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liquidate_obligation_and_redeem_reserve_collateral

Liquidate an unhealthy obligation by repaying some of its debt and receiving collateral at a discount.

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Signature

pub fn liquidate_obligation_and_redeem_reserve_collateral_v2(
    ctx: Context<LiquidateObligationAndRedeemReserveCollateralV2>,
    liquidity_amount: u64,
    min_acceptable_received_liquidity_amount: u64,
    max_allowed_ltv_override_percent: u64
) -> Result<()>
Use the v2 variant which includes farming support. The v1 variant is deprecated.

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Parameters

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liquidity_amount
u64
required
The amount of debt to repay. The actual amount may be reduced based on liquidation rules and available collateral.
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min_acceptable_received_liquidity_amount
u64
required
The minimum amount of collateral liquidity the liquidator is willing to receive. Protects against slippage.
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max_allowed_ltv_override_percent
u64
required
LTV override percentage. Only used in staging environment when liquidator is the obligation owner. Set to 0 normally.

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Accounts

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liquidation_accounts.liquidator
Signer
required
The liquidator performing the liquidation.
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liquidation_accounts.obligation
AccountLoader<Obligation>
required
The unhealthy obligation to liquidate.
  • Must be mutable
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liquidation_accounts.lending_market
AccountLoader<LendingMarket>
required
The lending market.
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liquidation_accounts.lending_market_authority
AccountInfo
required
PDA authority for the lending market.
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liquidation_accounts.repay_reserve
AccountLoader<Reserve>
required
The reserve for the debt being repaid.
  • Must be mutable
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liquidation_accounts.repay_reserve_liquidity_mint
InterfaceAccount<Mint>
required
The repay reserve’s liquidity token mint.
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liquidation_accounts.repay_reserve_liquidity_supply
InterfaceAccount<TokenAccount>
required
The repay reserve’s liquidity supply vault.
  • Must be mutable
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liquidation_accounts.withdraw_reserve
AccountLoader<Reserve>
required
The reserve for the collateral being liquidated.
  • Must be mutable
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liquidation_accounts.withdraw_reserve_liquidity_mint
InterfaceAccount<Mint>
required
The withdraw reserve’s liquidity token mint.
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liquidation_accounts.withdraw_reserve_collateral_mint
InterfaceAccount<Mint>
required
The withdraw reserve’s collateral token mint.
  • Must be mutable
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liquidation_accounts.withdraw_reserve_collateral_supply
InterfaceAccount<TokenAccount>
required
The withdraw reserve’s collateral supply vault.
  • Must be mutable
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liquidation_accounts.withdraw_reserve_liquidity_supply
InterfaceAccount<TokenAccount>
required
The withdraw reserve’s liquidity supply vault.
  • Must be mutable
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liquidation_accounts.withdraw_reserve_liquidity_fee_receiver
InterfaceAccount<TokenAccount>
required
The withdraw reserve’s fee receiver vault.
  • Must be mutable
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liquidation_accounts.user_source_liquidity
InterfaceAccount<TokenAccount>
required
The liquidator’s source liquidity token account (for repayment).
  • Must be mutable
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liquidation_accounts.user_destination_collateral
InterfaceAccount<TokenAccount>
required
The liquidator’s destination collateral token account (receives collateral).
  • Must be mutable
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liquidation_accounts.user_destination_liquidity
InterfaceAccount<TokenAccount>
required
The liquidator’s destination liquidity token account (receives redeemed liquidity).
  • Must be mutable
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liquidation_accounts.collateral_token_program
Program<Token>
required
The SPL Token program.
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liquidation_accounts.repay_liquidity_token_program
Interface<TokenInterface>
required
The token program for repay liquidity.
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liquidation_accounts.withdraw_liquidity_token_program
Interface<TokenInterface>
required
The token program for withdraw liquidity.
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liquidation_accounts.instruction_sysvar_account
AccountInfo
required
The Solana instructions sysvar.
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collateral_farms_accounts
OptionalObligationFarmsAccounts
required
Optional farming accounts for collateral (v2 only).
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debt_farms_accounts
OptionalObligationFarmsAccounts
required
Optional farming accounts for debt (v2 only).
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farms_program
Program<Farms>
required
The Kamino Farms program (v2 only).

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Remaining Accounts

All deposit reserves for the obligation (to calculate total collateral value).

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Returns

Returns Ok(()) on success.

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Errors

  • GlobalEmergencyMode: Emergency mode is enabled
  • ObligationHealthy: Cannot liquidate a healthy obligation
  • LiquidationTooSmall: Liquidation amount is too small
  • LiquidationRewardTooSmall: Received amount is less than minimum acceptable
  • CollateralNonLiquidatable: The collateral has LTV=0 and cannot be liquidated
  • LiquidationBorrowFactorPriority: Must prioritize debt with highest borrow factor
  • LiquidationLowestLiquidationLtvPriority: Must prioritize collateral with lowest liquidation LTV
  • InsufficientRepayAmount: Repay amount is less than required by liquidation rules

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Liquidation Rules

The instruction enforces several rules:
  1. Obligation must be unhealthy: LTV exceeds liquidation threshold
  2. Borrow factor priority: Must liquidate the debt with the highest borrow factor first (can be bypassed with min_value_skip_liquidation_bf_checks)
  3. Collateral LTV priority: Must liquidate the collateral with the lowest liquidation LTV first (can be bypassed with min_value_skip_liquidation_ltv_checks)
  4. Close factor: Can only liquidate up to a percentage of total debt (configured in market)
  5. Full liquidation threshold: If debt value is below threshold, must fully liquidate
  6. Liquidation bonus: Liquidator receives collateral at a discount based on configuration

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mark_obligation_for_deleveraging

Mark an unhealthy obligation for automatic deleveraging. Only callable by the lending market owner.

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Signature

pub fn mark_obligation_for_deleveraging(
    ctx: Context<MarkObligationForDeleveraging>,
    autodeleverage_target_ltv_pct: u8
) -> Result<()>

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Parameters

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autodeleverage_target_ltv_pct
u8
required
The target LTV percentage to deleverage the obligation down to (1-100).

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Accounts

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lending_market_owner
Signer
required
The owner of the lending market.
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obligation
AccountLoader<Obligation>
required
The obligation to mark for deleveraging.
  • Must be mutable
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lending_market
AccountLoader<LendingMarket>
required
The lending market.
  • Must have lending_market_owner matching signer
  • Must have autodeleverage_enabled set to true

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Returns

Returns Ok(()) on success. The obligation is marked with a timestamp and target LTV for deleveraging.

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Errors

  • ObligationHealthy: Obligation is not unhealthy enough to deleverage
  • ObligationCurrentlyMarkedForDeleveraging: Obligation is already marked for deleveraging
  • Market owner validation errors if signer is not the market owner

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Usage

This instruction is used when an obligation cannot be liquidated normally (e.g., due to lack of liquidity) and needs to be gradually deleveraged through a special process. After marking, the obligation can be deleveraged through specific deleveraging operations that bypass normal LTV checks.

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