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Access Control ​

Administrative Roles ​

Protocol administrator (Market Manager admin) ​

Available actions

  • Deploy new lending markets
  • Read the list of markets (read-only)

Authentication and requirements

  • Must be authenticated as the manager admin for deploys and upgrades
  • Deploys and upgrades require approval from the Market Manager admin multisig (no single signer can act alone)
  • Reading the market list is public (no auth)

Market admin ​

Available actions

  • Queue, apply, or cancel pool config updates and new pool creation via time-locked queue_in_pool_set → apply_pool_set (owned markets)
  • Queue, apply, or cancel market config updates via queue_in_market_update → apply_market_update (owned markets)
  • Change market status with update_market_status, which supports 7 statuses including *ByAdmin variants that the Insurance Fund cannot override
  • Update per-pool status flags with update_pool_status (owned markets)
  • Configure fee beneficiaries with set_take_rate_fees_beneficiaries, set_operation_fees_beneficiaries
  • Update swap provider with update_swap_provider
  • Transfer admin role via propose_new_admin → accept_proposed_admin

Authentication and requirements

  • Must be authenticated as the market admin
  • Pool config updates and market config updates require the market to be owned

Proposed admin ​

Available actions

  • Accept the admin role via accept_proposed_admin (completes the 2-step admin transfer)

Authentication and requirements

  • Must be authenticated as the proposed admin address

Protocol deployer ​

Available actions

  • Upgrade the market contract with upgrade (no time-lock)

Authentication and requirements

  • Must authenticate as the deployer address

System Roles ​

Insurance Fund ​

Available actions

  • Freeze or change market status via fund_update_market_status
  • Cannot set or clear *ByAdmin status variants
  • Process bad debt cover requests

Authentication and requirements

  • Must be authenticated as the Insurance Fund contract address

User Roles ​

INFO

Lender, Borrower, Collateral manager, and Batch operator describe different capabilities of the same user account, not separate account types. A single wallet can perform all of these actions depending on the state of its obligation.

Lender ​

Available actions

  • Deposit to earn yield (receive jTokens)
  • Withdraw from any obligation type
  • All user functions use ObligationKey; different seeds target different obligation types (standard, earn, looping, etc)

Authentication and requirements

  • User authentication required (via ObligationKey.user)
  • Sufficient balance
  • Token transfer approval to the contract

Borrower ​

Available actions

  • Borrow against existing collateral
  • Repay borrowed amounts with accrued interest
  • Supplied tokens that yield interest are also considered as collateral, and borrows are made against them as well

Authentication and requirements

  • User authentication required
  • Must have collateral to borrow
  • Must have sufficient tokens to repay

Collateral manager ​

Available actions

  • Add collateral (no interest earned)
  • Remove collateral while maintaining required health/limits

Authentication and requirements

  • User authentication required
  • Token approval needed to add
  • Existing collateral required to remove

Batch operator ​

Available actions

  • Compose complex strategies via submit_requests_batch (e.g., flash borrow → swap → deposit → borrow in one atomic transaction)

Authentication and requirements

  • User authentication required
  • Oracle price must be fresh
  • All operations in the batch must individually satisfy their constraints

Permissionless Roles ​

Liquidator ​

Available actions

  • Repay part of an unhealthy borrower's debt
  • Seize discounted collateral (subject to limits/incentive)
  • Can also liquidate within batch operations via LiquidateRequest

Authentication and requirements

  • Must authenticate as the liquidator address
  • Cannot be the borrower (no self-liquidation)

Bad-debt coverer ​

Available actions

  • Issue bad debt cover requests to the Insurance Fund via issue_cover_bad_debt
  • Claim results from the Insurance Fund via claim_cover_bad_debt_results
  • Two-phase permissionless process

Authentication and requirements

  • Permissionless caller (no privileged auth)

Fee distributor ​

Available actions

  • Distribute accumulated pool fees to beneficiaries via distribute_pool_fees or distribute_all_pools_fees

Authentication and requirements

  • Permissionless caller (no privileged auth)

Reader ​

Available actions

  • View user obligations (all types via ObligationKey)
  • View pool state, utilization, fees, liquidity
  • Retrieve oracle prices and decimals
  • List pools and obligations
  • View APR/APY
  • Retrieve global market state
  • View queued updates

Authentication and requirements

  • Public (no authentication)

Contract Roles ​

Flash loan taker ​

Available actions

  • Execute atomic flash loans for arbitrage, liquidations, collateral swaps, or refinancing

Authentication and requirements

  • Contract authentication required
  • Callback must implement the flash-loan client interface
  • Must repay principal + fee in the same transaction