update untangled tvl and borrowed

[tanpx12]

NOTE

Please enable "Allow edits by maintainers" while putting up the PR.

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Name (to be shown on DefiLlama):

Twitter Link:

List of audit links if any:

Website Link:

Logo (High resolution, will be shown with rounded borders):

Current TVL:

Treasury Addresses (if the protocol has treasury)

Chain:

Coingecko ID (so your TVL can appear on Coingecko, leave empty if not listed): (https://api.coingecko.com/api/v3/coins/list)

Coinmarketcap ID (so your TVL can appear on Coinmarketcap, leave empty if not listed): (https://api.coinmarketcap.com/data-api/v3/map/all?listing_status=active,inactive,untracked&start=1&limit=10000)

Short Description (to be shown on DefiLlama):

Token address and ticker if any:

Category (full list at https://defillama.com/categories) *Please choose only one:

Oracle Provider(s): Specify the oracle(s) used (e.g., Chainlink, Band, API3, TWAP, etc.):

Implementation Details: Briefly describe how the oracle is integrated into your project:

Documentation/Proof: Provide links to documentation or any other resources that verify the oracle's usage:

forkedFrom (Does your project originate from another project):

methodology (what is being counted as tvl, how is tvl being calculated):

Github org/user (Optional, if your code is open source, we can track activity):

[llamatester]

The adapter at projects/untangled exports TVL:

celo                      255.86 k
celo-borrowed             255.83 k
borrowed                  255.83 k

total                    255.86 k 

[g1nt0ki]

hi, think there was a mistake in the original adapter, tvl should be value not yet lent out, that is not the case here?

[tanpx12]

Hi, we have a different approach for the TVL value. We define TVL as the value of the pool value which includes the collateral value and its available reserve. So that is why we need this update.

[g1nt0ki]

atm, there is an on chain collateral + reserve of 255k? can you share the contract where it is locked?

[tanpx12]

Our pool instance address is 0x4f60444be7c10946b1b8d20032a7076357d6c5aa. You can see a NFT called Loan Asset Token which represent the real world asset that the borrower have deposited as collateral in the pool. The pool reserve is kept in a multisig wallet (0x5b7BA6471681C61b4994dC5072B0D0C0fFad4A2b), you can check the reserve value in this address.

Pool Instance: https://celoscan.io/address/0x4f60444be7c10946b1b8d20032a7076357d6c5aa Loan Asset Token mint: https://celoscan.io/address/0x4f60444be7c10946b1b8d20032a7076357d6c5aa#nfttransfers Pot wallet: https://celoscan.io/address/0x5b7ba6471681c61b4994dc5072b0d0c0ffad4a2b

[g1nt0ki]

sorry, unsure how this slipped through, for similar (rwa) lending protocols, we treat only on chain collateral as tvl, sorry, we cant make an exception here.

Can you update code to, count only tokens not yet lent out as tvl?

[untangled-finance]

Hi @g1nt0ki our protocol is very comparable to Centrifuge - You can see from CFG page here https://defillama.com/protocol/centrifuge their TVL" The pool value is made up of the NAV (the value of the assets in the pool) and the Pool Reserve (undeployed capital in the pool). "

In our case, as in the case of CFG, on chain collaterals consist of NFTs which are the financings in the pool

[g1nt0ki]

yes, in centrifuge, we are counting only the tokens not yet lent out as tvl. The difference here, you are asking use NFT value as tvl, we can not do that as there is no independent way for us/the market to verify the NFT valuation. We said the same thing to Joltify recently: https://defillama.com/protocol/joltify-rwa#information

[untangled-finance]

Actually in centrifuge you counted both

• when only "TVL" tab is active then TVL only counts reserve (token not yet lent out)
• when "borrowed" tab is active then TVL also counts the amount borrowed (ie token lent out, representing by NFT)

In the case of Untangled the TVL only counts reserve.

We should have the same way of reporting as in CFG for consistency and accuracy

I have recorded a video for ease of reference @g1nt0ki @tanpx12 https://jam.dev/c/b40121da-9f9c-448b-a420-3d008d7d7c7f

[untangled-finance]

In fact in your example https://defillama.com/protocol/joltify-rwa#information - TVL is treated the same way as centrifuge - so only Untangled is currently incorrect 'borrowed' TVL

[g1nt0ki]

In fact in your example https://defillama.com/protocol/joltify-rwa#information - TVL is treated the same way as centrifuge - so only Untangled is currently incorrect 'borrowed' TVL

what are you talking about, in your PR you are counting the same thing in both tvl and borrowed. We are perfectly fine showing the borrowed value

[untangled-finance]

Thanks. @tanpx12 please update the PR for the borrowed so we are consistent with both cases above

[llamatester]

The adapter at projects/untangled exports TVL:

celo-borrowed             255.87 k
borrowed                  255.87 k
celo                      31

total                    30.99809611206 

[tanpx12]

I've just updated the TVL back to the old one. Pls check.

[g1nt0ki]

@tanpx12 thanks, this is mostly good, but I still dont understand where the 30$ comes from, this is supposed to be the reserves left in the pot/pools? but also, how to get a pot linked to a pool, and the pot is a safe wallet? (Sorry for all the questions)

[tanpx12]

This 30$ is from some of our pilot pools. So before launching an actual pool, we create some pilot pools to test on mainnet and these pools are still recorded in the list of the pool that we have launched. The pot wallet is a multisig wallet that hold the reserve of the pool.