Borrower equity — $
negative = bad debt: the debt
exceeds what the position holds, the shortfall lands on the lenders
equity = collateral token $ + crvUSD from S.L. − debt · below 0 = underwater at par
Lender equity — $
no bad debt
What the funded principal is still worth to the lenders:
lender equity = debt₀ − badDebt(t), where debt₀ is the
borrower's debt at t=0 and badDebt = max(0, debt − x − p·y)
— the slice of the loan the position no longer covers even at market
prices. Repayments and hard liquidations return principal (no change here);
only bad debt destroys it. Interest earned is not included.
intact
underwater: bad debt
Borrower health
health · log axis, each gridline 10x · below 0 = liquidatable
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