CreditConfiguratorV3 - Gearbox Protocol Core V3

Overview

The Credit Configurator V3 provides functionality to configure various aspects of the Credit Manager and Credit Facade’s behavior. It serves as the administrative interface for managing tokens, adapters, fees, and other protocol parameters. Contract Location: contracts/credit/CreditConfiguratorV3.sol Interface: ICreditConfiguratorV3.sol

Key Features

Collateral token management and liquidation thresholds
Adapter allowlisting for protocol integrations
Fee configuration for liquidations
Debt limit management
Contract upgrades (price oracle, facade, configurator)
Token permission management (forbidden/allowed)
Loss policy configuration

State Variables

Immutable Variables

version

uint256

Contract version (always returns 3_10)

contractType

bytes32

Contract type identifier (always returns "CREDIT_CONFIGURATOR")

creditManager

address

Credit manager address this configurator manages

underlying

address

Underlying token address of the credit manager

Token Management

addCollateralToken

function addCollateralToken(
    address token,
    uint16 liquidationThreshold
) external

Makes a token recognizable as collateral in the credit manager.

token

address

required

Token to add as collateral

liquidationThreshold

uint16

required

Liquidation threshold in basis points (e.g., 8500 = 85%)

Prerequisites:

Token must be a valid ERC-20 contract
Token must have a price feed in the price oracle
Token must be quoted in the pool’s quota keeper
Liquidation threshold must be ≤ underlying token’s LT
If phantom token, its depositedToken must already be added

Cannot add the underlying token as collateral (it’s automatically added during credit manager deployment).

setLiquidationThreshold

function setLiquidationThreshold(
    address token,
    uint16 liquidationThreshold
) external

Sets a token’s liquidation threshold immediately.

token

address

required

Token to set LT for

liquidationThreshold

uint16

required

New liquidation threshold in basis points

rampLiquidationThreshold

function rampLiquidationThreshold(
    address token,
    uint16 liquidationThresholdFinal,
    uint40 rampStart,
    uint24 rampDuration
) external

Schedules gradual liquidation threshold ramping for a token.

token

address

required

Token to ramp LT for

liquidationThresholdFinal

uint16

required

Final LT after ramping completes (in bps)

rampStart

uint40

required

Timestamp to start ramping (starts immediately if in the past)

rampDuration

uint24

required

Ramping duration in seconds (minimum 2 days)

Ramping allows for gradual reduction of liquidation thresholds without immediately putting existing positions at risk.

forbidToken

function forbidToken(address token) external

Marks a token as forbidden in the credit facade.

token

address

required

Token to forbid

Forbidden tokens still count towards account value
Having forbidden tokens enabled triggers safer collateral checks
Users are incentivized to reduce exposure to forbidden tokens
Only callable by pausable admins

allowToken

function allowToken(address token) external

Removes forbidden status from a previously forbidden token.

token

address

required

Token to allow

Adapter Management

allowAdapter

function allowAdapter(address adapter) external

Allows a new adapter for protocol integrations.

adapter

address

required

Adapter contract address

If the adapter’s target contract already has an adapter, the old one is removed
Adapter must be compatible with the credit manager
Target contract must be a valid contract address
Neither adapter nor target can be the credit manager or credit facade

forbidAdapter

function forbidAdapter(address adapter) external

Forbids both an adapter and its target contract.

adapter

address

required

Adapter to forbid

The adapter must be currently registered in the credit manager.

allowedAdapters

function allowedAdapters() external view returns (address[] memory)

Returns all currently allowed adapters.

Fee Configuration

setFees

function setFees(
    uint16 feeLiquidation,
    uint16 liquidationPremium,
    uint16 feeLiquidationExpired,
    uint16 liquidationPremiumExpired
) external

Sets new fee parameters in the credit manager (all values in basis points).

feeLiquidation

uint16

required

Protocol profit from liquidated account value

liquidationPremium

uint16

required

Liquidator’s reward from liquidated account value

feeLiquidationExpired

uint16

required

Protocol profit from expired account liquidation

liquidationPremiumExpired

uint16

required

Liquidator’s reward from expired account liquidation

Validation rules:

Liquidation fee must not exceed premium (same for expired)
Expired fee/premium must not exceed non-expired values
Sum of premium + fee must remain constant from previous values
For expired liquidations, sum can only change if >2 weeks before expiration

// Example: Setting 2% fee and 5% premium
configurator.setFees(
    200,   // 2% protocol fee
    500,   // 5% liquidator premium  
    150,   // 1.5% expired protocol fee
    350    // 3.5% expired liquidator premium
);

Debt Limits

setDebtLimits

function setDebtLimits(
    uint128 newMinDebt,
    uint128 newMaxDebt
) external

Sets minimum and maximum debt limits per credit account.

newMinDebt

uint128

required

Minimum debt amount per account

newMaxDebt

uint128

required

Maximum debt amount per account

Validation:

minDebt must be ≤ maxDebt
maxDebt / minDebt must be ≤ 100 / maxEnabledTokens
USD value of minDebt must be > 0 according to price oracle

setMaxDebtPerBlockMultiplier

function setMaxDebtPerBlockMultiplier(
    uint8 newMaxDebtLimitPerBlockMultiplier
) external

Sets the maximum debt that can be borrowed in a single block.

newMaxDebtLimitPerBlockMultiplier

uint8

required

Multiplier of maxDebt (use type(uint8).max to disable)

forbidBorrowing

function forbidBorrowing() external

Disables borrowing by setting max debt per block multiplier to zero.

Only callable by pausable admins. Useful for emergency situations.

Contract Upgrades

setPriceOracle

function setPriceOracle(address newPriceOracle) external

Sets a new price oracle in the credit manager.

newPriceOracle

address

required

New price oracle contract address

Must have a non-zero USD price for current minDebt
Must have price feeds for all collateral tokens

setCreditFacade

function setCreditFacade(
    address newCreditFacade,
    bool migrateParams
) external

Upgrades the credit facade connected to the credit manager.

newCreditFacade

address

required

New credit facade contract address

migrateParams

bool

required

Whether to copy parameters from the old facade

Migrated parameters (when migrateParams = true):

Max debt per block multiplier
Debt limits (min/max)
Forbidden tokens mask
Expiration date (if both facades are expirable)

New facade cannot be an allowed adapter or its target contract.

upgradeCreditConfigurator

function upgradeCreditConfigurator(
    address newCreditConfigurator
) external

Upgrades the credit manager’s configurator contract.

newCreditConfigurator

address

required

New credit configurator address

The new configurator must have the exact same set of allowed adapters.

Loss Policy

setLossPolicy

function setLossPolicy(address newLossPolicy) external

Sets a new loss policy for controlling lossy liquidations.

newLossPolicy

address

required

New loss policy contract address (must be a contract)

Loss policies determine which liquidations with bad debt are allowed to proceed.

Expiration

setExpirationDate

function setExpirationDate(uint40 newExpirationDate) external

Sets a new expiration date for the credit facade.

newExpirationDate

uint40

required

New expiration timestamp

Automatically adjusted to be at least 2 weeks from now if closer
Must be after current expiration date (if set)
Only works if credit facade is expirable

View Functions

creditFacade

function creditFacade() external view returns (address)

Returns the currently connected credit facade address.

allowedAdapters

function allowedAdapters() external view returns (address[] memory)

Returns array of all allowed adapter addresses.

Events

Token Events

event AddCollateralToken(address indexed token)
event SetTokenLiquidationThreshold(address indexed token, uint16 liquidationThreshold)
event ScheduleTokenLiquidationThresholdRamp(
    address indexed token,
    uint16 liquidationThresholdInitial,
    uint16 liquidationThresholdFinal,
    uint40 timestampRampStart,
    uint40 timestampRampEnd
)
event ForbidToken(address indexed token)
event AllowToken(address indexed token)

Adapter Events

event AllowAdapter(address indexed targetContract, address indexed adapter)
event ForbidAdapter(address indexed targetContract, address indexed adapter)

Configuration Events

event UpdateFees(
    uint16 feeLiquidation,
    uint16 liquidationPremium,
    uint16 feeLiquidationExpired,
    uint16 liquidationPremiumExpired
)
event SetBorrowingLimits(uint256 minDebt, uint256 maxDebt)
event SetMaxDebtPerBlockMultiplier(uint8 maxDebtPerBlockMultiplier)
event SetLossPolicy(address indexed lossPolicy)
event SetExpirationDate(uint40 expirationDate)

Upgrade Events

event SetPriceOracle(address indexed priceOracle)
event SetCreditFacade(address indexed creditFacade)
event CreditConfiguratorUpgraded(address indexed creditConfigurator)

Access Control

Most functions require the configurator role. Some functions (like forbidToken and forbidBorrowing) only require pausable admin role.

Configurator Only: Token management, adapter management, fee configuration, upgrades
Pausable Admins Only: forbidToken(), forbidBorrowing()

Example Usage

Adding a New Collateral Token

// Add WETH with 90% LT
configurator.addCollateralToken(
    0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2, // WETH
    9000 // 90% LT
);

Ramping Down Liquidation Threshold

// Ramp USDT LT from 90% to 85% over 30 days
configurator.rampLiquidationThreshold(
    USDT,
    8500,                    // Final LT: 85%
    uint40(block.timestamp), // Start now
    30 days                  // Duration
);

Allowing a Uniswap Adapter

configurator.allowAdapter(uniswapV3Adapter);

Updating Debt Limits

// Set min debt to 10,000 USDC and max to 1,000,000 USDC
configurator.setDebtLimits(
    10_000e6,   // 10k USDC min
    1_000_000e6 // 1M USDC max  
);

Emergency: Forbidding a Token

// As pausable admin, forbid a risky token
configurator.forbidToken(riskyToken);

Common Patterns

Setting Up a New Credit Manager

// 1. Add collateral tokens
configurator.addCollateralToken(WETH, 9000);
configurator.addCollateralToken(USDC, 9500);
configurator.addCollateralToken(WBTC, 9000);

// 2. Allow adapters
configurator.allowAdapter(uniswapV3Adapter);
configurator.allowAdapter(curveAdapter);

// 3. Set debt limits
configurator.setDebtLimits(10_000e6, 1_000_000e6);

// 4. Configure fees
configurator.setFees(200, 500, 150, 350);

Migrating to New Facade

// Deploy new facade
CreditFacadeV3 newFacade = new CreditFacadeV3(...);

// Upgrade with parameter migration
configurator.setCreditFacade(
    address(newFacade),
    true // migrate parameters
);

Credit System

Pool System

Core Infrastructure

Libraries

​Overview

​Key Features

​State Variables

​Immutable Variables

​Token Management

​addCollateralToken

​setLiquidationThreshold

​rampLiquidationThreshold

​forbidToken

​allowToken

​Adapter Management

​allowAdapter

​forbidAdapter

​allowedAdapters

​Fee Configuration

​setFees

​Debt Limits

​setDebtLimits

​setMaxDebtPerBlockMultiplier

​forbidBorrowing

​Contract Upgrades

​setPriceOracle

​setCreditFacade

​upgradeCreditConfigurator

​Loss Policy

​setLossPolicy

​Expiration

​setExpirationDate

​View Functions

​creditFacade

​allowedAdapters

​Events

​Token Events

​Adapter Events

​Configuration Events

​Upgrade Events

​Access Control

​Example Usage

​Adding a New Collateral Token

​Ramping Down Liquidation Threshold

​Allowing a Uniswap Adapter

​Updating Debt Limits

​Emergency: Forbidding a Token

​Common Patterns

​Setting Up a New Credit Manager

​Migrating to New Facade

Build docs developers (and LLMs) love

Overview

Key Features

State Variables

Immutable Variables

Token Management

addCollateralToken

setLiquidationThreshold

rampLiquidationThreshold

forbidToken

allowToken

Adapter Management

allowAdapter

forbidAdapter

allowedAdapters

Fee Configuration

setFees

Debt Limits

setDebtLimits

setMaxDebtPerBlockMultiplier

forbidBorrowing

Contract Upgrades

setPriceOracle

setCreditFacade

upgradeCreditConfigurator

Loss Policy

setLossPolicy

Expiration

setExpirationDate

View Functions

creditFacade

allowedAdapters

Events

Token Events

Adapter Events

Configuration Events

Upgrade Events

Access Control

Example Usage

Adding a New Collateral Token

Ramping Down Liquidation Threshold

Allowing a Uniswap Adapter

Updating Debt Limits

Emergency: Forbidding a Token

Common Patterns

Setting Up a New Credit Manager

Migrating to New Facade