Pricer in detail

Contract: JuuPricer. All values are MUSD with 18 decimals.

Y

yieldWeeksLeft =
  Open:       (unlockFrom - now) / 1 week  +  maxLockTime / (2 x 1 week)
  Unlocking:  (lockEnd - now)^2 / (2 x maxLockTime x 1 week)
  Matured:    0

expectedYieldPerY = weeklyYieldPerBTC x yieldWeeksLeft
yValue(amount)    = amount x expectedYieldPerY x yHaircut

Why the tail is a square: after unlocking, veBTC voting power falls in a straight line, power = amount x (lockEnd - t) / maxLockTime. Adding that up week by week gives (time left)^2 / (2 x maxLockTime). With a 30-day maximum lock, the whole tail is worth about 2.14 full weeks.

Example (series 0 on 13 Nov 2026, before its unlock): 2.57 full weeks + 2.14 tail weeks = 4.72 weeks, as read from the contract.

Sliding haircut

reportWeeklyYield(realized) (keeper) sets the new forecast. If a forecast already existed, the Y haircut moves one step (5%) down if realized is below it, or up if above. It stays between 20% and 90%. The start is 80%.

P

pValue(amount) = BTC amount x BTC price x pHaircut (90%)

After maturity, the BTC amount is amount x pRate.

A Mezo loan

troveValue(account) = (collateral x BTC price - (principal + interest)) x troveHaircut (80%)

Debt and collateral come from TroveManager.getEntireDebtAndColl, which includes pending amounts. The value is 0 if the account has no active loan or owes more than its collateral is worth.

Price

btcPrice() reads PriceFeed.fetchPrice(). Mezo's oracle updates every block (about 4.2 seconds on testnet). fetchPrice reverts if the oracle is more than 60 seconds old.