IBondSDA

Git Source

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;
    ERC20 payoutToken;
    ERC20 quoteToken;
    address callbackAddr;
    bool capacityInQuote;
    uint256 capacity;
    uint256 totalDebt;
    uint256 minPrice;
    uint256 maxPayout;
    uint256 sold;
    uint256 purchased;
    uint256 scale;
}

BondTerms

Information used to control how a bond market changes

struct BondTerms {
    uint256 controlVariable;
    uint256 maxDebt;
    uint48 vesting;
    uint48 conclusion;
}

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;
    uint48 lastDecay;
    uint32 length;
    uint32 depositInterval;
    uint32 tuneInterval;
    uint32 tuneAdjustmentDelay;
    uint32 debtDecayInterval;
    uint256 tuneIntervalCapacity;
    uint256 tuneBelowCapacity;
    uint256 lastTuneDebt;
}

Adjustment

Control variable adjustment data

struct Adjustment {
    uint256 change;
    uint48 lastAdjustment;
    uint48 timeToAdjusted;
    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.*

0. Payout Token (token paid out)

1. Quote Token (token to be received)

2. Callback contract address, should conform to IBondCallback. If 0x00, tokens will be transferred from market.owner

3. Is Capacity in Quote Token?

4. Capacity (amount in quoteDecimals or amount in payoutDecimals)

5. Formatted initial price (see note above)

6. Formatted minimum price (see note above)

7. 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.*

8. Is fixed term ? Vesting length (seconds) : Vesting expiry (timestamp).

A 'vesting' param longer than 50 years is considered a timestamp for fixed expiry.

9. Conclusion (timestamp)

10. Deposit interval (seconds)

11. 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