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Documentation Index

Fetch the complete documentation index at: https://kamino.com/docs/llms.txt

Use this file to discover all available pages before exploring further.

Fixed-rate reserves require several market-level flags and parameters to be set before borrowers can place orders, fills can execute, withdrawal tickets can be issued, and rollovers can run. These live on the LendingMarket account and apply to every reserve in the market.

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Feature flags — turn capabilities on

Every flag defaults to off at market init. You enable each one explicitly when the market is ready for that capability.
FlagEffect when enabled
borrow_order_creation_enabledBorrowers can place new borrow orders
borrow_order_execution_enabledPermissionless fillers (and fill bots) can execute borrow orders
withdraw_ticket_issuance_enabledLenders and vaults can submit withdrawal tickets
withdraw_ticket_redemption_enabledQueued tickets can be redeemed
withdraw_ticket_cancellation_enabledTickets can be cancelled before fill
mature_reserve_debt_liquidation_enabledLiquidation triggers when a reserve passes its debt_maturity_timestamp
obligation_borrow_debt_term_liquidation_enabledLiquidation triggers when a per-borrow term ends
obligation_borrow_rollover_configuration_enabledBorrowers can opt into rollover on their existing borrows
obligation_borrow_migration_to_fixed_execution_enabledAllows rollover from open-term to fixed-term
When standing up fixed rates on a market:
  1. Create the fixed-rate reserves (with terms and rates set, but features still off).
  2. Enable borrow_order_creation_enabled and borrow_order_execution_enabled together.
  3. Enable withdraw_ticket_issuance_enabled + withdraw_ticket_redemption_enabled + withdraw_ticket_cancellation_enabled together.
  4. Enable obligation_borrow_rollover_configuration_enabled and the rollover window durations (below) before the first borrow’s maturity arrives.
  5. Enable mature_reserve_debt_liquidation_enabled and obligation_borrow_debt_term_liquidation_enabled last — these activate the protocol-enforced liquidation paths.
Borrower interactions with a fixed-rate reserve fall back to standard floating behaviour if the matching feature flags aren’t on. In practice, leaving rollover or liquidation flags off means borrowers must repay manually at maturity, and matured loans cannot be force-closed — keep this in mind during a phased rollout.

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Rate-grid sizing parameters

ParameterDefaultMeaning
min_borrow_order_fill_value2Minimum value of any partial fill, and the minimum stump value left after a partial fill. Anti-dust. Adjust upward to discourage thin orders.
min_withdraw_queued_liquidity_value2Minimum value for any withdrawal ticket and any partial-fill remainder. Same anti-dust function for the queue side.
Both values are denominated in the market’s quote currency scaling (effectively dollars for a USD-quote market). For most markets the default 2 is the right floor; only raise these if you’re seeing dust attacks against the queue or the order book.

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Rollover windows

Rollover is a pre-expiration operation. The market defines two distinct windows, each governing one rollover mode:
ParameterEffect
fixed_term_rollover_window_duration_secondsThe window before a fixed-term borrow’s maturity during which rollover into the same or another fixed-term reserve is allowed. 0 disables fixed→fixed rollover entirely.
open_term_rollover_window_duration_secondsThe window before maturity during which rollover from a fixed-term borrow into an open-term (floating) reserve is allowed. 0 disables fixed→open rollover.
A typical configuration sets both windows to the same duration (e.g. 24 hours). The windows must be long enough that the rollover keeper bot can complete the operation across all eligible positions before each cohort of maturities passes. Past the term end, rollover is no longer possible — the borrow transitions directly to liquidation eligibility. obligation_borrow_migration_to_fixed_execution_enabled enables a third, separate rollover mode — open-term to fixed-term — which has no time window; it can be performed at any time once the flag is on.

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Post-maturity liquidation throttle

ParameterEffect
term_based_full_liquidation_duration_secsWhen a borrow passes its term without rollover or repay, the liquidatable fraction ramps linearly from 0% (at term end) to 100% over this duration. 0 disables the throttle (full liquidation immediately at term end).
min_partial_rollover_valueMinimum value for a partial rollover. Below this, partial rollover is rejected to avoid dust state.
The throttle gives borrowers a graceful window to react after they’ve missed the rollover window — partial liquidation provides increasing pressure rather than a cliff. Set it long enough that a missed-rollover position has time to be repaid voluntarily before being fully unwound, but short enough that capital doesn’t sit indefinitely against expired terms. A few days is typical. The per-reserve min_deleveraging_bonus_bps, max_liquidation_bonus_bps, and deleveraging_bonus_increase_bps_per_day (set on each reserve, not the market) drive the bonus paid to liquidators across the throttle window. If those are zero, liquidators have no incentive — set them to produce meaningful per-day increase capped at a reasonable maximum.

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Configuring market settings

All of the above parameters live in the market config JSON and are applied through the standard update-lending-market-from-config flow: 
# Download current config
yarn kamino-manager download-lending-market-config \
  --lending-market <MARKET_ADDRESS>

# Edit ./configs/{MARKET_ADDRESS}/market-{MARKET_ADDRESS}.json
# Set the FR-related flags and durations

# Preview
yarn kamino-manager update-lending-market-from-config \
  --lending-market <MARKET_ADDRESS> \
  --lending-market-config-path ./configs/<MARKET_ADDRESS>/market-<MARKET_ADDRESS>.json \
  --mode inspect

# Apply
yarn kamino-manager update-lending-market-from-config \
  --lending-market <MARKET_ADDRESS> \
  --lending-market-config-path ./configs/<MARKET_ADDRESS>/market-<MARKET_ADDRESS>.json \
  --mode execute
See Market Settings for the broader market-config workflow including ownership transfer and multisig mode.

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What’s next

Lifecycle Operations

Updating an existing fixed-rate reserve and sunsetting patterns.

Risk Considerations

Risks specific to running fixed-rate reserves.