Operator Onboarding
The following outlines the process for onboarding as an operator to borrow from Cap.
1. Requirements
Agent Address: A valid Ethereum address (EOA or multisig) to serve as the Agent
Delegator: Delegator to receive delegations from. The list of current delegators can be found here.
Agent Parameters:
Delegation Rate: Fixed delegation premium rate on the amount borrowed
LTV: Loan-to-Value ratio for initial maximum borrow capacity
Protocol Whitelisting: Contact the Cap team to request agent registration
An Operator may only use one Ethereum address per Delegator and collateral pair. They must generate a new address for each new Delegator. Addresses cannot be changed after deployment. For best practices, we recommend using a multisig for the address.
2. Register to a SSN of choice
Currently, Cap supports the following Shared Security Networks.
3. Complete Legal Agreements (Optional)
Operators and Delegators may enter into legal agreements outlining terms of delegation, responsibilities, and compliance.
4. Participate in Loan Activity
Once coverage is active from the respective shared security network, Operators can participate in borrowing activity directly from Cap's application using the Agent's address.
Review the risk parameters prior to loan:
LTV (Loan-to-Value): Maximum borrowing capacity (e.g., 50% = 0.5e27)
Maximum Borrow Amount: Coverage x LTV
Liquidation Threshold: Health factor at which liquidation can occur (e.g., 80% = 0.7e27)
LTV Buffer: Minimum gap between LTV and liquidation threshold (10% = 0.05e27)
5. Updating Parameters
Should Operators wish to change loan parameters, please contact the Cap team to do so.
Namely, the restaker rate can be updated via the setRestakerRate function, and the LTV and LT via the modifyAgent function.
Last updated