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Apollon is a collateralized debt platform. Users can lock up collateral (specific ERC20 tokens, selected by the governance) and issue aAssets (aUSD, aAAPL, aTSLA, etc.) to their own address and subsequently transfer those tokens to any other address. The individual collateralized debt positions are called Vaults (or Troves). The aAssets are economically geared towards maintaining their underlying oracle value (peg) due to the following properties: The system is designed to always be over-collateralized – the dollar value of the locked collateral exceeds the dollar value of the issued aAssets. The aUSD is fully redeemable – users can always swap $x worth of aUSD for $x worth of collateral tokens (minus fees) directly with the system. After opening a Vault, users may issue ("borrow") tokens such that the collateralization ratio of their Vault remains above their individual minimum collateral ratio (IMCR). The IMCR is calculated based on the Trove's collateral but will be at least 110%. The tokens are freely exchangeable — anyone with an EVM address can send or receive aAsset tokens, whether they have an open Vault or not. The tokens are burned upon repayment of a Vault’s debt. The Apollon system uses price feeds from the decentralized pyth.network oracle provider. When a Vault falls below its IMCR, it is considered under-collateralized and is vulnerable to liquidation.

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