Apricot Assist
Automated, self-deleveraging tool
Overview
Apricot Assist is a background program that constantly monitors your account's Borrow Limit Used. When your Borrow Limit Used reaches the "Trigger Level" set by yourself, Apricot Assist can help you automatically sell/redeem tokens in your deposit to repay the tokens you've borrowed.
How does it work?
Here are the steps:
Configure Trigger Level and Target Level, and Enable Apricot Assist on your account
Apricot Assist will start a background program that constantly monitors your Borrow Limit Used
Once Borrow Limit Used exceeds the Trigger Level configured in step 1, Apricot Assist will sell/redeem some of the tokens in your deposits to repay your stablecoin debt.
After step 3, your Borrow Limit Used should now reach your configured Target Level.
Order of operation
Currently, Apricot Assist 1.0 can help you sell/redeem any token in your deposits to repay your stablecoin debt only. When triggered, Apricot Assist will attempt the following actions in order:
Redeem LP tokens to repay corresponding stablecoin debt
Sell stablecoins in your deposit to repay stablecoin debt
Sell non-stable tokens in your deposit to repay stablecoin debt
You can observe the exact deleveraging action plan under the Assist Simulator.
Assist Simulator
Assist Simulator shows you the exact operations Apricot Assist will execute when it is triggered. You can change your Trigger Level and Target Level on the left to observe how Apricot Assist changes its deleveraging plan accordingly.
Apricot Assist 2.0
In the next version of Apricot Assist, we will be able to help you repay debts in non-stable tokens (such as BTC, ETH and SOL) as well. If you have borrowed any non-stable token (e.g. if you've borrowed BTC to short it), current Apricot Assist 1.0 will not be able to help you repay the non-stable debt.
Recommended Configuration
It is recommended to keep the difference between the Trigger Level and Target Level to a relatively small value (e.g. 5%), so that Assist does not sell/redeem too much of your deposits when it is triggered.
Apricot Assist will be fired whenever your Borrow Limit Used exceeds Trigger Level. It will be fired multiple times if your Borrow Limit Used reaches the Trigger Level multiple times in a day, so there is no need to intentionally set a Target Level significantly lower than your Trigger level.
Apricot Assist 1.0 Limitations
Assist can execute at most 6 actions when it is triggered. When the number of required deleveraging steps is 7 or more, Assist will still perform 6 actions only. In this case, it is possible that your Borrow Limit Used will not actually reach your Target Level. This situation is likely to occur when your Target Level is significantly lower than your Trigger Level, and when you have a very complex account with a large number of different tokens in your deposit and borrow.
When Apricot Assist sells your non-stable tokens to repay stablecoin debt, it performs the transaction with a 1% slippage tolerance. When the execution slippage is larger than 1%. Apricot Assist will reject the transaction. As a result, this could lead to Assist failing to fully execute its planned actions, thus failing to bring down Borrow Limit Used to Target Level.
Last updated
