> For the complete documentation index, see [llms.txt](https://docs.hoard.world/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hoard.world/protocol/parameters.md).

# Parameters

Every number in the protocol, from `HoardConstants.sol`, the single home for them.

## Supply

| Parameter                     | Value                                                                |
| ----------------------------- | -------------------------------------------------------------------- |
| Total supply                  | 2,222 HOARD, 18 decimals                                             |
| Maximum Hoardlings            | 2,222                                                                |
| Seed liquidity                | 80% (1,777.6 HOARD)                                                  |
| Lender launch stream          | 7% (155.5 HOARD), over 1 week                                        |
| East District rewards reserve | 8% (177.8 HOARD), 3 tranches, 6-hour timelock                        |
| Team                          | 5% (111.1 HOARD): 0.5% liquid, 4.5% vesting in 9 tranches of 30 days |
| Launch pair                   | 1,500 USDG against the seed, opening price 0.843834 USDG per HOARD   |
| Seed lock                     | 365 days, forward-only, one-way permanent option                     |

## Trading

| Parameter          | Value                       |
| ------------------ | --------------------------- |
| Canonical pool fee | 3% in USDG, both directions |
| To the Stock Vault | 1.5%                        |
| To the USDG Wall   | 1.5%                        |
| Native LP fee      | 0                           |

## Credit

| Parameter                             | Value                                                    |
| ------------------------------------- | -------------------------------------------------------- |
| Ordinary origination LTV              | 45%                                                      |
| Bound-Hoardling origination LTV       | 65%                                                      |
| Ordinary liquidation threshold        | 77%                                                      |
| Bound-Hoardling liquidation threshold | 91.5%                                                    |
| Liquidation incentive                 | 2.6%                                                     |
| Close factor while mildly breached    | 50% of debt per call                                     |
| Deep breach margin                    | 5 points past the threshold closes whole                 |
| Full liquidation below                | 100 USDG of debt                                         |
| Minimum liquidation sale price        | 75% of oracle value                                      |
| Pledge deposit fee                    | 2%, paid to lenders in HOARD                             |
| Borrow rate                           | 40% APR idle, 70% at the 80% kink, 120% fully utilised   |
| Interest split                        | 40% lenders, 40% Stock Vault, 20% wall, 0% reserve       |
| Lender reward drip                    | 7 days                                                   |
| Lender cap                            | 20% of USDG depth (pool plus wall), ceiling 100,000 USDG |
| Cap ceiling raise                     | 6-hour timelock; lowering is immediate                   |

## Oracle

| Parameter         | Value                                                 |
| ----------------- | ----------------------------------------------------- |
| Borrow price      | min(spot, 30-minute TWAP, 4-hour TWAP)                |
| Liquidation price | min(5-minute TWAP, 30-minute TWAP)                    |
| Staleness         | new borrowing pauses after 1 day without a trade      |
| Deviation watch   | warning above 15% between spot and the 30-minute TWAP |

## Operations

| Parameter             | Value            |
| --------------------- | ---------------- |
| Keeper round          | every 10 minutes |
| Rewards reserve delay | 6 hours          |
| USDG decimals         | 6                |


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