Overview
The Credit Manager V3 implements the core logic for managing credit accounts in Gearbox Protocol. It handles account lifecycle (opening, closing, liquidation), debt management, collateral operations, and collateral checks. The contract is not directly accessible to users or the DAO - all interactions must go through the Credit Facade V3 or Credit Configurator V3.
Contract Location: contracts/credit/CreditManagerV3.sol
Interface: ICreditManagerV3.sol
Key Features
- Credit account lifecycle management (open, close, liquidate)
- Debt increase/decrease operations
- Collateral token management
- Health factor and collateral checks
- Quota system for additional borrowing
- Adapter-based protocol integrations
- Liquidation threshold ramping
State Variables
Immutable Variables
Contract version (always returns 3_10)
Account factory contract address for deploying credit accounts
Address of the underlying token (e.g., USDC, DAI)
Address of the pool the credit manager is connected to
Maximum number of tokens that can be enabled as collateral on a credit account
Liquidation threshold for the underlying token in basis points
Percentage of accrued interest taken by the protocol as profit (in bps)
Mutable Variables
Address of the connected credit facade
Address of the connected credit configurator
Price oracle contract address
Number of known collateral tokens
Percentage of liquidated account value taken by the protocol as profit (in bps)
Percentage of liquidated account value used to repay debt (in bps)
Core Functions
Account Management
openCreditAccount
function openCreditAccount(address onBehalfOf)
external
returns (address creditAccount)
Owner of the newly opened credit account
Returns the address of the newly opened credit account
Only callable by the credit facade. The account starts with underlying token enabled and zero debt.
closeCreditAccount
function closeCreditAccount(address creditAccount) external
Reverts if the credit account has non-zero debt.
liquidateCreditAccount
function liquidateCreditAccount(
address creditAccount,
CollateralDebtData calldata collateralDebtData,
address to,
bool isExpired
) external returns (uint256 remainingFunds, uint256 loss)
collateralDebtData
CollateralDebtData
required
Struct with account’s debt and collateral data from calcDebtAndCollateral
Address to transfer underlying surplus to
Whether this is an expired account liquidation (uses lower premium)
Returns total value of assets left on the account after liquidation
Returns loss incurred on liquidation
Debt Management
manageDebt
function manageDebt(
address creditAccount,
uint256 amount,
uint256 enabledTokensMask,
ManageDebtAction action
) external returns (uint256 newDebt, uint256, uint256)
Account to manage debt for
Amount of underlying to change the total debt by
Bitmask of account’s enabled collateral tokens
Either INCREASE_DEBT or DECREASE_DEBT
Returns the debt principal after update
Collateral Operations
addCollateral
function addCollateral(
address payer,
address creditAccount,
address token,
uint256 amount
) external returns (uint256)
Address to transfer token from
Account to add collateral to
Token to add as collateral (must be recognized by credit manager)
Requires approval for token from payer to the credit manager.
withdrawCollateral
function withdrawCollateral(
address creditAccount,
address token,
uint256 amount,
address to
) external returns (uint256)
Credit account to withdraw from
Address to transfer token to
Collateral Checks
fullCollateralCheck
function fullCollateralCheck(
address creditAccount,
uint256 enabledTokensMask,
uint256[] calldata collateralHints,
uint16 minHealthFactor,
bool useSafePrices
) external returns (uint256)
Bitmask of account’s enabled collateral tokens
Optional array of token masks to check first (for gas optimization)
Health factor threshold in bps (10000 = 100%)
Whether to use safe prices when evaluating collateral
Reverts with NotEnoughCollateralException if twvUSD < minHealthFactor * totalDebtUSD
calcDebtAndCollateral
function calcDebtAndCollateral(
address creditAccount,
CollateralCalcTask task
) external view returns (CollateralDebtData memory cdd)
Credit account to return data for
task
CollateralCalcTask
required
Calculation mode controlling level of detail:
GENERIC_PARAMS: Basic debt and indexesDEBT_ONLY: Detailed debt info with accrued interestDEBT_COLLATERAL: Full debt and collateral valuesDEBT_COLLATERAL_SAFE_PRICES: Same as above with safe prices
isLiquidatable
function isLiquidatable(
address creditAccount,
uint16 minHealthFactor
) external view returns (bool)
Health factor threshold in bps
Adapter Functions
execute
function execute(bytes calldata data)
external
returns (bytes memory result)
Data to call the target contract with
Only callable by registered adapters. Reverts if active credit account is not set.
approveCreditAccount
function approveCreditAccount(address token, uint256 amount) external
setActiveCreditAccount
function setActiveCreditAccount(address creditAccount) external
Credit account to set as active, or INACTIVE_CREDIT_ACCOUNT_ADDRESS to unset
Only callable by the credit facade.
Quota Management
updateQuota
function updateQuota(
address creditAccount,
address token,
int96 quotaChange,
uint96 minQuota,
uint96 maxQuota
) external returns (uint256 tokensToEnable, uint256 tokensToDisable)
Account to update quota for
Token to update quota for
Requested quota change (positive to increase, negative to decrease)
Minimum resulting quota required not to revert (slippage protection)
Maximum resulting quota required not to revert
Accounts with zero debt are not allowed to increase quotas.
View Functions
getTokenMaskOrRevert
function getTokenMaskOrRevert(address token)
external view returns (uint256 tokenMask)
getTokenByMask
function getTokenByMask(uint256 tokenMask)
external view returns (address token)
liquidationThresholds
function liquidationThresholds(address token)
external view returns (uint16 lt)
collateralTokenByMask
function collateralTokenByMask(uint256 tokenMask)
external view
returns (address token, uint16 liquidationThreshold)
creditAccountInfo
function creditAccountInfo(address creditAccount)
external view
returns (
uint256 debt,
uint256 cumulativeIndexLastUpdate,
uint128 cumulativeQuotaInterest,
uint128 quotaFees,
uint256 enabledTokensMask,
uint16 flags,
uint64 lastDebtUpdate,
address borrower
)
getBorrowerOrRevert
function getBorrowerOrRevert(address creditAccount)
external view returns (address borrower)
enabledTokensMaskOf
function enabledTokensMaskOf(address creditAccount)
external view returns (uint256)
creditAccounts
function creditAccounts() external view returns (address[] memory)
creditAccountsLen
function creditAccountsLen() external view returns (uint256)
Configuration
fees
function fees()
external view
returns (
uint16 feeInterest,
uint16 feeLiquidation,
uint16 liquidationDiscount,
uint16 feeLiquidationExpired,
uint16 liquidationDiscountExpired
)
Data Structures
CreditAccountInfo
struct CreditAccountInfo {
uint256 debt; // Debt principal
uint256 cumulativeIndexLastUpdate; // Last cumulative index
uint128 cumulativeQuotaInterest; // Cumulative quota interest
uint128 quotaFees; // Quota fees
uint256 enabledTokensMask; // Enabled tokens bitmask
uint16 flags; // Account flags
uint64 lastDebtUpdate; // Last debt update block
address borrower; // Account owner
}
CollateralDebtData
struct CollateralDebtData {
uint256 debt; // Debt principal
uint256 cumulativeIndexNow; // Current cumulative index
uint256 cumulativeIndexLastUpdate; // Last cumulative index
uint128 cumulativeQuotaInterest; // Cumulative quota interest
uint256 accruedInterest; // Accrued interest
uint256 accruedFees; // Accrued fees
uint256 totalDebtUSD; // Total debt in USD
uint256 totalValue; // Total collateral value
uint256 totalValueUSD; // Total collateral value in USD
uint256 twvUSD; // Threshold-weighted value in USD
uint256 enabledTokensMask; // Enabled tokens bitmask
uint256 quotedTokensMask; // Quoted tokens bitmask
address[] quotedTokens; // Array of quoted tokens
address _poolQuotaKeeper; // Quota keeper address
}
CollateralTokenData
struct CollateralTokenData {
address token; // Token address
uint16 ltInitial; // Initial liquidation threshold
uint16 ltFinal; // Final liquidation threshold
uint40 timestampRampStart; // Ramp start timestamp
uint24 rampDuration; // Ramp duration in seconds
}
Events
SetCreditConfigurator
event SetCreditConfigurator(address indexed newConfigurator)
Access Control
Most functions are restricted to either the credit facade or credit configurator. Direct user access is not permitted.
- Credit Facade Only: Account management, collateral operations, quota updates
- Credit Configurator Only: Configuration changes, token management, fee updates
- Adapters Only:
execute() and approveCreditAccount() functions
Example Usage
Opening an Account
// Called by Credit Facade
address creditAccount = creditManager.openCreditAccount(userAddress);
Checking Health Factor
bool liquidatable = creditManager.isLiquidatable(
creditAccount,
10000 // 100% health factor threshold
);
CollateralDebtData memory data = creditManager.calcDebtAndCollateral(
creditAccount,
CollateralCalcTask.DEBT_COLLATERAL
);
uint256 healthFactor = (data.twvUSD * 10000) / data.totalDebtUSD;