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How do liquidations occur?โ€‹

Astaria has no forced liquidations through floor prices or minimum loan-to-value ratios. A loan may only be liquidated if it expires with a positive debt balance. If any loan against an NFT is liquidated, all loans against that NFT are frozen, and the collateral is auctioned through a Dutch auction on Seaport. The starting price of the Dutch auction is determined by the liquidationInitialAsk value of the most senior loan against the NFT. After an auction is completed, loans are paid back in order of seniority until funds are exhausted. Any excess funds are returned to the borrower. For more information on liquidation mechanics, see Liquidations.

Can I take out multiple loans against the same NFT?โ€‹

Strategists may choose to issue loan terms that can be junior to other loans (i.e., they would get paid back last in a liquidation). Astaria automatically selects the best combination of loan terms to maximize your borrowing power at loan origination. Astaria currently supports up to five loans against a single NFT, but many assets may only be supported by senior-only terms--they cannot be stacked. See Refinancing for more details.

Which NFTs will I be able to borrow against?โ€‹

At launch, Astaria plans to support terms for leading NFT collections through its whitelisted strategist partners. Smaller collections may be supported at the discretion of individual strategists through PublicVaults or PrivateVaults.


As a liquidity provider, how can I withdraw funds?โ€‹

Providing capital to PublicVaults operates around an epoch-based system. Strategists define an epoch length that is used to determine the maximum loan duration and the withdrawing schedule of LPs. To exit a PublicVault as a liquidity provider, you must signal to withdraw one epoch in advance. At the beginning of the next epoch, the PublicVault will begin earmarking funds for you to collect by the end of the next epoch. The epoch system ensures that Astaria Vaults can be safely wound down without pausing withdrawals.

Creating a Vaultโ€‹

How can I become a strategist?โ€‹

Anyone may create a PrivateVault with a strategy and fund them with their own capital. Alternatively, anyone may create a PublicVault to attract capital from other LPs. However, only PublicVaults from whitelisted strategists will be advertised on our UI (but borrowers are served terms from every active Vault).

Should I create a PublicVault or PrivateVault?โ€‹

PrivateVaults offer more flexibility to strategists. To ensure that funds are available for withdrawing liquidity providers, loans issued by PublicVaults cannot cross two epoch boundaries, while PrivateVaults have no such duration restriction. PrivateVaults may also purchase loans from other Vaults for a fee), while PublicVaults can only refinance loans after 90% of the loan duration has elapsed. See [Refinancing](/docs/protocol-mechanics/refinance for more details.