Position Management
For each asset supported by FIAT a user can create a Position which is comprised of the current absolute amounts of collateral (of the supported asset) and normalized debt (realized as $FIAT). A position is uniquely identified by its collateral asset (Address of the Vault + TokenId) and the original creator of the Position.

Depositing and Withdrawing collateral assets in and out of FIAT

Each approved Vault in Codex is able to call modifyBalance which records deposited collateral amounts for each depositor. For more information see Collateral Vaults.


  • collateral: amount of collateral units corresponding to a deposited asset, identified by the address of the Vault it has been deposited in and a TokenId (0 for ERC20 tokens)
  • normalDebt: amount of gross debt of a position where the borrow rate accumulator has not been applied to
  • debt: amount of net debt of a position where the borrow rate accumulator has been applied to (amount of debt which the owner has to be repay to retrieve the full collateralized amount)
  • credit: amount of credit units which can be transferred between accounts and realized in form of $FIAT via Moneta- is minted to / burned from the creditor by taking out or repaying debt on a Position
  • unbackedDebt: amount of debt which is not backed by collateral which can be canceled out via a surplus of credit

Adjusting a Position's collateral-to-debt ratio

โ€‹modifyCollateralAndDebt allows for adjusting collateral and normalDebt of a Position. Whereby user is the owner of the Position, collateralizer is the account from which collateral is transferred to or from the Position, creditor account from which creditis transferred to or from the Position, depending on if the deltaCollateral and deltaNormalDebt amounts are positive or negative.

Depositing and Withdrawing $FIAT in and out of FIAT

After collateralizing a Position and minting credit by generating debt in a Position, the user is able to redeem it for $FIAT by calling exit on Moneta which transfers the internal credit to Moneta and in return mints $FIAT to the users. Likewise if a user wants repay a portion or all of the debt for a Position he calls enter on Moneta which burns the users $FIAT and in return transfers an equal amount of internal credit to the user which can then be used to cancel out an equal amount of debt. Before exiting $FIAT out of FIAT the users has to call grantDelegate to allow Moneta to transfer the internal credit on their behalf. Before entering $FIAT the user has to approve Moneta by calling setAllowance on $FIAT.

Delegating ownership of a Position

The owner of a Position can delegate the right to call ModifyCollateralAndDebt for managing collateral-to-debt ratios of the owned Positions, transferBalance to transfer internal collateral assets and transferCredit to transfer internal credit to another account by calling grantDelegate and revokeDelegate.
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