Reinkey Float

Float is a lending pool for agent accounts. It rests on one property of Reins: funds in a Reinkey account can only go where its policy allows. When control of the account is handed to the pool, the owner's signature stops working too, so credit placed in the account cannot leave the system. Capital that can't escape needs no collateral.

Testnet, unaudited, read-only surface. The pool contract is deployed and tested, and the facilitator exposes it over HTTP. Depositing, opening a line and liquidating are contract calls today; there is no UI for them and no permissionless borrowing.

How it works

Deposit. An investor deposits USDC and receives shares. share price = (idle USDC + outstanding debt + pool XLM × price) / total shares.
Hand over. The account owner calls set_controller(pool) on a Reinkey account. From then on only the pool can change its policy, freeze it or recall funds.
Open a line. The pool admin calls open_line(account, limit, beneficiary): limit USDC moves into the account and is recorded as debt.
Work. The agent pays sellers through channels and trades on the allowed DEX pairs, inside the account's caps.
Close or liquidate. close_line returns the debt plus the pool's share of the profit (20% today) and sends the rest to the beneficiary. If the account's value falls below the liquidation threshold (90% of debt today), anyone may call liquidate: the account is frozen, remaining funds return to the pool and the loss shows up in the share price.

Pricing

An account's value is USDC + XLM × price. The price is conservative: the lower of the Reflector oracle and the Soroswap pool price, so pumping the DEX price can't make an account look healthy. Oracle prices older than max_price_age are ignored.

With only the pool price configured, a single large trade can move it and trigger an unfair liquidation (a loss to the borrower, not the lender). Mainnet needs the oracle and a TWAP.

Read the pool

The testnet endpoint is https://reinkey.onrender.com.

bash

curl -s "$REINKEY_API/float"

JSON

{
  "enabled": true,
  "pool": {
    "pool": "C…POOL",
    "totalShares": "1000000000",
    "totalAssets": "1004774820",
    "totalDebt": "0",
    "idle": "1004774820",
    "sharePrice": "10047748",
    "price": "1338178",
    "utilizationBps": 0,
    "config": { "liqThresholdBps": 9000, "profitShareBps": 2000, "maxPriceAgeSeconds": 3600 }
  },
  "lines": [],
  "positions": [{ "address": "G…", "shares": "1000000000", "value": "1004774800", "shareOfPoolBps": 10000 }],
  "history": [{ "ts": "…", "sharePrice": "10047748", "totalAssets": "1004774820", "totalDebt": "0" }]
}

All amounts are 7-decimal base units as strings. sharePrice and price use the same scale: 10047748 is 1.0047748 USDC per share.


`GET /float`	Pool summary, known credit lines, investor positions and share-price history (`?history=` up to 500 samples; the facilitator samples once a minute because the contract keeps no history).
`GET /float/lines/:account`	One account's line and health: `debt`, `value`, `usdc`, `xlm`, `price`, `healthBps` (value / debt), `liqThresholdBps`, `liquidatable`.
`GET /float/positions/:address`	An investor's shares, their USDC value today and their share of the pool.

Everything is read by simulation; these endpoints never submit a transaction.

Contract interface

Call	Who	Effect
`deposit(from, amount)` → shares	anyone	Deposit USDC, mint shares at the current share price.
`withdraw(from, shares)` → USDC	share holder	Burn shares for USDC, limited to the idle balance.
`transfer(from, to, amount)`	share holder	Shares are a transferable balance.
`open_line(account, limit, beneficiary)`	admin	Requires the account's controller to be this pool.
`health(account)`	anyone	Value, debt, balances, price, `liquidatable`.
`liquidate(account)`	anyone	Only when `liquidatable`; freezes and recalls.
`close_line(caller, account)`	admin or beneficiary	Repay debt, split profit.

What health does not count

Unspent deposits sitting in the account's open payment channels are not included in its value, because the channel contract has no per-account index. Money locked in a channel therefore looks like a loss until the channel closes. The error is on the cautious side.