All tests completed (Altair Pools)

Hello, Esther here again, I wanted to share that we have finalized the initial tests for pools on Altair.

Below are some of the milestones made. Note I will not be covering every specific use/edge case tested but rather sharing a high level view of the main activities conducted.

High level overview of test cases covered and passed:

:white_check_mark: Create a new pool
:white_check_mark: Invest in Junior tranche
:white_check_mark: Close epoch
:white_check_mark: Invest in Senior tranche
:white_check_mark: Close epoch
:white_check_mark: Create an asset
:white_check_mark: Finance an asset
:white_check_mark: Repay an asset partially
:white_check_mark: Repay and close an asset

I have also included screenshots showing some of the changes implemented on the system. Note, that the images are only portions of the screen so they might seem out of context or hard to place in your mind but it’s all on the system, trust me :wink:.

First the issuer (in this test, me) created the pool. It can be viewed here

Then the Pool Administrators (in this test, me) whitelisted an address to be allowed to invest in the Junior Tranche.

In the screenshots below you can see the whitelisted address making their first 100 kUSD investment into the Junior Tranche token (NP1JUN).


Once the investment is locked, the investment can now be seen in the pending epoch panel.

Any user can close the epoch if the minimum duration is passed (in this case 24 hours).

Once the Epoch is closed and executed the investor automatically gains the tokens of the tranche he/she invested in and has the opportunity to invest more or redeem their tokens.

Below, you can see the new changes to the pool overview page noted.

Continuing with the tests, I whitelisted an address for investment into the Senior Tranche of the pool. The investor address then locked a 400 kUSD investment which is now displayed in the pending epoch panel.

Note, in the screenshot below you will see we can not close the epoch at this point as the minimum duration has not yet passed

Fun Fact you can see all transactions on subscan like below:

Fast forward 24 hours and the epoch is close, and all looks good on the investment side. :smiley:

Now, to create and finance an asset on Altair we use ART NFTs, which is different from Centrifuge Chain NFTs which are based on Real World Assets securitized as an NFT.

The next test took a few days to complete, as can be seen on the graph below. We created an asset, through the address/user that holds pricing rights, priced the asset and financed the NFT. I did not include the screenshots for this as they are admin related.

The end result of the test is that we now see there is an asset value of 100 kUSD, meaning there is 100kUSD outstanding in assets in the pool since it was used to finance the asset.

If we fast forward a few more days, we can see on the asset detail page that the asset worth 100 kUSD has a maturity date of August 20th, 2022 and is due in 4 days, which can be seen noted under Status.
The amount did not change, only the status changed from “On Going” to Due in 4 days, showing us the maturity date is coming soon.

When we select the asset we can see more detail about it

If we want to repay the asset (partially or in full), we see that the outstanding amount went up from 100 borrowed to 100.08 outstanding, this is due to the financing fee and thus is the interest paid to the investor(s).

Once an asset has been repaid and closed , the asset detail page updates to show the asset no longer has an outstanding amount and has no available amount for financing, as seen below.

If we return to the pool detail page (see image below), we can see the asset value has returned to 0 as no assets are financed in this pool at this time. Additionally, you can see that the reserve has returned to 500 kUSD (100 Junior/ 400Senior investment)

Off course, many edge cases were covered including but not limited to

  • Trying to create an asset with an NFT that’s not yours
  • Trying to create an asset with an NFT that’s yours but currently for sale
  • Investing more than the maximum reserve
  • Investing more into the Senior tranche than the Junior tranche can protect keeping in line with the Junior to Senior buffer
  • Different interest rates and risk groups set and used
  • Different maturity dates implemented
  • Different write off schedules followed
  • Different chain addresses used

I hope this gives you a glimpse behind the scenes into what the system can do and looks like in action.

As always if you have questions, please do not hesitate to ask.

See you next time.

8 Likes

Thanks for this thorough walk-through of the testing @Esther_Centrifuge!

Given this is one of the core functionalities of Altair/Centrifuge, it is great to hear that it works as intended.

What are the next steps now? When can we approximately expect the pool to be open to the public? :sunglasses:

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we’re doing some update on teh graphs etc. so not for now but after yes.
It might take a few weeks (like 2,3 or so)

3 Likes

thats good project :heartpulse: :heartbeat:

3 Likes

I participated in the testing and I can assure you it works as designed. It will make onboarding (for issuers) and investing (for investors) much easier and everything in a single dapp.

Can’t wait to see Pools on Centrifuge chain launching (soon)

4 Likes

Very soon :wink:
It’s looking good

2 Likes

how is it possible to finance a NFT thai is not mine?

You need to prove the ownership of the NFT you want to use as collateral. Otherwise you can’t. Such a case was included in the testing as well :wink:

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So it has to be yours :slight_smile:

1 Like