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Make VaultID conditional on `LoanBrokerSet #497

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76147cd
makes VaultID optional when updating the LoanBroker object
Tapanito Mar 11, 2026
08ed313
Merge branch 'master' into tapanito/lending-optional-vault-id
Tapanito Mar 11, 2026
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51 changes: 29 additions & 22 deletions XLS-0066-lending-protocol/README.md
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Expand Up @@ -551,17 +551,23 @@ The transaction creates a new `LoanBroker` object or updates an existing one.

#### 3.3.1 Fields

| Field Name | Required | JSON Type | Internal Type | Default Value | Description |
| ---------------------- | :------: | :-------: | :-----------: | :-----------: | :------------------------------------------------------------------------------------------------------------------------------------------------- |
| `TransactionType` | Yes | `string` | `UINT16` | `74` | The transaction type. |
| `VaultID` | Yes | `string` | `HASH256` | `N/A` | The Vault ID that the Lending Protocol will use to access liquidity. |
| `LoanBrokerID` | No | `string` | `HASH256` | `N/A` | The Loan Broker ID that the transaction is modifying. |
| `Flags` | No | `number` | `UINT32` | 0 | Specifies the flags for the LoanBroker. |
| `Data` | No | `string` | `BLOB` | None | Arbitrary metadata in hex format. The field is limited to 256 bytes. |
| `ManagementFeeRate` | No | `number` | `UINT16` | 0 | The 1/10th basis point fee charged by the Lending Protocol Owner. Valid values are between 0 and 10000 inclusive (1% - 10%). |
| `DebtMaximum` | No | `string` | `NUMBER` | 0 | The maximum amount the protocol can owe the Vault. The default value of 0 means there is no limit to the debt. Must not be negative. |
| `CoverRateMinimum` | No | `number` | `UINT32` | 0 | The 1/10th basis point `DebtTotal` that the first-loss capital must cover. Valid values are between 0 and 100000 inclusive. |
| `CoverRateLiquidation` | No | `number` | `UINT32` | 0 | The 1/10th basis point of minimum required first-loss capital liquidated to cover a Loan default. Valid values are between 0 and 100000 inclusive. |
| Field Name | Required | JSON Type | Internal Type | Default Value | Description |
| ---------------------- | :---------: | :-------: | :-----------: | :-----------: | :------------------------------------------------------------------------------------------------------------------------------------------------- |
| `TransactionType` | Yes | `string` | `UINT16` | `74` | The transaction type. |
| `VaultID` | Conditional | `string` | `HASH256` | `N/A` | The Vault ID that the Lending Protocol will use to access liquidity. See [§ 3.3.1.1](#3311-vaultid). |
| `LoanBrokerID` | No | `string` | `HASH256` | `N/A` | The Loan Broker ID that the transaction is modifying. |
| `Flags` | No | `number` | `UINT32` | 0 | Specifies the flags for the LoanBroker. |
| `Data` | No | `string` | `BLOB` | None | Arbitrary metadata in hex format. The field is limited to 256 bytes. |
| `ManagementFeeRate` | No | `number` | `UINT16` | 0 | The 1/10th basis point fee charged by the Lending Protocol Owner. Valid values are between 0 and 10000 inclusive (1% - 10%). |
| `DebtMaximum` | No | `string` | `NUMBER` | 0 | The maximum amount the protocol can owe the Vault. The default value of 0 means there is no limit to the debt. Must not be negative. |
| `CoverRateMinimum` | No | `number` | `UINT32` | 0 | The 1/10th basis point `DebtTotal` that the first-loss capital must cover. Valid values are between 0 and 100000 inclusive. |
| `CoverRateLiquidation` | No | `number` | `UINT32` | 0 | The 1/10th basis point of minimum required first-loss capital liquidated to cover a Loan default. Valid values are between 0 and 100000 inclusive. |

##### 3.3.1.1 `VaultID`

`VaultID` is **required** when `LoanBrokerID` is absent (i.e., the transaction is creating a new `LoanBroker`). It identifies the `Vault` that will back the lending protocol instance, and is stored permanently on the resulting `LoanBroker` object.

`VaultID` must **not** be present when `LoanBrokerID` is present (i.e., the transaction is modifying an existing `LoanBroker`). The `Vault` association is fixed at creation time and cannot be changed.

#### 3.3.2 Transaction Fee

Expand All @@ -571,15 +577,17 @@ This transaction uses the standard transaction fee.

##### 3.3.3.1 Data Verification

1. `VaultID` is zero. (`temINVALID`)
2. `Data` field is present, non-empty, and exceeds 256 bytes. (`temINVALID`)
3. `ManagementFeeRate` is outside valid range (0 to 10000). (`temINVALID`)
4. `CoverRateMinimum` is outside valid range (0 to 100000). (`temINVALID`)
5. `CoverRateLiquidation` is outside valid range (0 to 100000). (`temINVALID`)
6. `DebtMaximum` is negative or exceeds maximum allowed value. (`temINVALID`)
7. One of `CoverRateMinimum` and `CoverRateLiquidation` is zero, and the other one is not. (Either both are zero, or both are non-zero) (`temINVALID`)
8. `LoanBrokerID` is specified and is zero. (`temINVALID`)
9. `LoanBrokerID` is specified and the submitter is attempting to modify fixed fields (`ManagementFeeRate`, `CoverRateMinimum`, `CoverRateLiquidation`). (`temINVALID`)
1. `VaultID` is present and is zero. (`temINVALID`)
2. `LoanBrokerID` is not specified (creating new) and `VaultID` is absent. (`temINVALID`)
3. `LoanBrokerID` is specified (modifying existing) and `VaultID` is present. (`temINVALID`)
4. `Data` field is present, non-empty, and exceeds 256 bytes. (`temINVALID`)
5. `ManagementFeeRate` is outside valid range (0 to 10000). (`temINVALID`)
6. `CoverRateMinimum` is outside valid range (0 to 100000). (`temINVALID`)
7. `CoverRateLiquidation` is outside valid range (0 to 100000). (`temINVALID`)
8. `DebtMaximum` is negative or exceeds maximum allowed value. (`temINVALID`)
9. One of `CoverRateMinimum` and `CoverRateLiquidation` is zero, and the other one is not. (Either both are zero, or both are non-zero) (`temINVALID`)
10. `LoanBrokerID` is specified and is zero. (`temINVALID`)
11. `LoanBrokerID` is specified and the submitter is attempting to modify fixed fields (`ManagementFeeRate`, `CoverRateMinimum`, `CoverRateLiquidation`). (`temINVALID`)

##### 3.3.3.2 Protocol-Level Failures

Expand All @@ -595,8 +603,7 @@ This transaction uses the standard transaction fee.

6. `LoanBroker` object with the specified `LoanBrokerID` does not exist on the ledger. (`tecNO_ENTRY`)
7. The submitter `AccountRoot.Account != LoanBroker(LoanBrokerID).Owner`. (`tecNO_PERMISSION`)
8. The transaction `VaultID` does not match `LoanBroker(LoanBrokerID).VaultID`. (`tecNO_PERMISSION`)
9. `DebtMaximum` is being reduced to a non-zero value below the current `DebtTotal`. (`tecLIMIT_EXCEEDED`)
8. `DebtMaximum` is being reduced to a non-zero value below the current `DebtTotal`. (`tecLIMIT_EXCEEDED`)

**Precision Validation:**

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