Abacus Patch Notes: V1.1

Published in

Abacus.wtf 🧮

5 min readApr 21, 2023

Purpose:

The goal of update 1.1 is to enhance the borrower and liquidity provider (LP) experience. On the borrower side we allow bulk actions and an ETH to WETH auto converter to enable faster, easier mass borrowing, interest payments, and repaying of loans. Meanwhile, on the LP side, we’ve created a grace period for LPs to purchase the debt outright and receive the NFT before it goes to auction.

Contracts:

Spot pool & Auctions:

Future purchase: Currently, a prospective LP is limited to submitting an appraisal in the current epoch of a Spot pool. For example, if the pool is on epoch 0, a liquidity provider is not able to purchase a position until epoch 1. Therefore, a borrower in epoch 0 may need to repay part of any outstanding loans to meet the change in price from epoch 0 to 1, which puts an unnecessary limit on the level of loan continuity that the protocol can offer. With future purchases, LPs can enter pools an epoch early to foster higher levels of continuity in the pool’s valuation and allow for a more convenient environment for borrowers.

Grace period auctions for LP: This update introduces a grace period for LPs to purchase NFTs before they are publicly auctioned off in the event of loan liquidation. LPs compete for the right to purchase the NFT by submitting a proof of risk taken in the pool, with the winner having the highest amount of risk points. The update aims to give LPs a chance to earn strong profits and helps borrowers by creating a natural incentive for LPs to take on more risk. For example, imagine Alice deposited 4 ETH in tranches 0–2 and Bob deposited 4 ETH in tranches 2–4 into a Spot pool. Now, any holder can borrow 0.3 ETH for a single NFT. Carl decides to sell an NFT to the pool (either directly or through liquidation) and receives 0.3 ETH. Before the auction begins, Alice and Bob can compete to buy the NFT for 0.3 ETH. Since Alice is in tranches 0–2 and Bob is in 2–4, if Alice and Bob were to participate in the grace period auction, Bob would win and receive the NFT because he took on more risk in the pool.

Multi closure: NFT owners can sell multiple NFTs into a pool at once, instead of having to execute a transaction per NFT.

Multi bid: Bidders can submit multiple bids instead of having to submit multiple individual bids when participating in Abacus auctions.

Multi auction end: Anyone can end multiple auctions at once instead of having to end each Abacus auction individually.

Multi NFT claim: Auction winners can claim multiple NFTs at once instead of having to claim them each in individual transactions.

Lending:

Multi borrow: Borrow against multiple NFTs in a single transaction.

Multi pay interest: Pay interest due on multiple loans in a single transaction.

Multi repay: Repay multiple loans in a single transaction.

Auto convertor: If a borrower doesn’t have WETH to repay a loan, the protocol will accept ETH and atomically auto-convert it to WETH when executing a transaction.

Multi liquidate: Liquidate multiple overdue loans at once.

Integrations:

Sudoswap: NFTs in two-sided Sudoswap pools (ETH-NFT to start) can be borrowed against while the pool owner is acting as an LP and earning fees. For example, if I own a Sudoswap pool and LP 10 Lil Pudgys, I can borrow against those Lil Pudgys as if I’m borrowing against the NFTs themselves. Meanwhile, the actual NFTs are still in the pool being traded against and earning me fees.

NFTX: All NFTX token types (vToken, xToken, SLP, xSLP) can be wrapped into Abacus and borrowed against.

Caviar: All Caviar LP tokens can be wrapped and borrowed against in Abacus. Therefore, if someone deposits NFTs into a Caviar trading pool, they’d be able to borrow against the NFT without having to sacrifice LP fees earned while doing so.

Interface:

In addition to smart contract-based updates, we’ve also made interface updates to reflect these changes. Our goal with these interface updates is to enable all types of lenders, high and low volume alike, to use Abacus based on their context of usage. Therefore, for all interfaces, we’ve added in list view, grid view, and “quick” action buttons to allow for a high-speed borrower experience. Meanwhile, we also allow borrowers that seek more information to have all information available at their fingertips by clicking into an NFT card. Moreover, auctions may not have been very visible in the past, but they now have their own interface which allows anyone to see instantly what items are being auctioned.

Below we’ll post some images of what the interface will look like!

Multi Borrow:

Select between grid and list view. In a few clicks: Select eligible NFTs and multi-borrow.

Multi loan extension and repay:

Extend your loans by paying back part a portion, or close them all at once.

Caviar and NFTX minting:

From your Caviar and NFTX tokens, mint an NFT and use the NFT to borrow on Abacus.

Multi bidding:

The dedicated ‘Bid’ page enables you to easily select and bid on multiple auctions at once.

We’d love to hear any feedback or suggestions for new features that users would like to see!

Among the next set of updates will include a mix of quality of life updates like notification systems, LP analytics, “vault appraisals”, rebirth of automation, and more!