Protocol Architecture

The protocol has core accounting contracts, per-trader custody contracts, and external-protocol controllers.

Component	Role
AccountManager	Owner authorization, lifecycle, collateral, borrow/repay, strategy routing
SmartAccount	Custody, address-based collateral ledger, debt and position snapshots
LendingPool / vToken	Per-market cash, borrow shares, supplier receipts
RiskEngine / Oracle	USD valuation, solvency checks, feed resolution
Registry	Core addresses, asset metadata, controller permissions, account membership
Blend / Soroswap / Aquarius controllers	Approved external actions and ledger updates
TrackingToken	Per-symbol external receipt accounting
Deployers	Core and lending-market deployment helpers

Earn deposits enter the pool directly. Margin operations enter AccountManager. External actions route through a Registry-approved controller and execute from SmartAccount custody. ControllerFacade exposes policy checks, while the current typed execution path reads Registry directly to reduce cost. Risk is checked at several points, with an admin-configurable live check after external execution. Valuation snapshots can include caches. See the developer architecture diagram and contract reference.

Stellar · Introduction

Core Mechanics

Risk & Economics

Infrastructure

Protocol Architecture