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Deploying a LlamaLend v2 Market

LlamaLend v2 markets are deployed permissionlessly through the LendFactory. A successful deployment creates and registers a Vault, LendController, and AMM for one isolated token pair.

Deployment is not activation

New Controllers start with a borrow cap of zero. Deploying a market does not enable borrowing or give the deployer administrative rights. The deployed Configurators are administered by Curve DAO ownership agents, so activation requires a DAO ownership vote unless the DAO assigns a controller-specific administrator.

Supported Deployments​

LlamaLend v2 is currently deployed only on Ethereum and Optimism. Both verified factories report version 2.0.0. Addresses are chain-specific: use the LlamaLend v2 deployment table as the canonical reference and verify the selected factory's version() before sending a transaction.

Do not use an address from another network or a deprecated factory.

Requirements​

Prepare and independently review:

  • borrowed-token and collateral-token addresses;
  • an initialized price oracle implementing price() and price_w();
  • an initialized monetary-policy contract;
  • simulated A, AMM fee, loan discount, and liquidation discount;
  • an initial Vault supply limit in raw borrowed-token units;
  • a Curve DAO ownership proposal for the initial borrow cap and any other post-deployment parameters, or for assigning a controller-specific administrator;
  • initial lender liquidity, monitoring, and incident-response ownership.

See Oracles & Parameters before constructing the transaction.

Need help?

For help reviewing an oracle, parameter set, deployment, or governance proposal, contact SwissStake through Curve's Telegram or Discord.

The create() Call​

The v2 factory exposes one market-creation function:

create(
  address borrowed_token,
  address collateral_token,
  uint256 A,
  uint256 fee,
  uint256 loan_discount,
  uint256 liquidation_discount,
  address price_oracle,
  address monetary_policy,
  uint256 supply_limit
) returns (address[3])

The returned array is ordered as:

[vault, controller, amm]

The transaction also emits NewVault, which contains the market index, token pair, deployed contract addresses, oracle, and monetary policy.

Units​

  • A is an unscaled integer.
  • fee, loan_discount, and liquidation_discount use WAD precision: 10^18 = 100%.
  • supply_limit uses the borrowed token's native decimals.
  • Pass max(uint256) for no supply cap. Passing 0 prevents deposits.

Never enter display-formatted decimals directly into a contract field. Convert amounts to integers using the relevant token decimals first.

Deploy and Verify​

This section assumes familiarity with contract deployment, integer encoding, transaction simulation, and receipt decoding.

1. Prepare the Deployment​

Choose the factory for the transaction's chain and confirm its bytecode and version(). Validate the token metadata, oracle, and monetary policy, then encode all token amounts and WAD-scaled parameters as integers. The factory rejects identical tokens, unsupported decimal precision, invalid A or discount ordering, and an oracle whose initial price() and price_w() values are zero or unequal.

2. Simulate and Submit create()​

Simulate create() from the intended account against current fork or RPC state. Review the decoded calldata and expected [vault, controller, amm] return order, then submit through a deployment script or contract client. Preserve the transaction hash and deployment manifest. Passing contract validation does not prove the economic configuration is safe.

3. Verify the Registered Market​

After confirmation:

  1. Decode NewVault from the receipt.
  2. Confirm the three returned addresses have bytecode.
  3. Read the new entry from LendFactory.markets(index).
  4. Confirm the Vault, Controller, and AMM point to the intended tokens, oracle, and monetary policy.
  5. Confirm controller.borrow_cap() is zero before activation.

Activate the Market​

On both current deployments, the Configurator's default administrator is a Curve DAO ownership agent. Submit a DAO ownership vote that calls Configurator.set_borrow_cap(controller, cap). The proposal may also call set_custom_admin(controller, admin) if the DAO intends to delegate later parameter management for that market. On Optimism, the passed DAO action is executed through Curve's cross-chain governance path.

A market is ready for borrowers only after:

  • the DAO vote has passed and executed, and the borrow cap is confirmed above zero;
  • the Vault has enough available borrowed-token liquidity;
  • the oracle and monetary policy are operating as expected;
  • frontend and monitoring systems recognize the new market;
  • ownership and emergency procedures are documented.

Continue with Post-Deployment & Integration.

Low-Level References​