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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​

ParameterXRP
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 XRP
Lot size 
lotSizeAMG
Minimum quantity required for minting FAssets.		10 XRP
Collateral reservation fee (CRF) 
collateralReservationFee
Fee applied when reserving collateral for minting..		0.5%
Redemption fee 
redemptionFee
Fee charged during redemption of FAssets.		0.5%
Redemption default premium 
redemptionDefaultPremium
Premium paid if an agent fails to meet redemption obligations.		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.		20

Payment Times​

ParameterXRP
Underlying blocks for payment 
underlyingBlocksForPayment
The number of underlying blocks during which the minter or agent can pay the underlying value.		225
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 minutes
Average block time 
averageBlockTimeMS
The average time between two successive blocks on the underlying chain.		4 seconds
Time of proof availability 
attestationWindowSeconds
The amount of time that proofs of payment or nonpayment must be available on the Data Connector.		1 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 seconds

Collateral Ratios​

ParameterXRP
Vault Collateral Supported Types 

Types of collateral required in the agent's vault.		USDX
Vault Minimal CR 
getCollateralTypes 
The minimum collateral ratio required to avoid liquidation.		1.2
Vault Collateral Safety CR 
getCollateralTypes 
The collateral ratio required to exit liquidation mode.		1.3
Pool Collateral Supported Types 

Types of collateral required in the collateral pool.		SGB
Pool Collateral Pool Minimal CR 
getCollateralTypes 
The minimum collateral ratio required to avoid liquidation.		1.5
Pool Collateral Safety CR 
getCollateralTypes 
The collateral ratio required to exit liquidation mode.		1.6
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%

Liquidation​

ParameterXRP
Liquidation premium 
liquidationPremium
Increases in steps, as time passes.		Step 1: 5%
Step 2: 8%
Step 3: 12%
Liquidation step time 
liquidationStepTime
Elapsed time before the liquidation premium advances to the next step.		300 seconds
Liquidation source - Liquidated value 

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

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

Rewarding​

ParameterXRP
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 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 hours
Reward 
confirmationByOthersReward
50 USD (converted to vault collateral)

Time Locks​

ParameterXRP
Time lock 
withdrawalTimelock
Agent has to announce any collateral withdrawal or vault destruction and then wait this time before executing it.		1 hour
Maximum governance update frequency 
minUpdateRepeatTime
Minimum amount of time between updates of any governance setting.		1 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 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 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 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 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 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 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 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 hour

Emergency Pause​

ParameterXRP
Emergency pause 
maxEmergencyPauseDurationSeconds
The maximum time for a pause triggered by governance or some other entity.		3 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 week

Transfer Fees​

ParameterXRP
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.		0
Maximum Unexpired Epochs for Transfer Fee Claims 
transferFeeClaimMaxUnexpiredEpochs
The number of epochs to pass before the fees get transferred to new epochs.		30
Epoch Duration in Seconds for Transfer Fee Claims 
transferFeeClaimEpochDurationSeconds
Duration of each reward epoch.		3.5 days
Start Timestamp for First Transfer Fee Claim Epoch 
transferFeeClaimFirstEpochStartTs
The first reward epoch timestamp.		1733122800 (Mon Dec 02 2024 07:00:00 GMT)

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.

ParameterXRP
Minting fee 
feeBIPS
The minting fee is when users (minters) mint FAssets by depositing underlying assets with an agent.		1%
Pool share 
poolFeeShareBIPS
The pool share fee is the portion of the minting and redemption fees allocated to pool collateral providers.		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.		1.4
Minting Collateral Ratio - Collateral Pool 
mintingPoolCollateralRatioBIPS
The minting pool collateral ratio ensures the collateral value supports the minted FAssets.		1.7
Exit Collateral Ratio 
poolExitCollateralRatioBIPS
The pool exit collateral ratio is the minimum collateral ratio agents must maintain when exiting their pool collateral.		1.6
Discount for agent self-close 
buyFAssetByAgentFactorBIPS
Applied when agents buy back FAssets during liquidation events, shown as a factor on the Agent UI.		99%
Redemption Pool Fee Share 
redemptionPoolFeeShare
Percentage of redemption fees paid to the pool to sustain it during high redemption periods.		30%

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.

ParameterXRP
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 IAssetManager interface. Specific functions added to each parameter.

ParameterXRP
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
What's next

Learn more about the different components and processes involved in FAssets - collateral, minting, redemptions, liquidations and Core Vault.

For developer resources, explore our FXRP address, minting, and redemption guides to get started with FAssets integration.