> For the complete documentation index, see [llms.txt](https://docs.usefarlight.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usefarlight.com/guides/loan-explorer.md). # The Observatory The Observatory is Farlight's public loan explorer, where every loan, auction, oracle reading and parameter is open to anyone and linked to its transaction. The Observatory is the public loan explorer at `/platform/explorer`. Anyone can open it, with or without a wallet, and see every loan the protocol has written. It is where Farlight's transparency commitments become something a reader can check: everything the protocol knows is published, and every event links to its transaction on-chain. ## What it shows ### Loans Every loan, active or closed, with: * the collateral token and amount, in token units and in shares (through the ERC-8056 multiplier), * the oracle price at origination and the price now, * the principal, the blended APR across slices, interest accrued so far, the term and the maturity date, * the health factor, the trading-session status and the health factor under closed-market haircuts, * the syndicate: the number of slices, and the principal and APR of each, with addresses shown as they appear on-chain, * the flight log: the loan's full event history (origination, top-ups, partial repayments, rollover auctions, liquidation), each entry linked to its Blockscout transaction. ### Telemetry Telemetry is the risk view: protocol-wide readouts rather than single loans. * the distribution of LTV across active loans, * how concentrated the book is per token, and the total sum exposed to the Stock Token issuer, * the exposure cap on each token and the share of it already taken, * the bad debt ledger, which is expected to remain at zero, * the liquidation record, with realised auction prices alongside the oracle price at the time, * rollover auction outcomes: clearing rates and time taken to clear. ### Oracles Per token: the current Chainlink price, the session, `updatedAt` and staleness against the bound, `uiMultiplier()`, the `oraclePaused()` state, sequencer uptime, and any market pause in force with its reason. ### Book The live standing offers and open requests, mirrored from the relayer and exportable in full. ### Governance Each PolicyController proposal and execution: the parameter, its old and new values, the rationale, when the timelock started and when execution happened. ## How it is built The Observatory is a Next.js front-end on top of the public indexer, and both are open source. Every figure comes from chain events and signed messages, so anyone running their own indexer and explorer sees the same data. ## Why it exists A lending market earns trust only as far as outsiders can verify it. With the Observatory, a prospective lender can read the liquidation record before posting an offer, a borrower can see the rates other borrowers actually paid, and anyone can confirm that the parameters in force are the ones that were announced. See [Transparency commitments](/transparency/commitments.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.usefarlight.com/guides/loan-explorer.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.