Euler v2 no se liquida como Aave
Aave-style markets pay liquidators a fixed bonus (often 5-10%) the instant health factor hits 1.0. Euler Vault Kit runs a reverse Dutch auction instead: the discount opens at 0% and rises as the account gets more unsafe, capped by a per-vault ceiling. Compare against a standard health factor on the Calculadora del factor de salud DeFi.
Cómo se calcula el descuento de la subasta holandesa inversa
Según el módulo de liquidación del Euler Vault Kit: a health score es el valor de la garantía ajustado al riesgo dividido por el valor del pasivo: valor de la garantía × LTV de liquidación ÷ deuda. Si bien la cuenta es solvente, el puntaje de salud es superior a 1 y nadie puede liquidarla. En el momento en que cae por debajo de 1, Euler trata discount factor = health score, por lo que el descuento aplicado es 1 - puntuación de salud, piso para que nunca exceda el conjunto de gobierno de la bóveda maxLiquidationDiscount.
That's the opposite of a normal Dutch auction — the "price" (discount) starts at zero and gets more attractive to liquidators the longer a position stays broken and the deeper it falls, not the other way around. A position 2% underwater on a vault with a 15% max discount only offers liquidators a ~2% bonus — often not worth the gas. A position 20% underwater on the same vault is capped at the full 15%, which pulls liquidators in fast and is exactly the point: Euler wants the worst positions cleared before they become bad debt.
Liquidations aren't restricted by a fixed close factor either — a liquidator can repay any amount of the debt up to the full balance in one shot, receiving collateral worth repay ÷ (1 − discount). The bonus on top of the repay amount is discount ÷ (1 − discount) of the repaid value. Source: Euler Vault Kit docs and liquidation module (github.com/euler-xyz/euler-vault-kit) — exact maxLiquidationDiscount y los valores de LTV los establece la gobernanza por bóveda, por lo tanto, trate esto como un modelo del mecanismo, no como números activos de una bóveda implementada específica.