Почему hub and spoke
LP collateral нельзя поддержать generic lending design. Нужна system, handling active liquidity positions, changing collateral composition, market specific valuation и liquidation paths, отличающиеся от standard token collateral. Avana built на hub and spoke model Aave v4, потому что LP backed borrowing needs shared liquidity и isolated market logic одновременно.
Что делают Hub и Spokes
Hub holds borrowable assets и coordinates shared liquidity across markets: reserve management, utilization tracking и credit allocation. Hub — способ Avana connect LP collateral к broader lending framework без forcing every collateral type share same assumptions. Stable LP market, concentrated liquidity market и volatile AMM pair не должны govern одинаково только потому, что draw from same liquidity pool.
Spokes — где живёт LP specific logic: collateral registration, valuation, risk adjustment, monitoring и liquidation. Каждый spoke defines, как treated different pool types. Uniswap concentrated position ведёт себя иначе, чем fungible Curve LP, который иначе, чем Balancer weighted pool. Spoke — где LP collateral становится real lending market с own rules внутри Avana.
Valuation, oracles и liquidation
Valuation uses layered approach. First — what LP position actually contains at current market state. Second — price underlyings from reliable oracle inputs. Third — adjust through collateral logic, reflecting actual pool risk, а не notional size. Not every dollar inside LP position translates в same borrowing power на Avana.
Oracle design sits close to core. Для LP collateral protocol cannot rely на single number или simplistic asset feed. Avana uses dual source philosophy, где external price feeds и AMM derived pricing work together для more reliable valuation. Goal — reducing chance, что temporary dislocations, stale updates или local pool distortions create unsafe collateral assumptions.
For liquidation Avana must unwind active LP positions controlled way, convert resulting assets и settle debt without avoidable loss. Spoke specializes liquidation для underlying market structure. Hub provides liquidity. Spoke defines collateral logic. Each layer does what suited for: clean separation, strong isolation и realistic path to scaling LP collateral pool by pool.