EmissionManager

Git Source

Inherits: IEmissionManager, IPeriodicTask, Policy, PolicyEnabler

Constants

ONE_HUNDRED_PERCENT

uint256 internal constant ONE_HUNDRED_PERCENT = 1e18;

MAX_BOND_MARKET_CAPACITY_SCALAR

uint256 internal constant MAX_BOND_MARKET_CAPACITY_SCALAR = 2e18;

ROLE_HEART

The role assigned to the Heart contract. This enables the Heart contract to call specific functions on this contract.

bytes32 public constant ROLE_HEART = "heart";

ROLE_EM_MANAGER

The role defined for the manager of this contract

bytes32 public constant ROLE_EM_MANAGER = "em_manager";

ENABLE_PARAMS_LENGTH

The length of the EnableParams struct in bytes

uint256 internal constant ENABLE_PARAMS_LENGTH = 224;

ohm

ERC20 public immutable ohm;

gohm

IgOHM public immutable gohm;

reserve

ERC20 public immutable reserve;

sReserve

ERC4626 public immutable sReserve;

_ohmDecimals

uint8 internal immutable _ohmDecimals;

_gohmDecimals

uint8 internal immutable _gohmDecimals;

_reserveDecimals

uint8 internal immutable _reserveDecimals;

State Variables

rateChange

active base emissions rate change information

active until daysLeft is 0

BaseRateChange public rateChange;

TRSRY

TRSRYv1 public TRSRY;

PRICE

PRICEv1 public PRICE;

MINTR

MINTRv1 public MINTR;

CHREG

CHREGv1 public CHREG;

bondAuctioneer

IBondSDA public bondAuctioneer;

teller

address public teller;

cdAuctioneer

IConvertibleDepositAuctioneer public cdAuctioneer;

baseEmissionRate

The base emission rate, in OHM scale.

e.g. 2e5 = 0.02%

uint256 public baseEmissionRate;

minimumPremium

The minimum premium for bond markets created by the manager, in terms of ONE_HUNDRED_PERCENT.

A minimum premium of 1e18 would require the market price to be 100% above the backing price (i.e. double).

uint256 public minimumPremium;

vestingPeriod

The vesting period for bond markets created by the manager, in seconds.

Initialized at 0, which means no vesting.

uint48 public vestingPeriod;

backing

The backed price of OHM, in reserve scale.

uint256 public backing;

beatCounter

Used to track the number of beats that have occurred.

uint8 public beatCounter;

activeMarketId

The ID of the active bond market (or 0)

uint256 public activeMarketId;

tickSize

The fixed tick size for CD auctions, in OHM scale (9 decimals)

uint256 public tickSize;

minPriceScalar

The multiplier applied to the price, in terms of ONE_HUNDRED_PERCENT

The value must be greater than or equal to ONE_HUNDRED_PERCENT (100%)

uint256 public minPriceScalar;

bondMarketCapacityScalar

The multiplier applied to bond market capacity from auction remainders, in terms of ONE_HUNDRED_PERCENT

The value must be between 0 and MAX_BOND_MARKET_CAPACITY_SCALAR (0-200%)

uint256 public bondMarketCapacityScalar;

_oracleDecimals

uint8 internal _oracleDecimals;

shutdownTimestamp

timestamp of last shutdown

uint48 public shutdownTimestamp;

restartTimeframe

time in seconds that the manager needs to be restarted after a shutdown, otherwise it must be re-initialized

uint48 public restartTimeframe;

bondMarketPendingCapacity

In situations where a bond market cannot be created, this variable is used to record the OHM capacity for the bond market that needs to be created

uint256 public bondMarketPendingCapacity;

Functions

constructor

constructor(
        Kernel kernel_,
        address ohm_,
        address gohm_,
        address reserve_,
        address sReserve_,
        address bondAuctioneer_,
        address cdAuctioneer_,
        address teller_
    ) Policy(kernel_);

Parameters

Name	Type	Description
kernel_	Kernel
ohm_	address
gohm_	address
reserve_	address
sReserve_	address
bondAuctioneer_	address
cdAuctioneer_	address
teller_	address

configureDependencies

Define module dependencies for this policy.

function configureDependencies() external override returns (Keycode[] memory dependencies);

Returns

Name	Type	Description
dependencies	Keycode[]	- Keycode array of module dependencies.

requestPermissions

Function called by kernel to set module function permissions.

function requestPermissions()
        external
        view
        override
        returns (Permissions[] memory permissions);

Returns

Name	Type	Description
permissions	Permissions[]	- Array of keycodes and function selectors for requested permissions.

VERSION

function VERSION() external pure returns (uint8 major, uint8 minor);

Returns

Name	Type	Description
major	uint8
minor	uint8

execute

This function performs the following:

• Adjusts the beat counter
• Exits if the beat counter is not 0
• Sets the parameters for the auction
• If the auction tracking period has finished and there is a deficit of OHM sold, attempts to create a bond market
• If market creation fails (external dependency), emits BondMarketCreationFailed and continues execution

Notes:

• If the CD auction is not running (e.g. the auctioneer contract is disabled), this function will consider OHM to have been under-sold across the auction tracking period. This will result in a bond market being created at the end of the auction tracking period in an attempt to sell the remaining OHM.
• If there are delays in the heartbeat (which calls this function), auction result tracking will be affected.

function execute() external onlyRole(ROLE_HEART);

_enable

Implementation-specific enable function

The implementing contract can override this function and perform the following:

1. Validate any parameters (if needed) or revert

2. Validate state (if needed) or revert

3. Perform any necessary actions, apart from modifying the isEnabled state variable

This function expects the parameters to be an abi-encoded EnableParams struct

function _enable(bytes calldata params_) internal override;

Parameters

Name	Type	Description
params_	bytes	Custom data that can be used by the implementation. The format of this data is left to the discretion of the implementation.

callback

callback function for bond market, only callable by the teller

function callback(uint256 id_, uint256 inputAmount_, uint256 outputAmount_) external;

Parameters

Name	Type	Description
id_	uint256
inputAmount_	uint256
outputAmount_	uint256

_createMarket

create bond protocol market with given budget

function _createMarket(uint256 saleAmount) internal;

Parameters

Name	Type	Description
saleAmount	uint256	amount of DAI to fund bond market with

_updateBacking

allow emission manager to update backing price based on new supply and reserves added

function _updateBacking(uint256 supplyAdded, uint256 reservesAdded) internal;

Parameters

Name	Type	Description
supplyAdded	uint256	number of new OHM minted
reservesAdded	uint256	number of new DAI added

_getPriceDecimals

Helper function to calculate number of price decimals based on the value returned from the price feed.

function _getPriceDecimals(uint256 price_) internal view returns (int8);

Parameters

Name	Type	Description
price_	uint256	The price to calculate the number of decimals for

Returns

Name	Type	Description
<none>	int8	The number of decimals

_onlyAdminOrEmManagerRole

Reverts if the caller does not have the admin or em_manager role

function _onlyAdminOrEmManagerRole() internal view;

onlyAdminOrEmManagerRole

modifier onlyAdminOrEmManagerRole();

_disable

Implementation-specific disable function

The implementing contract can override this function and perform the following:

1. Validate any parameters (if needed) or revert

2. Validate state (if needed) or revert

3. Perform any necessary actions, apart from modifying the isEnabled state variable

This function performs the following:

• Sets the shutdown timestamp
• Closes the active bond market (if it is active)
• Disables the convertible deposit auction

function _disable(bytes calldata) internal override;

Parameters

Name	Type	Description
_	bytes	Custom data that can be used by the implementation. The format of this data is left to the discretion of the implementation.

restart

Restart the emission manager

This function reverts if:

• The caller does not have the admin role
• The restart timeframe has passed since shutdown

function restart() external onlyAdminRole;

rescue

Rescue any ERC20 token sent to this contract and send it to the TRSRY

This function is restricted to the ADMIN role

function rescue(address token_) external onlyAdminRole;

Parameters

Name	Type	Description
token_	address	The address of the ERC20 token to rescue

changeBaseRate

Set the base emissions rate

This function reverts if:

• The caller does not have the admin or em_manager role
• There is an underflow or overflow on adjustments

function changeBaseRate(
        uint256 changeBy_,
        uint48 forNumBeats_,
        bool add
    ) external onlyAdminOrEmManagerRole;

Parameters

Name	Type	Description
changeBy_	uint256	uint256 added or subtracted from baseEmissionRate
forNumBeats_	uint48	uint256 number of times to change baseEmissionRate by changeBy_
add	bool	bool determining addition or subtraction to baseEmissionRate

setMinimumPremium

Set the minimum premium for emissions

This function reverts if:

• The caller does not have the admin or em_manager role
• newMinimumPremium_ is 0

function setMinimumPremium(uint256 newMinimumPremium_) external onlyAdminOrEmManagerRole;

Parameters

Name	Type	Description
newMinimumPremium_	uint256	The new minimum premium, in terms of ONE_HUNDRED_PERCENT

setVestingPeriod

Set the new bond vesting period in seconds

This function reverts if:

• The caller does not have the admin role
• newVestingPeriod_ is more than 31536000 (1 year in seconds)

function setVestingPeriod(uint48 newVestingPeriod_) external onlyAdminRole;

Parameters

Name	Type	Description
newVestingPeriod_	uint48	uint48

setBacking

Allow governance to adjust backing price if deviated from reality

This function reverts if:

• The caller does not have the admin role
• newBacking is 0
• newBacking is less than 90% of current backing (to prevent large sudden drops)

Note: if adjustment is more than 33% down, contract should be redeployed

function setBacking(uint256 newBacking) external onlyAdminRole;

Parameters

Name	Type	Description
newBacking	uint256	to adjust to TODO maybe put in a timespan arg so it can be smoothed over time if desirable

setRestartTimeframe

Allow governance to adjust the timeframe for restart after shutdown

This function reverts if:

• The caller does not have the admin role
• newTimeframe is 0

function setRestartTimeframe(uint48 newTimeframe) external onlyAdminRole;

Parameters

Name	Type	Description
newTimeframe	uint48	to adjust it to

setBondContracts

allow governance to set the bond contracts used by the emission manager

This function reverts if:

• The caller does not have the admin role
• bondAuctioneer_ is the zero address
• teller_ is the zero address

function setBondContracts(address bondAuctioneer_, address teller_) external onlyAdminRole;

Parameters

Name	Type	Description
bondAuctioneer_	address	address of the bond auctioneer contract
teller_	address	address of the bond teller contract

setCDAuctionContract

Allow governance to set the CD contract used by the emission manager

This function reverts if:

• The caller does not have the admin role
• cdAuctioneer_ is the zero address
• The deposit asset of the CDAuctioneer is not the same as the reserve asset in this contract

function setCDAuctionContract(address cdAuctioneer_) external onlyAdminRole;

Parameters

Name	Type	Description
cdAuctioneer_	address	address of the cd auctioneer contract

setTickSize

Allow governance to set the CD tick size

This function reverts if:

• The caller does not have the admin or em_manager role
• newTickSize_ is 0

function setTickSize(uint256 newTickSize_) external onlyAdminOrEmManagerRole;

Parameters

Name	Type	Description
newTickSize_	uint256	as a fixed amount in OHM decimals (9)

setMinPriceScalar

Allow governance to set the CD minimum price scalar

This function reverts if:

• The caller does not have the admin or em_manager role
• newScalar is less than ONE_HUNDRED_PERCENT (100% in 18 decimals)

function setMinPriceScalar(uint256 newScalar) external onlyAdminOrEmManagerRole;

Parameters

Name	Type	Description
newScalar	uint256	as a percentage in 18 decimals

setBondMarketCapacityScalar

Allow governance to set the bond market capacity scalar, which acts as a multiplier for the bond market capacity

This function reverts if:

• The caller does not have the admin or em_manager role
• newScalar is greater than MAX_BOND_MARKET_CAPACITY_SCALAR (200%)

function setBondMarketCapacityScalar(uint256 newScalar) external onlyAdminOrEmManagerRole;

Parameters

Name	Type	Description
newScalar	uint256	as a percentage in 18 decimals

getReserves

return reserves, measured as clearinghouse receivables and sReserve balances, in reserve denomination

function getReserves() public view returns (uint256 reserves);

Returns

Name	Type	Description
reserves	uint256

getSupply

return supply, measured as supply of gOHM in OHM denomination

function getSupply() public view returns (uint256 supply);

Returns

Name	Type	Description
supply	uint256

getPremium

return the current premium as a percentage where 1e18 is 100%

function getPremium() public view returns (uint256);

Returns

Name	Type	Description
<none>	uint256

getNextEmission

return the next sale amount, premium, emission rate, and emissions based on the current premium

function getNextEmission()
        public
        view
        returns (uint256 premium, uint256 emissionRate, uint256 emission);

Returns

Name	Type	Description
premium	uint256
emissionRate	uint256
emission	uint256

getSizeFor

Get the auction tick size for a given target

Returns the standard tick size if the target emission is at least the standard tick size. Otherwise, 0 is returned to indicate that the auction should be disabled.

function getSizeFor(uint256 target) public view returns (uint256 size);

Parameters

Name	Type	Description
target	uint256	size of day's CD auction

Returns

Name	Type	Description
size	uint256	of tick

getMinPriceFor

Get CD auction minimum price for a given price input

Expects price to already be expressed in the reserve asset's decimal scale. This function does not adjust/convert decimal scales.

function getMinPriceFor(uint256 price) public view returns (uint256);

Parameters

Name	Type	Description
price	uint256	Price of OHM in reserve token terms, scaled to the reserve asset's decimals

Returns

Name	Type	Description
<none>	uint256

_getCurrentPrice

Returns the current price from the PRICE module

function _getCurrentPrice() internal view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	currentPrice with decimal scale of the reserve asset

createPendingBondMarket

Creates a bond market

Notes:

• If there is no pending capacity, no bond market will be created

This function will revert if:

• The caller is not this contract, or an address with the admin/manager role
• The contract is disabled
• The bond market cannot be created

function createPendingBondMarket() external onlyEnabled;

supportsInterface

function supportsInterface(
        bytes4 interfaceId
    ) public view virtual override(PolicyEnabler, IPeriodicTask) returns (bool);

Parameters

Name	Type	Description
interfaceId	bytes4

Returns

Name	Type	Description
<none>	bool