Avana が LP 担保リスクをどう管理するか

More than a price and an LTV

A simple token can usually be priced with a direct market reference and liquidated with standard logic. An LP position cannot. Its value depends on underlyings, pool structure, the relationship between those assets, fee accrual, liquidity depth, and for concentrated liquidity the active range. Under stress those variables compound. A protocol that supports LP backed borrowing on Aave v4 has to do more than assign a price and set a loan to value ratio. That is the problem Avana is built around.

Architecture and valuation

The first security layer is architectural. Avana uses Aave v4's hub and spoke structure. The hub holds the common liquidity layer, manages reserve accounting, and enforces solvency constraints. The spoke is where LP specific collateral logic lives: admission, valuation rules, pool specific risk parameters, and liquidation behavior. If an LP market becomes stressed, that stress is meant to stay contained in the spoke rather than rewriting assumptions across unrelated collateral types. On Avana, the spoke is part of the security boundary.

The second layer is oracle and valuation design. LP positions cannot be safely priced with a single flat feed. Avana uses a dual source framework. External price feeds provide the primary reference for underlyings, while AMM derived pricing acts as independent verification. Borrowing power exists only when both sources stay coherent within tolerance. Risk is assigned at the market level. Pool structure, asset correlation, liquidity depth, and range concentration all shape collateral treatment. Borrowing power is anchored to the weaker aspects of the position, with pool level adjustments for volatility, liquidity quality, and stress assumptions.

Health and liquidation

The third layer is health monitoring. LP positions remain active after they are posted as collateral, so risk does not freeze once a loan opens. Value changes with price moves, fee generation, range migration, and shifts in pool quality. Avana runs continuous per position health assessment rather than relying on occasional snapshots. Health factor is the live signal of whether the collateral model still holds for that loan.

Liquidation is where the assumptions get tested. LP collateral cannot be liquidated like a normal token. Avana's approach is to collect fees embedded in the position before destroying principal where possible, remove only enough liquidity to repair the loan, and route the unwind through execution paths that favor deterministic settlement. Smart Agents provide the execution infrastructure: monitoring positions, reconciling data, simulating execution, and unwinding under adverse conditions. They are part of Avana's safety system, not an afterthought bolted on later.

Operations and change control

The operational layer assumes governance and risk configuration need the same discipline as collateral treatment. Risk parameters change through structured process. Sensitive changes sit behind timelocks and review. Emergency controls exist for genuinely adverse conditions. Monitoring extends beyond individual positions to whole market categories. A protocol that supports LP collateral cannot rely on static configuration alone.

LP collateral is viable on Avana only if security is treated as a system. Architecture isolates risk. Oracles validate reality. Valuation turns complexity into conservative borrowing power. Health checks monitor drift. Liquidation restores solvency with as much precision as the venue allows. Operational controls govern how the framework evolves. None of those layers is enough by itself.

More than a price and an LTV

Architecture and valuation

Health and liquidation

Operations and change control