Priceless Position Manager

The priceless position manager is the part of the EMP that tracks each sponsor's position: how much collateral is locked, how much synthetic is outstanding, and whether the position is healthy.

Why "priceless"

It never reads a live on-chain price. A position is only measured against a reference value at two moments: settlement at expiry, and when a liquidation is disputed. Between those moments, solvency is enforced by the minimum collateralisation ratio and by the threat of liquidation, not by a price feed. This keeps the contract cheap to run and removes the feed as a single point of failure.

What it does

• Create: open a position by depositing collateral and minting synthetic tokens, subject to the minimum collateralisation ratio and the minimum position size.
• Deposit / withdraw: add collateral to strengthen a position, or withdraw some (which lowers the ratio).
• Redeem: burn synthetic tokens to pull a proportional amount of collateral, leaving the ratio roughly unchanged.
• Repay: burn synthetic tokens to raise the ratio; repay the full balance to close the position.
• Settle: after expiry, exchange collateral or synthetic tokens for their value at the oracle's final price.

These are the same actions exposed on the positions dashboard.