ERC-TBA: Agent Default Registry

ERCs
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A default at one lender is invisible to the next: an agent, or its owner through another agent, borrows again elsewhere. This draft is one contract where lenders record the defaults of their loans to agent identities, keyed by identity and by the owner address the loan recorded, with the asset, the principal and a loan reference that cannot be recorded twice, and later a cure with the amount recovered. Anyone may record; a record counts only for a reader that trusts its reporter. A lender’s contract asks, inside the transaction that opens a line, how many open and cured defaults this identity or this owner has according to the reporters it names, at a cost that grows with that list alone, however many records others add.

Differences from what exists: ERC-8004’s feedback averages values and ERC-8419’s KYA keeps one latest assertion per issuer, so neither can count defaults; this keeps every default as its own countable record, indexed by owner too.

Questions:

  1. Should a cure be recordable by the identity’s owner with the lender’s signature, or only by the reporter?
  2. Is a per-chain singleton enough, or do lenders need cross-chain reads from day one?
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Nice scoping, keeping every default as its own countable record is the right call if lenders want counts and not scores.

On your first question, plus two things I noticed reading the reference implementation:

  1. Cure by the owner: I’d keep it reporter only for now. A signed path needs the signature to bind the registry address, chainId, recordId and the recovered amount, and reporters that are contracts will need ERC-1271. That’s a lot of surface for a call the lender can make itself.
  2. loanRef is unique per reporter, not per loan. A lender reporting from two addresses, or a lender plus its servicer, can record the same loan twice, and a reader trusting both counts one default as two. Worth a line in the spec on how readers should build their reporter list, or a way for a reporter to declare its aliases.
  3. A record made by mistake can’t be undone. The only exit is recordCure, so “never defaulted” ends up looking like “defaulted and repaid”. A void state would keep the cured counts honest once lenders start pricing on them.

Also, owner is whatever the reporter passes and is never checked against the identity registry. Probably fine since readers choose their reporters, but the spec could say it has to be the owner recorded when the loan opened, since the identity may have moved by the time it defaults.

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Thanks for reading the reference implementation this closely. In order:

Cure by the owner. Agreed, it stays reporter-only. The binding you list (registry, chainId, recordId, amount, and ERC-1271 for reporters that are contracts) is a lot of surface for a call the lender can already make. I’ll close that question in the draft.

One loan, two reporter addresses. You’re right: uniqueness per reporter only stops a reporter from inflating its own count. The recommended loanRef, keccak256(abi.encode(chainId, lendingContract, loanId)), already gives a loan the same reference whoever records it, but agentDefaults sums per listed reporter, so a reader that lists both of a lender’s addresses counts that loan twice. Making loanRef unique registry-wide is not an option, since anyone may record and a griefer could take a lender’s reference first. What I’d add instead: a reporter can name a primary (setPrimary(primary), which the primary accepts), its records then count under the primary, and the one-record-per-loanRef rule applies per primary. Readers list each lender once, by its primary, and counts stay keyed by listed address, so the gas bound holds. Does that cover the servicer case you had in mind?

Records made by mistake. Agreed that “defaulted and repaid” is the wrong state for “never defaulted”, and that it matters once lenders price cured counts. I’d add a third state: a reporter can void its own record within a short window after recording it (days, not months), the void is its own event, and a voided record counts as neither open nor cured. After the window only a cure is possible, so a reporter can’t be paid later to erase a default that readers relied on.

owner. The text defines it as the owner the loan recorded when it was drawn, not the current one, but only as a definition. I’ll make it a requirement on the reporter, and say where a reader checks it: an Agent Credit Lines lender records the owner on each loan at the draw, and the identity registry’s Transfer logs give the owner at any block.