IBondSDA
Inherits: IBondAuctioneer
Functions
marketPrice
Calculate current market price of payout token in quote tokens
Accounts for debt and control variable decay since last deposit (vs _marketPrice())
function marketPrice(uint256 id_) external view override returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
id_ | uint256 | ID of market |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | Price for market in configured decimals (see MarketParams) |
currentDebt
Calculate debt factoring in decay
Accounts for debt decay since last deposit
function currentDebt(uint256 id_) external view returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
id_ | uint256 | ID of market |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | Current debt for market in payout token decimals |
currentControlVariable
Up to date control variable
Accounts for control variable adjustment
function currentControlVariable(uint256 id_) external view returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
id_ | uint256 | ID of market |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | Control variable for market in payout token decimals |
Structs
BondMarket
Main information pertaining to bond market
struct BondMarket {
address owner; // market owner. sends payout tokens, receives quote tokens (defaults to creator)
ERC20 payoutToken; // token to pay depositors with
ERC20 quoteToken; // token to accept as payment
address callbackAddr; // address to call for any operations on bond purchase. Must inherit to IBondCallback.
bool capacityInQuote; // capacity limit is in payment token (true) or in payout (false, default)
uint256 capacity; // capacity remaining
uint256 totalDebt; // total payout token debt from market
uint256 minPrice; // minimum price (hard floor for the market)
uint256 maxPayout; // max payout tokens out in one order
uint256 sold; // payout tokens out
uint256 purchased; // quote tokens in
uint256 scale; // scaling factor for the market (see MarketParams struct)
}
BondTerms
Information used to control how a bond market changes
struct BondTerms {
uint256 controlVariable; // scaling variable for price
uint256 maxDebt; // max payout token debt accrued
uint48 vesting; // length of time from deposit to expiry if fixed-term, vesting timestamp if fixed-expiry
uint48 conclusion; // timestamp when market no longer offered
}
BondMetadata
Data needed for tuning bond market
Durations are stored in uint32 (not int32) and timestamps are stored in uint48, so is not subject to Y2K38 overflow
struct BondMetadata {
uint48 lastTune; // last timestamp when control variable was tuned
uint48 lastDecay; // last timestamp when market was created and debt was decayed
uint32 length; // time from creation to conclusion.
uint32 depositInterval; // target frequency of deposits
uint32 tuneInterval; // frequency of tuning
uint32 tuneAdjustmentDelay; // time to implement downward tuning adjustments
uint32 debtDecayInterval; // interval over which debt should decay completely
uint256 tuneIntervalCapacity; // capacity expected to be used during a tuning interval
uint256 tuneBelowCapacity; // capacity that the next tuning will occur at
uint256 lastTuneDebt; // target debt calculated at last tuning
}
Adjustment
Control variable adjustment data
struct Adjustment {
uint256 change;
uint48 lastAdjustment;
uint48 timeToAdjusted; // how long until adjustment happens
bool active;
}
MarketParams
Parameters to create a new bond market
Note price should be passed in a specific format: formatted price = (payoutPriceCoefficient / quotePriceCoefficient)
- 10**(36 + scaleAdjustment + quoteDecimals - payoutDecimals + payoutPriceDecimals - quotePriceDecimals) where: payoutDecimals - Number of decimals defined for the payoutToken in its ERC20 contract quoteDecimals - Number of decimals defined for the quoteToken in its ERC20 contract payoutPriceCoefficient - The coefficient of the payoutToken price in scientific notation (also known as the significant digits) payoutPriceDecimals - The significand of the payoutToken price in scientific notation (also known as the base ten exponent) quotePriceCoefficient - The coefficient of the quoteToken price in scientific notation (also known as the significant digits) quotePriceDecimals - The significand of the quoteToken price in scientific notation (also known as the base ten exponent) scaleAdjustment - see below
- In the above definitions, the "prices" need to have the same unit of account (i.e. both in OHM, $, ETH, etc.) If price is not provided in this format, the market will not behave as intended.
Payout Token (token paid out)
Quote Token (token to be received)
Callback contract address, should conform to IBondCallback. If 0x00, tokens will be transferred from market.owner
Is Capacity in Quote Token?
Capacity (amount in quoteDecimals or amount in payoutDecimals)
Formatted initial price (see note above)
Formatted minimum price (see note above)
Debt buffer. Percent with 3 decimals. Percentage over the initial debt to allow the market to accumulate at anyone time.
Works as a circuit breaker for the market in case external conditions incentivize massive buying (e.g. stablecoin depeg).
Minimum is the greater of 10% or initial max payout as a percentage of capacity.
If the value is too small, the market will not be able function normally and close prematurely.
If the value is too large, the market will not circuit break when intended. The value must be > 10% but can exceed 100% if desired.
A good heuristic to calculate a debtBuffer with is to determine the amount of capacity that you think is reasonable to be expended
in a short duration as a percent, e.g. 25%. Then a reasonable debtBuffer would be: 0.25 1e3 decayInterval / marketDuration
where decayInterval = max(3 days, 5 * depositInterval) and marketDuration = conclusion - creation time.
- Is fixed term ? Vesting length (seconds) : Vesting expiry (timestamp).
A 'vesting' param longer than 50 years is considered a timestamp for fixed expiry.
Conclusion (timestamp)
Deposit interval (seconds)
Market scaling factor adjustment, ranges from -24 to +24 within the configured market bounds.
Should be calculated as: (payoutDecimals - quoteDecimals) - ((payoutPriceDecimals - quotePriceDecimals) / 2)
Providing a scaling factor adjustment that doesn't follow this formula could lead to under or overflow errors in the market.
struct MarketParams {
ERC20 payoutToken;
ERC20 quoteToken;
address callbackAddr;
bool capacityInQuote;
uint256 capacity;
uint256 formattedInitialPrice;
uint256 formattedMinimumPrice;
uint32 debtBuffer;
uint48 vesting;
uint48 conclusion;
uint32 depositInterval;
int8 scaleAdjustment;
}
Properties
| Name | Type | Description |
|---|---|---|
payoutToken | ERC20 | |
quoteToken | ERC20 | |
callbackAddr | address | |
capacityInQuote | bool | |
capacity | uint256 | |
formattedInitialPrice | uint256 | |
formattedMinimumPrice | uint256 | |
debtBuffer | uint32 | |
vesting | uint48 | |
conclusion | uint48 | |
depositInterval | uint32 | |
scaleAdjustment | int8 |