> ## Documentation Index
> Fetch the complete documentation index at: https://docs.rhizome.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Markets

> How isolated Rhizome markets are defined and identified.

A Rhizome market is defined by five immutable parameters:

| Parameter                 | Meaning                                                 |
| ------------------------- | ------------------------------------------------------- |
| Loan token                | The asset lenders supply and borrowers receive          |
| Collateral token          | The asset borrowers post as security                    |
| Oracle                    | The contract that prices collateral in loan-token terms |
| Interest rate model (IRM) | The contract that determines the borrow rate            |
| LLTV                      | The threshold at which liquidation becomes possible     |

The market ID is derived from the encoded parameters:

```text theme={null}
marketId = keccak256(abi.encode(loanToken, collateralToken, oracle, irm, lltv))
```

Changing any parameter produces a different market. Existing market parameters cannot be edited after creation.

## Market creation

Anyone can call `createMarket`, but the chosen IRM and LLTV must first be enabled in the core. Permissionless creation means a market's existence is not an endorsement of its tokens, oracle, liquidity, or parameters.

## Initial markets

The canonical deployment manifest records four initial markets using RIF or WRBTC as collateral and USDRIF or USDT0 as the loan asset. RIF markets use a 50% LLTV; WRBTC markets use a 77% LLTV.

See [Contract Addresses](/contract-addresses) for the manifest and verification rules.