To borrow, a user deposits BOND tokens to mint CALL tokens and COLL tokens and then sells COLL tokens for WANT tokens.
Repay (before Expiry)
To repay a loan, a borrower repays WANT tokens and burns CALL tokens to unlock their previously deposited BOND tokens.
Redeem (before Expiry)
Another option for repaying a loan is to redeem. To redeem, a borrower burns CALL and COLL tokens to unlock their deposited BOND tokens.
Lend (before Expiry)
To lend, a user sells WANT tokens in exchange for COLL tokens.
Liquidate (after Expiry)
To liquidate the Collar vault (collect on their loan), a lender burns COLL tokens to receive defaulted BOND tokens and repaid WANT tokens. The proportions of tokens they receive is equal to the proportions in the vault.
To farm (be an LP), a user supplies WANT and COLL tokens to an AMM and receives a COLLAR reward.