Membrane Contracts

Membrane is a community-owned DAO that carries the torch of decentralization. The main protocol is a pegged token (stablecoin) stabilization system that uses collateralized debt in the form of collateralized debt positions (CDPs) to mint. A CDP is a loan that holds collateral and mints debt within the set LTV limits of the position. Typical CDPs are 1 collateral per position but Membrane enables bundles to mix-n-match collateral enabling further risk control for the position owners. Prices are sourced from the oracle contract which currently queries Osmosis TWAPs & Pyth Network (for OSMO/USD). As new robust oracles are deployed Membrane should diversify.

Loan liquidations are used to keep the debt token collateralized and typically auction off the full amount to the contract caller in a first come first serve manner. Membrane’s liquidations are a 4-part filtration system that liquidate collateral at market driven fees until ultimately being backed by the Membrane network token.

From 1-4:

• Liquidation Queue for single collateral w/ dynamic fees
• Stability Pool for all collateral at a fixed fee
• Market sales through a DEX router
• Bad debt recapitalization through Membrane Debt Auctions

Pegged token mints are handled by the Osmosis Proxy in a way that allows for multiple versions of the CDP contract to run in tandem. All external user facing contracts that hold funds should be immutable long term to allow the market to choose its upgrades.

Core CDP Contracts

Name	Description
positions	Credit position manager
liquidation queue	Debt liquidation queue
stability pool	Position stability pool
debt auction	Last-resort MBRN auction for bad debt
oracle	TWAP oracles for approved assets
liquidity check	Checks for acceptable AMM liquidity of collateral assets ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

Governance Contracts

Name	Description
governance	Decentralized governance contract for updating protocol params and contract versions
staking	Manages staked MBRN functionality
vesting	Manages vesting MBRN functionality

Periphery Contracts

Name	Description
osmosis proxy	Proxy to Osmosis SDK module functions
margin proxy	Proxy for cleaner looped margin functionality ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

Audit

Oak Github

Docs

Documentation

Documentation Github

Osmosis Mainnet Addresses

launch: "osmo1g6hgj3eu9ju4vuaprjxdzj97ecnuczytve3junulgnwlamnndl5q6k73w6", discount_vault: "osmo1v8wckds5lvsdd0xrragvleu8srxprjpwdl7mga5uygnwmz5e7qzsl5zexw", governance_v1: "osmo19h8huy2hz4q7detxzv2r2erlsvlq8hzlsquu6n5x83775va4qgkskf20kq", governance_v2: "osmo1wk0zlag50ufu5wrsfyelrylykfe3cw68fgv9s8xqj20qznhfm44qgdnq86", liq_queue: "osmo1ycmtfa7h0efexjxuaw7yh3h3qayy5lspt9q4n4e3stn06cdcgm8s50zmjl", liquidity_check: "osmo1xxx0yuqhmwekt44q00jrf3rwvfa70rpeu622q0x56yaf423vq93q3qpzux", mbrn_auction: "osmo1qwdlg9le9kdrvgyp35jxz53m8zhdssyvxvyevmdxcn852h6dq9gqknf2aa", oracle: "osmo160t4k7x8axfd335s0rj5jdffzag684tjrzchlwmqk23xte32alvq6nfz6k", osmosis_proxy: "osmo1s794h9rxggytja3a4pmwul53u98k06zy2qtrdvjnfuxruh7s8yjs6cyxgd", positions: "osmo1gy5gpqqlth0jpm9ydxlmff6g5mpnfvrfxd3mfc8dhyt03waumtzqt8exxr", stability_pool: "osmo1326cxlzftxklgf92vdep2nvmqffrme0knh8dvugcn9w308ya9wpqv03vk8", staking: "osmo1fty83rfxqs86jm5fmlql5e340e8pe0v9j8ez0lcc6zwt2amegwvsfp3gxj", system_discounts: "osmo1p0hvtat69dash8f0w340n2kjdkdfq0ggyp77mr426wpnfwp3tjyqq6a8vr", vesting: "osmo1flwr85scpcsdqa8uyh0acgxeqlg2ln8tlklzwzdn4u68n3p5wegsgspjf6"