Чому hub and spoke
LP collateral не можна підтримати generic lending design. Потрібна system, handling active liquidity positions, changing collateral composition, market specific valuation і liquidation paths, що відрізняються від standard token collateral. Avana built на hub and spoke model Aave v4, бо LP backed borrowing needs shared liquidity і isolated market logic одночасно.
Що роблять Hub і Spokes
Hub holds borrowable assets і coordinates shared liquidity across markets: reserve management, utilization tracking і credit allocation. Hub — спосіб Avana connect LP collateral до broader lending framework без forcing every collateral type share same assumptions. Stable LP market, concentrated liquidity market і volatile AMM pair не повинні govern однаково лише тому, що draw from same liquidity pool.
Spokes — де живе LP specific logic: collateral registration, valuation, risk adjustment, monitoring і liquidation. Кожен spoke defines, як treated different pool types. Uniswap concentrated position поводиться інакше, ніж fungible Curve LP, який інакше, ніж Balancer weighted pool. Spoke — де LP collateral стає real lending market з own rules всередині Avana.
Valuation, oracles і 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 або simplistic asset feed. Avana uses dual source philosophy, де external price feeds і AMM derived pricing work together для more reliable valuation. Goal — reducing chance, що temporary dislocations, stale updates або local pool distortions create unsafe collateral assumptions.
For liquidation Avana must unwind active LP positions controlled way, convert resulting assets і 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 і realistic path to scaling LP collateral pool by pool.