Borrowing
Troves
A trove holds your JitoSOL and your PLMB debt at the rate you chose. What keeps it healthy, and what you can do with it.
A trove is a position in Plumb: JitoSOL you deposited, PLMB you owe, and the annual rate you pay on it. Each wallet has at most one. The JitoSOL stays in the program's vault while it backs your debt, and it keeps earning staking rewards, because the stake rate of JitoSOL itself rises.
Collateral ratio
Your collateral ratio is the dollar value of your JitoSOL divided by your debt.
ratio = JitoSOL × price ÷ debtThe price is the one the program reads on chain, described in Price oracle. It is deliberately the lower of two valuations, so your ratio is never flattered by one optimistic source.
- At 150% or more your trove is safe from liquidation. You can borrow more or withdraw collateral as long as the trove stays at 150% afterwards.
- Below 150% anyone can liquidate it. You can still add collateral or repay to bring it back, if you get there first.
Liquidation price
Your liquidation price is the JitoSOL price at which your ratio would be exactly 150%.
liquidation price = debt × 1.5 ÷ JitoSOLThe app draws it on the price ruler under the Borrow desk, next to the current price. Interest raises your debt every second, so the liquidation price creeps up slowly over time even if nothing else changes.
Opening
To open a trove you deposit JitoSOL, borrow at least 100 PLMB and choose a rate. The program checks that:
- your trove is at 150% or more at the current price,
- the branch as a whole stays at 180% or more with your new debt,
- the branch's total debt stays under 10,000,000 PLMB,
- the rate you chose has a free seat (each rate holds sixteen troves).
Adjusting
One instruction, adjust, does all four changes, in any combination:
- Add collateral. Always allowed, and needs no price.
- Repay. Always allowed, and needs no price.
- Borrow more. At least 100 PLMB at a time, at 150% or more afterwards, and the branch must stay at 180%.
- Withdraw collateral. If debt remains, the trove must stay at 150% and the branch at 180%.
Repaying and adding collateral never wait for the oracle. If prices are stale, you can always reduce your risk.
Closing
To close, repay all of your debt and withdraw all of your collateral. Because interest accrues every second, nobody can quote your final debt to the last unit in advance. The program accepts a special amount, all, that means "whatever the debt is when this executes", so the app's Repay and close leaves no dust behind.
You need enough PLMB in your wallet to cover the debt. If you borrowed PLMB and spent it, buy it back first.
Debt-free troves
A trove can end up with collateral but no debt:
- after a redemption took all of its debt,
- after a liquidation left collateral above the pool's 110% share,
- after you repaid everything but kept your JitoSOL.
That JitoSOL is yours. Withdraw it from the Borrow desk at any time; it needs no price. A debt-free trove doesn't count towards the branch's ratio and earns no interest for anyone.
# Troves A trove holds your JitoSOL and your PLMB debt at the rate you chose. What keeps it healthy, and what you can do with it. A trove is a position in Plumb: JitoSOL you deposited, PLMB you owe, and the annual rate you pay on it. Each wallet has at most one. The JitoSOL stays in the program's vault while it backs your debt, and it keeps earning staking rewards, because the stake rate of JitoSOL itself rises. ## Collateral ratio Your collateral ratio is the dollar value of your JitoSOL divided by your debt. ```text ratio = JitoSOL × price ÷ debt ``` The price is the one the program reads on chain, described in [Price oracle](/docs/price-oracle). It is deliberately the lower of two valuations, so your ratio is never flattered by one optimistic source. :::figure ratio | A trove at 205% can lose about 27% of its JitoSOL price before it reaches 150%. - **At 150% or more** your trove is safe from liquidation. You can borrow more or withdraw collateral as long as the trove stays at 150% afterwards. - **Below 150%** anyone can liquidate it. You can still add collateral or repay to bring it back, if you get there first. ## Liquidation price Your liquidation price is the JitoSOL price at which your ratio would be exactly 150%. ```text liquidation price = debt × 1.5 ÷ JitoSOL ``` The app draws it on the price ruler under the Borrow desk, next to the current price. Interest raises your debt every second, so the liquidation price creeps up slowly over time even if nothing else changes. ## Opening To open a trove you deposit JitoSOL, borrow at least 100 PLMB and choose a rate. The program checks that: - your trove is at 150% or more at the current price, - the branch as a whole stays at 180% or more with your new debt, - the branch's total debt stays under 10,000,000 PLMB, - the rate you chose has a free seat (each rate holds sixteen troves). > [!INFO] > The branch-wide 180% check is about everyone's troves together. When the whole branch runs close to it, new borrowing pauses until borrowers repay or add collateral, or prices rise. ## Adjusting One instruction, `adjust`, does all four changes, in any combination: - **Add collateral.** Always allowed, and needs no price. - **Repay.** Always allowed, and needs no price. - **Borrow more.** At least 100 PLMB at a time, at 150% or more afterwards, and the branch must stay at 180%. - **Withdraw collateral.** If debt remains, the trove must stay at 150% and the branch at 180%. Repaying and adding collateral never wait for the oracle. If prices are stale, you can always reduce your risk. ## Closing To close, repay all of your debt and withdraw all of your collateral. Because interest accrues every second, nobody can quote your final debt to the last unit in advance. The program accepts a special amount, *all*, that means "whatever the debt is when this executes", so the app's **Repay and close** leaves no dust behind. You need enough PLMB in your wallet to cover the debt. If you borrowed PLMB and spent it, buy it back first. ## Debt-free troves A trove can end up with collateral but no debt: - after a [redemption](/docs/redemptions) took all of its debt, - after a [liquidation](/docs/liquidations) left collateral above the pool's 110% share, - after you repaid everything but kept your JitoSOL. That JitoSOL is yours. Withdraw it from the Borrow desk at any time; it needs no price. A debt-free trove doesn't count towards the branch's ratio and earns no interest for anyone.