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EmissionManager

Git Source

Inherits: IEmissionManager, IPeriodicTask, Policy, PolicyEnabler

forge-lint: disable-start(mixed-case-function, mixed-case-variable, screaming-snake-case-immutable)

State Variables​

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

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

ohm​

ERC20 public immutable ohm

gohm​

IgOHM public immutable gohm

reserve​

ERC20 public immutable reserve

sReserve​

ERC4626 public immutable sReserve

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

_ohmDecimals​

uint8 internal immutable _ohmDecimals

_gohmDecimals​

uint8 internal immutable _gohmDecimals

_reserveDecimals​

uint8 internal immutable _reserveDecimals

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_);

configureDependencies​

Define module dependencies for this policy.

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

Returns

NameTypeDescription
dependenciesKeycode[]- 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

NameTypeDescription
permissionsPermissions[]requests - Array of keycodes and function selectors for requested permissions.

VERSION​

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

execute​

Executes the periodic task

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

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

function _enable(bytes calldata params_) internal override;

Parameters

NameTypeDescription
params_bytes

callback​

callback function for bond market, only callable by the teller

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

_createMarket​

create bond protocol market with given budget

function _createMarket(uint256 saleAmount) internal;

Parameters

NameTypeDescription
saleAmountuint256amount 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

NameTypeDescription
supplyAddeduint256number of new OHM minted
reservesAddeduint256number 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

NameTypeDescription
price_uint256The price to calculate the number of decimals for

Returns

NameTypeDescription
<none>int8The 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

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

NameTypeDescription
<none>bytes

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

NameTypeDescription
token_addressThe 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

NameTypeDescription
changeBy_uint256uint256 added or subtracted from baseEmissionRate
forNumBeats_uint48uint256 number of times to change baseEmissionRate by changeBy_
addboolbool 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

NameTypeDescription
newMinimumPremium_uint256The 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

NameTypeDescription
newVestingPeriod_uint48uint48

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

NameTypeDescription
newBackinguint256to 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

NameTypeDescription
newTimeframeuint48to 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

NameTypeDescription
bondAuctioneer_addressaddress of the bond auctioneer contract
teller_addressaddress 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

NameTypeDescription
cdAuctioneer_addressaddress 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

NameTypeDescription
newTickSize_uint256as 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

NameTypeDescription
newScalaruint256as 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

NameTypeDescription
newScalaruint256as 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);

getSupply​

return supply, measured as supply of gOHM in OHM denomination

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

getPremium​

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

function getPremium() public view returns (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);

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

NameTypeDescription
targetuint256size of day's CD auction

Returns

NameTypeDescription
sizeuint256of 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

NameTypeDescription
priceuint256Price of OHM in reserve token terms, scaled to the reserve asset's decimals

_getCurrentPrice​

Returns the current price from the PRICE module

function _getCurrentPrice() internal view returns (uint256);

Returns

NameTypeDescription
<none>uint256currentPrice 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);