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三 THE LENDROID AUCTION
The concept of a market order or limit order is inefficient in conventional exchanges and improbable on the blockchain. It requires intractable trust in the centralized exchange. When the collateral and positions of a Margin Account need to be repurposed, they are taken over by one or more Wranglers following a competitive bid. To be clear, this is not a winner-take-all auction. Every Wrangler chooses to repay a small portion of the total outstanding loan and his bid will be proportionately considered. In other words, the Wrangler takes over the account, but only the corresponding percentage of the loan that he repays.
3.1. WHO IT HELPS
The auction’s primary aim is to repay the Lender’s loan with interest. The auction is complete only if this basic criterion is met. To exercise their right on the collateral and the positions, the Wranglers repay the lender funds proportionate to the percentage they won in the auction. Because thecompetition prompts Wranglers to bid progressively lower for the collateral, the Margin Trader stands a chance to salvage some of his collateral at the end of the exercise, instead of having to lose it all. The Wrangler who identified the account is paid the bounty, and every Wrangler who bid successfully gets to win a portion of the assets. In short, the Wranglers get to further their assets at a potentially discounted price, the Margin Trader is not impacted beyond repair, and the Lender’s interests are protected.
3.2. HOW IT HAPPENS
Multiple Wranglers can monitor the margin account at the same time. The Wrangler who first identifies the terminal account triggers the startAuction function in the Auction Smart Contract. The Smart Contract triggers an Oracle call and subsequently checks the account’s margin level. The oracle, in this case, serves as an anti-spam feature. If the margin level is below the liquidation level, then the auction starts. Once the auction commences, it remains open for a total of 3 minutes allowing various Wranglers to submit their bids. Say the total amount owed by the trader is 100 ETH. If Wrangler1 pays 10 ETH and Wrangler2 pays 30 ETH, they receive 10% and 30% of the Margin Account respectively. In addition to receiving trade positions, they can also request a portion of the collateral. The collateral requested is transferred to compensate for losses in the trade positions taken over by them. Both the LSTs and the collateral are distributed based on % of the position closed by the Wranglers. The only exception being。
the first Wrangler to detect the unhealthy Margin Account who is guaranteed 25% of the LSTs staked as a reward for hisvigilance. The remaining 75% is then distributed among the rest. To summarize, the % of the position closed will determine how much of the LST and collateral each Wrangler receives, while the % of collateral requested will determine the order in which the Wranglers repay the loan.
Scenario:
Total margin account loans: 100 ETH
Total interest accrued: 1.5 ETH
Total owed to lenders: 101.5 ETH
Wranglers start bidding for a portion or the whole Margin Account, and how
much collateral they require in addition to portion of the open positions they
have rights over.
Once 3 minutes have passed, the smart contract proceeds to process the bids and allocates the positions, collateral and LSTs accordingly.
The bids are ordered by collateral % requested:
Lendroid will subsequently introduce two types of scripts. One for monitoring Margin Accounts and defaulting loans, and the other to bid auctions that Wranglers can put to use. These scripts are designed to minimize effort in monitoring and bidding.
三 LENDROID 拍卖
市场订单或限价订单的概念在传统交易中是低效的，在区块链上是不可能的。 它要求中心化交易所的绝对信任。当保证金账户的抵押品和头寸需要重新调整用途时，他们会在竞标后被一个或多个牧马人接管。 要清楚的是，这不是一个赢家通吃拍卖。
每个牧马人选择偿还贷款总额的一小部分，他的出价是将按比例考虑的。 换句话说，牧马人接管了账户，但仅占他所偿还贷款的相应百分比。
3.1. WHO IT HELPS 拍卖中过程中参与者
拍卖的主要目的是偿还贷款人的贷款和利息。 只有满足这个基本标准，拍卖才能完成。 为了行使抵押权和头寸的权利，牧马人按照他们在拍卖中获得的比例偿还贷款人的资金。
由于竞争促使牧马人对抵押品的出价逐步降低，因此保证金交易者有机会在结束时挽救一些抵押品，而不是全部损失。对账户进行验证的牧马人获得了赏金，而每一个出价成功的牧马人都会赢得一部分资产。 简而言之，牧马人获得了可能打折折扣价格的更多的资产，而且保证金交易者不会受到无法修复的影响，贷款人的利益也受到保护。
3.2.HOW IT HAPPENS 拍卖是如何触发的
多个牧马人可以同时监控保证金账户。首先识别终端账户的牧马人在拍卖智能合约中触发智能合约功能。智能合约会触发一个Oracle请求，随后检查账户的保证金水平。Oracle， 在这种情况下，用作反垃圾邮件过滤功能。
如果保证金水平低于清算水平，则拍卖开始。一旦拍卖开始，它将持续3分钟，允许各种牧马人提交出价。
假设交易者所欠的总金额是100 ETH。如果Wrangler1支付10个ETH，Wrangler2支付30个ETH，则分别获得10％和30％的保证金账户。除了获得交易头寸之外，他们还可以申请一部分抵押品。所要求的抵押品被转移来弥补他们接管的贸易头寸的损失。 LST和抵押品都是根据牧马人关闭的头寸的百分比分配的。
唯一的例外是第一个发现不健康的保证金帐户的牧马人获得25％的LSTs作为奖励，其余的75％分配给其余的。
总而言之，关闭头寸的百分比将决定每个牧马人接收的LST和抵押品的数量，而要求的抵押品的百分比将决定牧马人偿还贷款的顺序。
场景：
总保证金账户贷款：100 ETH
累计利息：1.5 ETH
欠贷方总额：101.5 ETH
牧马人开始为部分或全部保证金账户进行竞标，除了他们有权利的分得的部分外，他们还要求多少抵押品。
一旦3分钟过去了，智能合约就会进行处理，并相应地分配头寸，抵押品和LST
出价按所要求的抵押品百分比排序
Lendroid将随后引入两种类型的脚本。 一个用于监控保证金账户和违约贷款，另一个用来投标牧马人可以投入使用的拍卖。这些脚本旨在尽量减少监视和出价的工作量。
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2018.02.04 今日立春
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