MARKET_PENDING_CURATOR until a lender of record has taken the market, because nobody holds the roles before that.
Who signs
At adoption, the interest model passes to the
issuer wallet the lender of record named, and moves later only by a two-step transfer. Read modelOwner from rateMode rather than assuming it. The examples name the signers issuer and admin.
With { signer }, the SDK checks the signer before anything is signed. For the rate mode and the fixed-rate ceiling, the prepared response names the interest model owner in requiredSigner, and the SDK compares the two. For every other setting and each extension step, it reads whether the signer holds the role from the market. A signer without it gets a ValidationError, and a read that failed gets ROLE_UNREADABLE with status 503, with nothing sent either way.
Read the offering
rate carries the mode, the clamp or fixed rate, maxFixedRateBps, the jump-rate curve underneath and modelOwner. terms carries the maximum duration and grace period in seconds, the terminal due date, the term penalty, the extension switch and termStamping. extensions merges the proposals on chain with those recorded through this API. With chainReadFailed: true it lists only recorded proposals in their last known state, so read it again before acting on one.
Set the rate mode
FIXED is refused with FIXED_RATE_REQUIRES_TERMS until the market runs a maximum loan duration. A stamped loan keeps its rate through every later change and cannot draw more, so a further draw is a new loan. A fixedRateBps above the ceiling is refused with RATE_ABOVE_MAX_FIXED.
The confirmed result carries offering, the rate and term offering read back from the chain, and updatedColumns, the stored market fields the change updated. To confirm a transaction you broadcast yourself, pass null as the input: setRateMode(marketId, null, { txHash }).
Tighten the fixed-rate ceiling
The ceiling on any fixed rate the owner can set moves down only. A market with no ceiling takes a first one here, and once recorded it can never be cleared. It bounds the rates the owner can set, not the loans: loans already stamped keep their rate.MAX_FIXED_RATE_ONLY_DECREASES. While the market runs FIXED, the ceiling cannot drop below the rate new loans are stamped with (MAX_FIXED_RATE_BELOW_STAMP): lower the stamp with setRateMode first.
Set loan terms
A termed loan falls due at its maturity. Once the grace period after it has run out, an unrepaid loan becomes realizable whatever its health. The whole claim is then realized at the term penalty, and collateral beyond what that needs returns to the borrower in the same transaction. A new maturity reaches new loans only, and nothing here moves an open loan’s maturity earlier. Whether the grace period and the penalty also stay with new loans depends on the market implementation, which the prepared response names intermStamping. Prepare the change first to read it, and the OPEN_TERMED_LOANS_AFFECTED warning when a shorter grace period or a higher penalty reaches open loans.
PER_LOAN, each loan keeps the grace period and penalty it was signed under, so the whole change reaches new loans only. On MARKET_CONFIG, the grace period and the penalty are read at realization, so a change reaches every open termed loan. Then sign it from the holder of ISSUER_ROLE:
maxLoanDurationDays is a whole number of days up to 3650. terminalDueDate is a future date every new loan falls due by, as unix seconds or an ISO date. termGracePeriodDays runs from 1 to 30. The term penalty cannot exceed the market’s liquidation penalty, and a penalty above zero needs terms (INVALID_TERM_OFFERING).
To switch terms off for new loans, send maxLoanDurationDays: 0 with no terminal date, grace period or penalty. That is refused with TERMS_REQUIRED_BY_FIXED_RATE while the model stamps a fixed rate. A terminal date that has passed closes the market to new loans until a future date or a duration is set.
Set the reserve ratio
The reserve holds a share of total liquidity back from borrowing, as a buffer for liquidity providers who want to exit. It binds borrowing only, so a withdrawal can always consume it. It serves whichever provider exits first and guarantees no one an exit. The slice held back is not lent and earns no interest, a cost the lender of record discloses to its liquidity providers.0 clears it. It applies at once to what a new borrow can draw and moves no open loan. When withdrawals have used the reserve up, repayments refill it before any new borrow can draw again.
exitLiquidity shows the effect: borrowableLiquidity is what a new borrow can draw, availableLiquidity what a withdrawal can reach, and exitHorizon when the whole book could have turned liquid. disclosure says the same in one sentence for a liquidity provider. The horizon holds only absent new borrows, and while a loan without a term is outstanding, no exit date exists at all.
Extend a maturity
The flow has a master switch and two signed steps. The market admin switches it on, the holder ofISSUER_ROLE proposes, and the market admin confirms within seven days. No maturity moves before that confirmation.
newDueAt is unix seconds and must push the maturity, or the floor, later. The proposal id exists only once the transaction mines, so read it from the confirmed result’s activity:
LOAN or FLOOR proposal applies on the spot, and a BATCH becomes applicable. A proposal not confirmed within seven days lapses and is refused with EXTENSION_EXPIRED.
LOAN proposal’s loan is still open. A loan repaid or liquidated since the proposal makes the confirmation revert on chain, so read it with loans.getByLoanId before the admin signs.
Apply a confirmed BATCH in pages of 1 to 200 loan ids. Re-running a page is harmless: a loan that is closed, has no maturity, or already matures on or after newDueAt is skipped on chain. A batch reaches only loans that existed when it was proposed, and a page naming a later loan is refused with EXTENSION_LOAN_OUT_OF_SCOPE.
noOp: true and outcome: 'NO_LOAN_EXTENDED': the transaction cost gas, and no maturity moved.
cancelExtension withdraws a proposal, confirmed or not, that has not been used up. It works with the switch off too, so a proposal can always be withdrawn. With the switch off, confirming and applying are refused with EXTENSION_NOT_ALLOWED, and open proposals stay on the market.
To confirm any extension transaction you broadcast yourself, pass null for the arguments the build needed: confirmExtension(marketId, null, { txHash }). The API records proposals, confirmations, applied pages, cancellations and the switch through the same confirm call.