--- title: Use the terminal section: guides order: 1 audience: borrowers sources: - web/src/App.tsx:350-362 - web/src/App.tsx:425-512 - web/src/Panes.tsx:43-232 - web/src/Panes.tsx:233-369 - web/src/Panes.tsx:388-510 - web/src/Panes.tsx:511-774 - web/src/Panes.tsx:776-865 - web/src/Redemption.tsx:28-379 - web/src/state.ts:295-308 - web/src/math.ts:128-212 - web/README.md:15-30 --- # Use the terminal The terminal is a static web page at `/terminal/`. It reads the contracts directly and has no backend. You connect an injected browser wallet to act; you can read everything without one. The terminal has two tab rows. **Monitor** tabs only show figures. **Desk** tabs are where you act. This page explains each tab, what each figure means and what a disabled button is telling you. Contract addresses are listed in [Contracts and addresses](../reference/contracts-and-addresses.md): (waiting for mainnet launch). ## How an action runs 1. Fill in the form and press its button. The button label starts with "Review". 2. The terminal simulates the call. If the contract would refuse, the note under the button says why, with the figure that blocked you. 3. A review dialog shows the target contract, function and inputs. Confirm it and the terminal simulates again, then asks your wallet to sign. 4. The terminal waits for one successful receipt and refreshes. State is read at one block and refreshed every 15 seconds while the page is visible. A snapshot older than 45 seconds cannot authorise a transaction. Use the refresh control in the status bar if you doubt it. ## Monitor tabs ### Loan book A strip that places every open position on a collateral-ratio axis. Circle area is the position's accrued debt. Three bands: - **Below the required ratio (`mat`): liquidatable.** A keeper may Mark these. - **From `mat` up to the ceiling: redeemable.** The ceiling is `mat` plus `gap`; a redeemer can name these positions as candidates. - **Above the ceiling: safe.** Selecting a position opens it in the Keeper tab. "Coverage unverified" means the terminal could not read the full history, so the count is unknown; it does not mean the book is empty. ### Oracle - **Divergence / allowed:** how far the primary and spot IMD/ETH prices differ, against the bound `skew`. - **Headroom:** the room left. It reads Stale if either price is stale and Breached if the bound is exceeded. - **Price actions:** Open only when the primary, spot, network health and IMD/USD feeds are all fresh and the primary agrees with spot. Otherwise Paused. Each feed row expands to show its latest value, when it was updated, its maximum age and its question. **Question: Pinned** means the feed refuses answers to any question other than its own. **None pinned** would mean it accepts any question; **Not reported** means the feed cannot say. Last window is the closing block of the last accepted attestation window. The IMD/USD row is derived on chain from the primary feed and Chainlink ETH/USD, so it is marked Derived and has no question of its own. ### Backing - **Backing per imdUSD:** the figure redemption pays against, never above $1. "At par" means backing is at the cap; "Cap binds" means it is below $1 and redemptions pay less. - **Reserve value:** the Treasury's assets in dollars. - **Collateral-backed debt:** principal still standing behind collateral, net of bad debt. - **Secured collateral:** collateral counted as backing, bounded by each position's own debt. Surplus and debt-free deposits are excluded. - **Total principal debt**, **Recorded bad debt**, **Work minted**, **Non-principal burns:** the pieces of supply accounting. Supply equals principal debt plus work minted minus non-principal burns. - **Work ratio** and **Work ceiling:** the limit on work-backed issuance (`earnMat`, `earnLine`). ## Desk tabs ### Position Left column, **Your position**: - **Collateral ratio** and the required ratio beside it. - **Collateral** (IMD), **Accrued debt** (imdUSD, including fees) and **Unpaid stability fee**. - **Liquidation price:** the dollar price per IMD at which your ratio reaches `mat`. "No debt" if you owe nothing. The line below says how far above it the price is. - **Can still borrow** and **Can withdraw:** the most you could add or remove at the current price without going under `mat`. - **Wallet:** your IMD and imdUSD balances. Right column, **Act**: choose Deposit (`lock`), Borrow (`draw`), Repay (`wipe`) or Withdraw (`free`). Deposit first asks for an IMD approval for exactly the amount, as its own transaction. Repay needs no approval. ### Redeem Left: **Current fee** (before your amount is added), **Floor / cap**, **Paid at** ($1, or the backing figure if lower), **Reserve on hand** (Treasury IMD), **Eligibility ceiling**, and a table of the fee for 1%, 5% and 10% of supply. Right: enter an amount, a slippage tolerance in basis points and, if the reserve is short, a **Candidate position**. Press Quote redemption. The quote shows what you receive, your fee, whether it is served by the reserve, a position or both, the debt cancelled and your minimum. Any edit clears the quote. Then press Review redemption to run Redeem (`cash`). ### Work Shows the swarm's attested cumulative task count and your minting rights, then **Mint from work** (`earn`). The note states that the count is a published tally attested by a panel, not an on-chain proof. ### Keeper Choose **Inspect** and paste a borrower address (or click one in the loan book). You see their ratio, collateral, debt, a bad-debt estimate, liquidation price and mark status: None, Grace with a countdown, Active and liquidatable, or Recovered and clearable. Choose **Act** for Mark (`bark`), Mark for a beneficiary (`barkFor`), Clear mark (`heel`) and Liquidate (`bite`). See [Mark and liquidate](../keepers/mark-and-liquidate.md). The terminal calls the vault directly; it does not bundle an attestation relay. ### Govern Shows the governed parameters, any pending change with its countdown and a button anyone may press to apply it once the delay has passed. See [Timelock and proposals](../governance/timelock-and-proposals.md). ## What a disabled button tells you | Where | Message under the button | Meaning | |---|---|---| | Borrow | "Fresh, agreeing price feeds are required." | A feed is stale or primary and spot diverge. Check Oracle. | | Withdraw | "An indebted position needs fresh feeds to withdraw." | You owe debt, so the vault must price you. A debt-free position can always withdraw. | | Redeem | "Fresh, agreeing primary, spot, NHI and USD feeds are required." | Same cause. NHI is the network health feed. | | Mint from work | "Fresh feeds, available rights and backing headroom are required." | Feeds stale, you have no minting rights, or the work ceiling is reached. | | Mark | "Inspect an unhealthy borrower with fresh feeds." | The borrower is at or above `mat`, or no one is inspected. | | Mark for a beneficiary | "Inspect a borrower and wait for fresh feeds." | Same. | | Clear mark | "Inspect a marked position." | There is no mark to clear. | | Liquidate | "An active mark, elapsed grace, open execution window and fresh feeds are required." | The position is unmarked, still in grace, or its mark has expired. | When the wallet is not connected or is on the wrong chain, the note under every action says so instead. ## When a simulation fails The note names the figure that blocked you. Typical ones: - **Needs more collateral:** it gives the collateral required and the most you can borrow now. - **Primary and spot disagree by X; the vault allows Y:** wait for them to converge. - **A required feed is stale:** it lists which feed and how old it is. The page reopens when someone relays a fresh attestation. - **Total debt would reach X against a ceiling of Y:** the debt ceiling `line` has no room. - **The payout is below your minimum:** refresh the quote or widen slippage.