Liquidation

Permissionless, partial, bonus-paid close of HF ≤ 1.10 accounts.

public_liquidate(max_repay_assets, min_collateral_out):

1. Accrue the reserve.
2. Rebuild every collateral, debt, and Lite position.
3. Require HF ≤ 1.10.
4. Repay up to 50% of the chosen debt (CLOSE_FACTOR_BPS).
5. Seize collateral USD equal to repaid USD × (1 + bonus bps).
6. Transfer seized tokens to the liquidator.

min_collateral_out is the liquidator’s slippage bound.

The 50% close factor is a compiled constant, not a governed field. Treat it as the current V1 value, not an immutable economic law.

A healthy account cannot be liquidated. Tests cover that path.