Protocol paper

The first paper in the XPower Banq bundle covers the user-facing protocol mechanics in academic detail.

Topics

• The Pool / Vault / Position / Oracle / Acma architecture.
• The five core innovations: locked positions, debt-assumption liquidation, lethargic governance, beta-distributed caps, log-space TWAP.
• The default parameter set (66.67% LTV, 50% buffer, 10% spread, etc.) with derivations.
• The 33% conservative floor configuration with derivation.
• ERC20 supply-side and inverted ERC20 borrow-side semantics.
• ERC4626 vault interaction.
• The PoW-gated public liquidation path.

Companion product docs

The product documentation in this site is built on this paper. The mapping:

• Concepts → §3 Protocol Architecture (Section 2 is Related Work; lending fundamentals are spread across §3 and §4).
• Locked positions → §4.1 Locked Positions and Cascade Attenuation.
• Debt-assumption liquidation → §4.2 Position Transfer Semantics + §4.5 Health Factor and Liquidation.
• Lethargic governance → §4.3 Lethargic Governance.
• Position caps → §4.4 Beta-Distributed Position Caps.
• TWAP oracle → §4.6 Oracle TWAP.

For the formal proofs, see Theory and proofs.

Where to find the paper

• PDF: banq-pro.pdf (latest release)
• Unified bundle: banq-all.pdf — this paper is Part I.
• All releases: github.com/blackhan-software/xpower-banq-doc/releases