@gearbox-protocol/sdk 16.4.0-next.5 → 16.4.0-next.7

package/dist/cjs/onchain/accounts/intents/withdraw-limits.js

@@ -4,8 +4,8 @@ require("../../utils/index.js");
 const require_onchain_validation_helpers_health_factor_limits = require("../../validation/helpers/health-factor-limits.js");
 require("../../validation/index.js");
 const require_onchain_accounts_intents_utils_common = require("./utils/common.js");
-const require_onchain_accounts_intents_collateral_money = require("./collateral-money.js");
 const require_onchain_accounts_intents_math = require("./math.js");
+const require_onchain_accounts_intents_collateral_valuation = require("./collateral-valuation.js");
 const require_onchain_accounts_intents_view = require("./view.js");
 //#region src/onchain/accounts/intents/withdraw-limits.ts
 /**
@@ -39,7 +39,7 @@ function withdrawLimits(props) {
 * in underlying units.
 *
 * A withdrawal hands funds over, so the facade weighs the account it leaves
-* behind at safe prices rather than main ones — see {@link collateralMoney}.
+* behind at safe prices rather than main ones — see {@link collateralValuation}.
 * That is a second limit on top of the facade's `debtLimits`, and the two are
 * independent: a caller wanting the amount a form may actually offer takes the
 * lesser of this and `maxProportionalWithdrawal`.
@@ -72,20 +72,20 @@ function maxSafeWithdrawal(props) {
 	const view = require_onchain_accounts_intents_view.accountView(creditAccount, sdk);
 	if (view.collateral <= 0n) return 0n;
 	if (view.debt === 0n) return view.collateral;
-	const money = require_onchain_accounts_intents_collateral_money.collateralMoney(creditAccount, sdk);
+	const valuation = require_onchain_accounts_intents_collateral_valuation.collateralValuation(creditAccount, sdk);
 	const source = props.sourceToken ?? view.fattest();
 	const holding = source === void 0 ? void 0 : creditAccount.tokens.find((t) => require_onchain_accounts_intents_utils_common.eq(t.token, source));
 	if (!holding) return view.collateral;
 	let total = 0n;
-	for (const t of creditAccount.tokens) if (money.counts(t)) total += money.weigh(t);
-	const debtUsd = money.mainUsd(money.underlying, view.debt);
+	for (const t of creditAccount.tokens) if (valuation.counts(t)) total += valuation.weigh(t);
+	const debtUsd = valuation.mainUsd(valuation.underlying, view.debt);
 	if (debtUsd === void 0 || debtUsd <= 0n) return view.collateral;
 	const slack = total - debtUsd * targetHF;
 	if (slack < 0n) return 0n;
-	const sourceMainUsd = money.mainUsd(holding.token, holding.balance);
+	const sourceMainUsd = valuation.mainUsd(holding.token, holding.balance);
 	if (sourceMainUsd === void 0 || sourceMainUsd <= 0n) return view.collateral;
-	const sourceRate = money.lt(holding.token) * money.checkedUsd(holding);
-	const tvlUsd = money.mainUsd(money.underlying, view.collateral + view.debt);
+	const sourceRate = valuation.lt(holding.token) * valuation.checkedUsd(holding);
+	const tvlUsd = valuation.mainUsd(valuation.underlying, view.collateral + view.debt);
 	if (tvlUsd === void 0) return view.collateral;
 	const drain = sourceRate * tvlUsd - targetHF * debtUsd * sourceMainUsd;
 	if (drain <= 0n) return view.collateral;

package/dist/cjs/onchain/positions/calcHealthFactor.js

@@ -36,7 +36,7 @@ function calcHealthFactor(props) {
 		const scale = 10n ** BigInt(decimalsByToken.get(token) ?? 18);
 		return amount * price / scale;
 	};
-	const assetMoney = snapshot.assets.reduce((acc, { token, balance }) => {
+	const assetValue = snapshot.assets.reduce((acc, { token, balance }) => {
 		if (balance <= 10n) return acc;
 		const lt = BigInt(lts.get(token) ?? 0);
 		const tokenLtWeighted = (convertToUSD(token, balance, true) ?? 0n) * lt;
@@ -45,8 +45,8 @@ function calcHealthFactor(props) {
 		const quotaWeighted = (convertToUSD(underlying, quotaBalance) ?? 0n) * require_onchain_constants_math.PERCENTAGE_FACTOR;
 		return acc + (quota ? require_onchain_utils_bigint_math.BigIntMath.min(quotaWeighted, tokenLtWeighted) : tokenLtWeighted);
 	}, 0n);
-	const borrowedMoney = convertToUSD(underlying, snapshot.totalDebt) ?? 0n;
-	const hf = borrowedMoney > 0n ? assetMoney / borrowedMoney : 0n;
+	const borrowedValue = convertToUSD(underlying, snapshot.totalDebt) ?? 0n;
+	const hf = borrowedValue > 0n ? assetValue / borrowedValue : 0n;
 	return Number(hf);
 }
 //#endregion

package/dist/cjs/onchain/preview/preview/previewOpenStrategyPosition.js

@@ -18,7 +18,7 @@ function previewOpenStrategyPosition(sdk, input, operation, replay) {
 		warning ??= priced.error;
 		return priced.value;
 	};
-	const netValue = before.balances.sum(price) + after.collateralAdded.sum(price);
+	const netValue = before.balances.sum(price) + after.collateralAdded.sum(price) - after.collateralWithdrawn.sum(price);
 	const unwrapped = require_onchain_preview_preview_unwrapNativeCollateral.unwrapNativeCollateral(after.collateralAdded.toAssets(), value, sdk.addressProvider.getAddress(require_onchain_constants_address_provider.AP_WETH_TOKEN, 0));
 	if (!unwrapped.ok) return unwrapped;
 	const collateral = unwrapped.data;
@@ -28,6 +28,7 @@ function previewOpenStrategyPosition(sdk, input, operation, replay) {
 		...require_model_previews.asEstimated(sdk.positions.projection(snap, { availableLiquidityChange: -account.totalDebt })),
 		targetCollateral: targetAsset ? oracle.toTokenAmount(targetAsset.token, targetAsset.balance) : void 0,
 		collateralAdded: collateral.map((a) => oracle.toTokenAmount(a.token, a.balance)),
+		collateralWithdrawn: after.collateralWithdrawn.toAssets().map((a) => oracle.toTokenAmount(a.token, a.balance)),
 		warning
 	};
 	return require_model_result.sdkOk({

package/dist/cjs/sdk/execute/ExecuteApi.js

@@ -17,6 +17,8 @@ var ExecuteApi = class {
 		switch (request.kind) {
 			case "pool": return poolTx(sdk, request);
 			case "open": return openTx(sdk, request);
+			case "openEmpty": return openEmptyTx(sdk, request);
+			case "borrow": return borrowTx(sdk, request);
 			case "account": return accountTx(sdk, request);
 		}
 	}
@@ -63,17 +65,75 @@ async function openTx(sdk, request) {
 		reopenCreditAccount: state.creditAccount,
 		permits: {},
 		referralCode: 0n,
-		rwaOptions: await openRwaOptions(sdk, request)
+		rwaOptions: await openRwaOptions(sdk, request, request.targetToken)
+	});
+}
+/**
+* The opening with nothing in it: no debt to draw, no collateral to take, no
+* path to run and no quota to buy, so `openCA` is left with the price updates
+* the market demands and the facade's own `openCreditAccount`.
+*
+* Nothing is read off the preparation because there is nothing on it. The
+* account holds no token, so an RWA market has none to gate on either.
+**/
+function openEmptyTx(sdk, request) {
+	return sdk.accounts.openCA({
+		creditManager: request.creditManager,
+		to: request.wallet,
+		collateral: [],
+		ethAmount: 0n,
+		debt: 0n,
+		calls: [],
+		averageQuota: [],
+		minQuota: [],
+		permits: {},
+		referralCode: 0n
+	});
+}
+/**
+* A loan is an opening whose debt leaves again, so it is the same `openCA`
+* with `withdrawToken` set: the facade draws the debt, takes the collateral,
+* runs whatever path buys the payout, and sweeps that payout to the wallet.
+*
+* Both quota branches are the one the state carries. An opening has two
+* because the balances it lands on are a router quote; here the account is
+* left holding the collateral the caller named, and a named amount has no
+* floor to differ from.
+**/
+async function borrowTx(sdk, request) {
+	const { creditManager, wallet, ethAmount, sim } = request;
+	const { state } = sim.data;
+	const collateral = {
+		token: state.collateral.token.address,
+		balance: state.collateral.value
+	};
+	return sdk.accounts.openCA({
+		creditManager,
+		to: wallet,
+		collateral: [collateral],
+		ethAmount,
+		debt: state.totalDebt.value,
+		calls: state.calls,
+		withdrawToken: state.borrowed.token.address,
+		averageQuota: state.quotaIncrease,
+		minQuota: state.quotaIncrease,
+		reopenCreditAccount: state.creditAccount,
+		permits: {},
+		referralCode: 0n,
+		rwaOptions: await openRwaOptions(sdk, request, collateral.token)
 	});
 }
 /**
 * The documented `openCA` contract: ask the market for its open requirements
 * and hand them back as operation args, with the caller's cached signatures
-* attached. `undefined` on non-RWA markets and when no target token is named.
+* attached. `undefined` on non-RWA markets and when no token is named.
+*
+* `token` is the one the account ends up holding, which is what an RWA market
+* gates on: the opening's target, and the borrow's collateral.
 **/
-async function openRwaOptions(sdk, request) {
-	if (!request.targetToken) return;
-	const requirements = await sdk.accounts.getOpenAccountRequirements(request.wallet, request.creditManager, { tokenOutAddress: request.targetToken });
+async function openRwaOptions(sdk, request, token) {
+	if (!token) return;
+	const requirements = await sdk.accounts.getOpenAccountRequirements(request.wallet, request.creditManager, { tokenOutAddress: token });
 	if (requirements?.protocol !== "securitize") return;
 	return {
 		protocol: "securitize",

package/dist/cjs/sdk/prepare/PrepareApi.js

@@ -196,26 +196,33 @@ var PrepareApi = class extends require_onchain_base_MultichainConstruct.Multicha
 		}
 	}
 	/**
+	* {@inheritDoc IOpportunitiesPrepare.openEmptyCreditAccount}
+	**/
+	async openEmptyCreditAccount(strategy) {
+		try {
+			const sdk = await this.#chain(strategy.chainId);
+			const at = stateBlock(sdk);
+			const result = await service(sdk).openEmptyAccountIntent({
+				sdk,
+				creditManager: strategy.creditManager
+			});
+			return result.ok ? require_model_result.sdkOk(at) : methodError(result);
+		} catch (e) {
+			return require_model_result.sdkErr(require_model_errors_prepare_errors.unexpectedFailure(e));
+		}
+	}
+	/**
 	* {@inheritDoc IOpportunitiesPrepare.openNewStrategy}
 	**/
 	async openNewStrategy(strategy, params) {
 		try {
 			const sdk = await this.#chain(strategy.chainId);
 			const at = stateBlock(sdk);
-			if (params.empty) return opened(await service(sdk).openStrategyIntent({
-				sdk,
-				creditManager: strategy.creditManager,
-				empty: true
-			}), at);
 			const targetToken = params.targetToken ?? sdk.marketRegister.findCreditManager(strategy.creditManager).strategyTargetCollateral;
 			if (!targetToken) return require_model_result.sdkErr(require_model_errors_prepare_errors.noStrategyTargetCollateral(strategy.creditManager));
-			let creditAccount;
-			if (params.creditAccount) {
-				const reused = await slice(sdk, params.creditAccount);
-				if (!reused || !(0, viem.isAddressEqual)(reused.creditManager, strategy.creditManager)) return require_model_result.sdkErr(require_model_errors_prepare_errors.creditAccountNotFound(params.creditAccount));
-				if (reused.totalDebt > 0n || reused.tokens.some((t) => t.quota > 0n)) return require_model_result.sdkErr(require_model_errors_prepare_errors.creditAccountNotEmpty(params.creditAccount));
-				creditAccount = reused;
-			}
+			const reused = await reusable(sdk, strategy, params.creditAccount);
+			if (reused && "error" in reused) return reused;
+			const creditAccount = reused?.account;
 			return opened(await service(sdk).openStrategyIntent({
 				sdk,
 				creditManager: strategy.creditManager,
@@ -232,6 +239,30 @@ var PrepareApi = class extends require_onchain_base_MultichainConstruct.Multicha
 		}
 	}
 	/**
+	* {@inheritDoc IOpportunitiesPrepare.borrow}
+	**/
+	async borrow(strategy, params) {
+		try {
+			const sdk = await this.#chain(strategy.chainId);
+			const at = stateBlock(sdk);
+			const reused = await reusable(sdk, strategy, params.creditAccount);
+			if (reused && "error" in reused) return reused;
+			return borrowed(await service(sdk).borrowIntent({
+				sdk,
+				creditManager: strategy.creditManager,
+				collateralToken: params.collateralToken,
+				collateralAmount: params.collateralAmount,
+				borrowToken: params.borrowToken,
+				borrowAmount: params.borrowAmount,
+				slippage: params.slippage,
+				quotaReserve: params.quotaReserve,
+				creditAccount: reused?.account
+			}), at);
+		} catch (e) {
+			return require_model_result.sdkErr(require_model_errors_prepare_errors.unexpectedFailure(e));
+		}
+	}
+	/**
 	* {@inheritDoc IOpportunitiesPrepare.depositStrategy}
 	**/
 	async depositStrategy(position, params) {
@@ -354,6 +385,21 @@ var PrepareApi = class extends require_onchain_base_MultichainConstruct.Multicha
 		});
 	}
 	/**
+	* {@inheritDoc IOpportunitiesPrepare.maxBorrow}
+	**/
+	maxBorrow(strategy, params) {
+		const sdk = this.sdk.chain(strategy.chainId);
+		return service(sdk).maxBorrow({
+			sdk,
+			creditManager: strategy.creditManager,
+			collateralToken: params.collateralToken,
+			collateralAmount: params.collateralAmount,
+			borrowToken: params.borrowToken,
+			targetHF: params.targetHF,
+			quotaReserve: params.quotaReserve
+		});
+	}
+	/**
 	* The account a bare `max*` read weighs. These reads answer a number, not
 	* an envelope, so an account the markets do not hold is thrown rather than
 	* described, see {@link IOpportunitiesPrepare.maxWithdraw}.
@@ -439,6 +485,25 @@ async function slice(sdk, creditAccount) {
 	return data && require_onchain_accounts_intents_utils_credit_account_slice.toCreditAccountSlice(data);
 }
 /**
+* The pre-opened account a request asks to be run on, held to what "pre-opened"
+* means: this manager's, owing nothing and holding no quota.
+*
+* Shared by the two flows that put something on a fresh account — an opening
+* and a borrow — so both hold a reused one to the same terms. Whatever
+* balances sit on it are left to the flow: an opening routes them, a borrow
+* leaves them where they are.
+*
+* @returns Nothing when the request named no account, the refusal to answer
+* with when it named one that does not qualify, and the slice otherwise
+**/
+async function reusable(sdk, strategy, creditAccount) {
+	if (!creditAccount) return;
+	const account = await slice(sdk, creditAccount);
+	if (!account || !(0, viem.isAddressEqual)(account.creditManager, strategy.creditManager)) return require_model_result.sdkErr(require_model_errors_prepare_errors.creditAccountNotFound(creditAccount));
+	if (account.totalDebt > 0n || account.tokens.some((t) => t.quota > 0n)) return require_model_result.sdkErr(require_model_errors_prepare_errors.creditAccountNotEmpty(creditAccount));
+	return { account };
+}
+/**
 * The operation a claim resumes, or `undefined` when there is none to resume:
 * a withdrawal requested without an intent, or one read through a compressor
 * too old to report it. Every intent the engine records can be finished,
@@ -538,6 +603,15 @@ function opened(result, at) {
 }
 /**
 * {@inheritDoc planned}
+**/
+function borrowed(result, at) {
+	return result.ok ? require_model_result.sdkOk({
+		state: result.state,
+		...at
+	}) : methodError(result);
+}
+/**
+* {@inheritDoc planned}
 *
 * Both routes are payload, error and all: `errors` says why a missing one is
 * missing, and it stays on the error when neither route answered, since that is

package/dist/esm/onchain/accounts/intents/borrow.js

@@ -0,0 +1,137 @@
+import { insufficientBalance } from "../../../model/errors/operation-errors.js";
+import { unsupportedCollateralToken } from "../../../model/errors/prepare-errors.js";
+import "../../../model/index.js";
+import { toToken } from "../../validation/helpers/token.js";
+import { IntentPreviewError } from "../../validation/raise.js";
+import "../../validation/index.js";
+import { eq, toTargetDecimals } from "./utils/common.js";
+import { assertCanBorrow, assertCollateralised, assertGrowthAllowed, assertMarketOperable, assertQuotaAvailable } from "./guards.js";
+import { assertDebtLimits } from "./math.js";
+import { unopenedAccountSlice } from "./utils/credit-account-slice.js";
+import { collectPriceImpact } from "./utils/price-impact.js";
+import { getQuotasForUpdate } from "./utils/quotas-for-update.js";
+import { createRouterPaths } from "./utils/router-path.js";
+import "./utils/index.js";
+//#region src/onchain/accounts/intents/borrow.ts
+/**
+* Builds the state a borrow would leave behind.
+*
+* The debt is named rather than derived: a borrow asks for an amount, where an
+* opening asks for a leverage and lets the collateral decide. Everything the
+* loan pays out leaves the account, so the collateral alone backs it — which
+* is what makes the health factor here a straight function of the two amounts.
+*
+* Produces no operation list, as opening never does: the caller hands the
+* numbers and the calls to `sdk.accounts.openCA`, with `withdrawToken` set to
+* the payout.
+*/
+async function buildBorrowState(props) {
+	const { sdk, creditManager, collateralAmount, borrowAmount, slippage = 0, quotaReserve, creditAccount: existing } = props;
+	const suite = sdk.marketRegister.findCreditManager(creditManager);
+	const market = sdk.marketRegister.findByCreditManager(creditManager);
+	assertMarketOperable(suite);
+	const underlying = market.pool.underlying.toLowerCase();
+	const collateralToken = props.collateralToken.toLowerCase();
+	const borrowToken = props.borrowToken.toLowerCase();
+	const convert = (from, to, amount) => market.priceOracle.safeConvert(from, to, amount).value;
+	if (eq(collateralToken, borrowToken)) throw new IntentPreviewError(unsupportedCollateralToken(toToken(sdk, collateralToken)), "borrow: the payout token cannot also be the collateral");
+	const rwaAsset = sdk.tokensMeta.rwaUnderlyings.get(underlying)?.asset?.toLowerCase();
+	const unwrapsPayout = !!rwaAsset && eq(borrowToken, rwaAsset);
+	if (rwaAsset && eq(borrowToken, underlying)) throw new IntentPreviewError(unsupportedCollateralToken(toToken(sdk, borrowToken)), `borrow: ${underlying} cannot leave the account, ask for the payout in ${rwaAsset}`);
+	if (collateralAmount <= 0n) throw new IntentPreviewError(insufficientBalance(), "borrow: no collateral supplied");
+	if (borrowAmount <= 0n) throw new IntentPreviewError(insufficientBalance(), "borrow: nothing to borrow");
+	const margin = convert(collateralToken, underlying, collateralAmount);
+	if (margin <= 0n) throw new IntentPreviewError(insufficientBalance(), "borrow: collateral is worth nothing in underlying");
+	const debt = eq(borrowToken, underlying) ? borrowAmount : unwrapsPayout ? toTargetDecimals(borrowAmount, borrowToken, underlying, sdk) : convert(borrowToken, underlying, borrowAmount);
+	assertDebtLimits(sdk, debt, suite.creditFacade, underlying);
+	assertCanBorrow(sdk, suite, debt);
+	const account = existing ?? unopenedAccountSlice({
+		creditManager,
+		creditFacade: suite.creditFacade.address,
+		underlying
+	});
+	const leg = eq(borrowToken, underlying) || unwrapsPayout ? void 0 : await createRouterPaths({
+		sdk,
+		creditAccount: account,
+		slippage
+	}).swap({
+		tokenIn: underlying,
+		tokenOut: borrowToken,
+		amount: debt,
+		keep: eq(collateralToken, underlying) ? collateralAmount : 0n
+	});
+	const unwrap = unwrapsPayout ? await sdk.accounts.assembleRWAUnwrapCalls(debt, creditManager) : void 0;
+	if (unwrapsPayout && !unwrap) throw new Error(`borrow: no unwrap calls found for ${borrowToken}`);
+	const assets = [{
+		token: collateralToken,
+		balance: collateralAmount
+	}];
+	const quotaIncrease = borrowCollateralQuota({
+		sdk,
+		creditManager,
+		assets,
+		quotaReserve
+	});
+	assertGrowthAllowed({
+		sdk,
+		suite,
+		market,
+		before: [],
+		after: assets
+	});
+	assertQuotaAvailable(sdk, market, quotaIncrease);
+	const snapshot = {
+		creditManager,
+		assets,
+		quotas: quotaIncrease,
+		totalDebt: debt,
+		totalValue: margin
+	};
+	const projection = sdk.positions.projection(snapshot, { availableLiquidityChange: -debt });
+	assertCollateralised(projection.safeHealthFactor, true);
+	const priced = (token, balance) => market.priceOracle.toTokenAmount(token, balance);
+	const payout = unwrapsPayout ? toTargetDecimals(debt, underlying, borrowToken, sdk) : leg ? leg.amount : debt;
+	return {
+		...projection,
+		currentPrice: sdk.positions.currentPrice(snapshot),
+		executionCost: void 0,
+		priceImpact: await collectPriceImpact(leg?.probe ? [leg.probe] : [], {
+			totalValue: margin,
+			netValue: margin - debt,
+			toUnderlying: (from, amount) => convert(from, underlying, amount)
+		}),
+		collateral: priced(collateralToken, collateralAmount),
+		borrowed: priced(borrowToken, payout),
+		minBorrowed: priced(borrowToken, leg ? leg.minAmount : payout),
+		slippage,
+		quotaIncrease,
+		calls: leg ? [...leg.calls] : unwrap ?? [],
+		creditAccount: existing?.creditAccount
+	};
+}
+/**
+* Quota a borrow buys for its collateral on an account that holds none yet.
+*
+* Shared with `maxBorrow`, because a quota short of the collateral's weighted
+* value is what caps the loan: the two have to read the same number or the
+* ceiling one offers is one the other refuses.
+*
+* @param props - {@link BorrowCollateralQuotaProps}
+**/
+function borrowCollateralQuota({ sdk, creditManager, assets, quotaReserve }) {
+	const suite = sdk.marketRegister.findCreditManager(creditManager);
+	const market = sdk.marketRegister.findByCreditManager(creditManager);
+	return getQuotasForUpdate({
+		assetsBefore: [],
+		assetsAfter: assets,
+		initialQuotas: [],
+		quotaReserve,
+		underlyingToken: market.pool.underlying,
+		liquidationThresholds: suite.creditManager.liquidationThresholds,
+		quotas: market.pool.pqk.quotas,
+		maxDebt: suite.creditFacade.maxDebt,
+		convert: (from, to, amount) => market.priceOracle.safeConvert(from, to, amount).value
+	}).quotaIncrease;
+}
+//#endregion
+export { borrowCollateralQuota, buildBorrowState };

package/dist/esm/onchain/accounts/intents/{collateral-money.js → collateral-valuation.js}

@@ -2,9 +2,9 @@ import { BigIntMath } from "../../utils/bigint-math.js";
 import { PERCENTAGE_FACTOR } from "../../constants/math.js";
 import "../../utils/index.js";
 import { eq } from "./utils/common.js";
-//#region src/onchain/accounts/intents/collateral-money.ts
-/** {@inheritDoc CollateralMoney} */
-function collateralMoney(creditAccount, sdk) {
+//#region src/onchain/accounts/intents/collateral-valuation.ts
+/** {@inheritDoc CollateralValuation} */
+function collateralValuation(creditAccount, sdk) {
 	const { market, creditManager } = sdk.marketRegister.findCreditManager(creditAccount.creditManager);
 	const { priceOracle } = market;
 	const { pqk } = market.pool;
@@ -20,21 +20,21 @@ function collateralMoney(creditAccount, sdk) {
 	const lt = (token) => BigInt(creditManager.liquidationThresholds.get(token) ?? 0);
 	const checkedUsd = (holding) => eq(holding.token, underlying) ? mainUsd(holding.token, holding.balance) ?? 0n : priceOracle.safeConvertMinUSD(holding.token, holding.balance).value;
 	/** A quota is underlying-denominated, and a closed market backs nothing. */
-	const quotaMoney = (holding) => pqk.hasActiveQuota(holding.token) ? (mainUsd(underlying, holding.quota) ?? 0n) * PERCENTAGE_FACTOR : 0n;
+	const quotaValue = (holding) => pqk.hasActiveQuota(holding.token) ? (mainUsd(underlying, holding.quota) ?? 0n) * PERCENTAGE_FACTOR : 0n;
 	const weigh = (holding) => {
 		const weighted = checkedUsd(holding) * lt(holding.token);
 		if (holding.quota === 0n) return weighted;
-		return BigIntMath.min(quotaMoney(holding), weighted);
+		return BigIntMath.min(quotaValue(holding), weighted);
 	};
 	return {
 		underlying,
 		counts: (holding) => holding.balance > 10n && (!masked || (holding.mask & creditAccount.enabledTokensMask) !== 0n),
 		weigh,
-		quotaMoney,
+		quotaValue,
 		mainUsd,
 		checkedUsd,
 		lt
 	};
 }
 //#endregion
-export { collateralMoney };
+export { collateralValuation };

package/dist/esm/onchain/accounts/intents/index.js

@@ -7,9 +7,11 @@ import { IntentPreviewError } from "../../validation/raise.js";
 import "../../validation/index.js";
 import { isPhantomToken } from "./utils/pick-token.js";
 import { assertMarketOperable } from "./guards.js";
+import { fetchCreditAccountSlice, toCreditAccountSlice } from "./utils/credit-account-slice.js";
+import { buildBorrowState } from "./borrow.js";
 import { calcLeverageBand } from "./leverage-band.js";
+import { maxBorrow } from "./maxBorrow.js";
 import { maxWithdrawCollateral } from "./maxWithdrawCollateral.js";
-import { fetchCreditAccountSlice, toCreditAccountSlice } from "./utils/credit-account-slice.js";
 import { buildOpenStrategyState } from "./open-strategy.js";
 import { planAddCollateral, planAdjustLeverage, planAdjustLeverageDelayed, planDeposit, planRepay, planWithdraw, planWithdrawAsset, planWithdrawDelayed } from "./plan.js";
 import { accountView } from "./view.js";
@@ -132,6 +134,34 @@ var CreditAccountOperationsService = class extends SDKConstruct {
 		});
 	}
 	/**
+	* Largest loan a given collateral supports at `targetHF`, in the payout
+	* token's units — the ceiling a borrow form should offer.
+	*
+	* Reads no account, like {@link leverageBand}: the borrow opens one. The
+	* collateral is valued the way the transaction will be judged, at safe
+	* prices and under the quota the borrow buys, and the answer is then held to
+	* what the market will lend.
+	*
+	* A ceiling, not a verdict: the facade's `minDebt` is a floor and is not
+	* applied here, so collateral too small for this market still answers with
+	* what it carries and {@link borrowIntent} is the one that refuses the loan.
+	*
+	* The default is {@link MIN_HF_LIMITED}, the threshold a form holds an
+	* account to.
+	*
+	* @param props - The manager, the SDK holding its market, the collateral put
+	* up, the token to be paid in, and optionally the health factor to land at
+	* @returns Amount in the payout token's units; `0n` where no loan of this
+	* shape can be funded at any size
+	*/
+	maxBorrow(props) {
+		const { targetHF = MIN_HF_LIMITED, ...rest } = props;
+		return maxBorrow({
+			...rest,
+			targetHF: targetHF + 2n
+		});
+	}
+	/**
 	* Previews the same operation when its source only redeems through its
 	* issuer: a Securitize dsToken, a Mellow share.
 	*
@@ -277,6 +307,26 @@ var CreditAccountOperationsService = class extends SDKConstruct {
 		};
 	}
 	/**
+	* Previews opening an account that holds nothing.
+	*
+	* Nothing is put up, drawn or routed, so there is no state to build and no
+	* guard to run beyond the market's own: a paused or expired facade takes no
+	* multicall, and an opening is a multicall like any other. Answers the same
+	* envelope its two neighbours do so a caller branches on `ok` throughout.
+	*
+	* @param props - The SDK holding the market, and the manager to open in
+	* @returns `{ ok: true }`, or `{ ok: false, error }` when the market takes
+	* no transaction right now
+	*/
+	async openEmptyAccountIntent(props) {
+		try {
+			assertMarketOperable(props.sdk.marketRegister.findCreditManager(props.creditManager));
+			return { ok: true };
+		} catch (e) {
+			return asSDKError(e);
+		}
+	}
+	/**
 	* Previews opening a brand-new leveraged position.
 	*
 	* Sits apart from {@link startIntent} because there is no account yet: nothing
@@ -298,6 +348,37 @@ var CreditAccountOperationsService = class extends SDKConstruct {
 			return asSDKError(e);
 		}
 	}
+	/**
+	* Previews taking a loan against collateral, on an account this same
+	* transaction opens.
+	*
+	* Sits beside {@link openStrategyIntent} rather than under
+	* {@link startIntent} for the same reason: there is no account yet, and the
+	* output feeds `sdk.accounts.openCA`. What sets it apart from an opening is
+	* where the loan goes — out to the wallet rather than into a position — so
+	* the debt is named outright instead of following from a leverage, and the
+	* collateral is the only thing the account is left holding.
+	*
+	* `creditAccount` draws the loan on one the wallet already holds instead of
+	* opening another, as an opening takes one.
+	*
+	* @param props - Credit manager, the collateral the wallet puts up and the
+	* payout it asks for
+	* @returns Debt, the payout's two branches and the projection the account
+	* lands in, or `{ ok: false, error }` when the loan is not viable — a debt
+	* outside the facade's limits, collateral that cannot carry it, a payout the
+	* router has no path to
+	*/
+	async borrowIntent(props) {
+		try {
+			return {
+				ok: true,
+				state: await buildBorrowState(props)
+			};
+		} catch (e) {
+			return asSDKError(e);
+		}
+	}
 	/** Plan → realise → wrap. Unviable requests become `{ ok: false }`. */
 	async #preview(props, plan) {
 		try {

package/dist/esm/onchain/accounts/intents/leverage-band.js

@@ -1,5 +1,6 @@
 import { BigIntMath } from "../../utils/bigint-math.js";
 import { LEVERAGE_DECIMALS } from "../../constants/math.js";
+import { resolveCreditManager } from "./utils/common.js";
 //#region src/onchain/accounts/intents/leverage-band.ts
 /**
 * The leverages this market will actually fund for a position of this size.
@@ -29,7 +30,7 @@ import { LEVERAGE_DECIMALS } from "../../constants/math.js";
 * ```
 **/
 function calcLeverageBand({ sdk, creditManager, collateral, targetHF }) {
-	const found = resolve(sdk, creditManager);
+	const found = resolveCreditManager(sdk, creditManager);
 	if (!found) return;
 	const { suite, market } = found;
 	const target = suite.strategyTargetCollateral;
@@ -54,16 +55,5 @@ function calcLeverageBand({ sdk, creditManager, collateral, targetHF }) {
 		max
 	};
 }
-/** The manager's suite and market, or nothing while they cannot be resolved. */
-function resolve(sdk, creditManager) {
-	try {
-		return {
-			suite: sdk.marketRegister.findCreditManager(creditManager),
-			market: sdk.marketRegister.findByCreditManager(creditManager)
-		};
-	} catch {
-		return;
-	}
-}
 //#endregion
 export { calcLeverageBand };