 
getCoreVaultRedemptionFeeBIPS 
Fee (in percentage of redemption amount) paid by the redeemer for direct redemptions from the core vault.		0