Managing a Position

Users with the permission to mint forwards can increase or decrease the size of their forwards debt position in the “manage position” section of the forwards page.

How to Mint Forwards

Before you can mint forwards you need to post a PPA or similar document with Jasmine as collateral. Jasmine will then authorize you to mint forwards and set your minting capacity based on the value of your collateral.

Once that’s done, you can mint forwards on the forwards section of the Jasmine app.

Minting Capacities

A users minting capacity is based on the value of the collateral that they have posted with Jasmine.

Closing/Reducing a Position

You can reduce or close your open forwards position by burning fJLT or delivering JLTs. Your position needs to be closed before the final delivery date posted in the app.

To close a position, navigate to the “manage position” section of the forwards page and select the “close a position” tab. Select the token your’d like to use to close or reduce the position and and the quantity you’d like to close the position by, and click the “close position” button.

Interest Incurred on Active Positions

All debt positions in the forwards protocol are charged a variable APY set by Jasmine Energy. The debt accrues in fJLT terms. In the app, the value labeled “open interest” includes any accrued interest.

Currently, the APY is set to 0%.

Example

Assume the interest rate is set to 5% APY, If a user mints 100 fJLT-F25 on January 1st 2024, on July 1st 2024 their open interest would be about 102.47 fJLT-F25. On January 1st 2025, their open interest would be about 105 fJLT-F25. They would need to pay 105 fJLT-F25 at that time.

Credit: The code used to calculate interest is taken from Lido’s open source smart contracts.