Gearbox Credit Accounts

One immutable meta-adapter that reports the borrow side of an account's Gearbox V3 Credit Accounts — the collateral basket netted against the debt.

One immutable meta-adapter that reports the borrow side of Gearbox V3 — each Credit Account's collateral basket netted against its debt. The supply side (passive liquidity in the ERC-4626 farming pools) is the separate Gearbox Markets adapter. Which Credit Accounts it queries is a governed instance set on the NAV Calculator; the adapter holds no per-account state.

• Type: Meta-adapter
• protocolSubId: keccak256("gearbox-v3-credit-accounts") (brand gearbox, ecosystem gearbox-v3)
• Instance key: the Credit Account address, widened to bytes32
• Source: GearboxV3CreditAccountsMetaBalanceAdapter.sol

This page documents the design; Deployment addresses is the authority on whether it is live. If this adapter has no entry there, it is not deployed and has no instance set — the contract and its unit tests exist without being wired into the deploy configuration.

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Why key on the Credit Account

Gearbox exposes only the reverse lookup — creditAccountInfo(ca).borrower and creditAccounts() (every open account) — with no borrower → creditAccount view. So the meta instance is the Credit Account address, and each read confirms creditAccountInfo(ca).borrower == account. A queried sub-account therefore only ever sees the Credit Accounts it actually owns; a closed or liquidated account reads borrower == address(0) and contributes nothing.

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Positions returned

Per Credit Account the account owns, one debt leg plus one leg per enabled collateral token:

Leg	PositionKind	isDebt	isLocked	Description
Borrowed	Borrowed	true	false	Total owed in the pool's underlying — debt + accruedInterest + accruedFees from calcDebtAndCollateral(ca, DEBT_ONLY)
Collateral	Collateral	false	false	One leg per enabled token the account holds (balanceOf(creditAccount))

NAV nets the collateral basket against the debt into the account's equity contribution. Collateral tokens that are unregistered/unpriced in NAVCalculator (or excluded by assetFilter) and zero balances are skipped.

Never over-reports. The adapter values the debt first. If the debt can't be read — or can't be reported, because the underlying is unreadable or unregistered on NAVCalculator — it drops the whole Credit Account (empty) rather than emit collateral with no offsetting debt, which would overstate equity. Dropping an unregistered collateral token while still counting the full debt likewise only ever under-reports. See Never report collateral without its debt.

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Balance calculation

Gearbox Credit Accounts adapter — how the underlying balances reported to the NAV Calculator are derived.

For each cached Credit Account, the adapter resolves its Credit Manager, confirms borrower == account, values the debt, then enumerates enabled collateral tokens:

cm = creditManagerOf(ca)
(enabledMask, borrower) = cm.creditAccountInfo(ca)
require borrower == account                          // else: empty

(debtOk, debt) = cm.calcDebtAndCollateral(ca, DEBT_ONLY)
if !debtOk: return []                                // whole-account drop (no over-report)

for each enabled token (set bit of enabledMask):
    bal = token.balanceOf(ca)                        // → Collateral leg (if registered & > 0)
if debt > 0:
    → Borrowed leg in cm.underlying()

Collateral is valued at instantaneous on-chain token balances priced by NAVCalculator; the debt is the total owed in the pool's underlying.

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Identity

• positionId: abi.encode(address creditAccount) — all legs of one Credit Account (the Borrowed leg and every Collateral leg) share this anchor and are told apart by positionKind + balanceAsset.asset.
• positionInstanceId: bytes32(0) — the Credit Account address is a stable anchor, so its identity lives in positionId; there is no separate ephemeral handle.
• positionKind: Borrowed · Collateral
• labels: there is no labels field on the position. The adapter implements positionLabels(positionId), which returns ["Credit Account", "<credit-manager name()>"] — falling back to the pool's underlying asset symbol (e.g. "USDC") when the credit manager's name() is missing or empty. Surfaced only by the verbose reads; the full breadcrumb is [protocolName, ...labels].

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Constructor

constructor(address navCalculator_)

Parameter	Description
navCalculator_	NAV Calculator contract (asset registry + instance set)

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Registration

Meta-adapter. Register once and seed its Credit Accounts with addMetaBalanceAdapter(adapter, instances), then adjust with addMetaInstances(adapter, instances) / removeMetaInstances(adapter, instances) (MANAGER-gated). Each instance coordinate is a Credit Account address widened to bytes32 (decoded via _toAddress). A malformed coordinate is isolated per-instance by the fan-out.