Protocol Variables And Definitions

Name	Definition	Notes & Examples
$collateral_{minter}$	The current value of t-bills in the Minter’s SPV (Special Purpose Vehicle). Regularly verified by Validators: $CV_{minter} = Eligible Collateral$	There are $10,000 of t-bills in the SPV. The$CV_{minter}$ is $10,000.
$lastUpdate_{minter}$	The timestamp of last collateral update by Minter. The minimum of all Validators' timestamps provided to verify the validity of collateral update.
$penalizedUntil_{minter}$	The timestamp of the end of the last penalization interval
$activeOwedM_{minter}$	The amount of M that a Minter owes and has to repay to the protocol including accrued interest and penalties at any moment in time	Penalties are charged due to late collateral updates undercollateralization
$inactiveOwedM_{minter}$	The amount of M that deactivated Minter owes to the protocol
$maxAllowedActiveOwedM_{minter}$	The maximum amount of M that is allowed to be owed to the protocol before it begins to accrue penalty charges. $maxAllowedActiveOwedM_{minter} = MCR * (CV_{minter} - totalPendingCollateralRetrievals_{minter}$	Mint requests are not accepted if this condition is not fulfilled. There is $10,000 of $CV_{minter}$ and the MCR is 95%. The Minter may mint up to $M 9,500 without incurring penalty charges
$totalActiveOwedM$	The total amount of $activeOwedM$ for all Minters.
$totalInactiveOwedM$	The total amount of $inactiveOwedM$ for all Minters
$pendingCollateralRetrieval_{minter}$, $Id$	Pending collateral retrievals for Minter with their ids and amounts.
$totalPendingCollateralRetrievals_{minter}$	The total amount of all retrieval requests for Minter