YieldRepurchaseFacility

Git Source

Inherits: IYieldRepo, Policy, RolesConsumer

the Yield Repurchase Facility (Yield Repo) contract pulls a derived amount of yield from the Olympus treasury each week and uses it, along with the backing of previously purchased OHM, to purchase OHM off the market using a Bond Protocol SDA market.

Constants

sReserve

ERC4626 public immutable sReserve;

reserve

ERC20 public immutable reserve;

_reserveDecimals

uint8 internal immutable _reserveDecimals;

ohm

ERC20 public immutable ohm;

_ohmDecimals

uint8 internal immutable _ohmDecimals;

teller

address public immutable teller;

auctioneer

IBondSDA public immutable auctioneer;

epochLength

uint48 public constant epochLength = 21;

backingPerToken

uint256 public constant backingPerToken = 1133 * 1e7;

State Variables

_oracleDecimals

uint8 internal _oracleDecimals;

TRSRY

TRSRYv1 public TRSRY;

PRICE

PRICEv1 public PRICE;

CHREG

CHREGv1 public CHREG;

epoch

========== VIEWS ========== //

Returns the current epoch

uint48 public epoch;

Returns

Name	Type	Description
<none>	uint48

nextYield

uint256 public nextYield;

lastReserveBalance

uint256 public lastReserveBalance;

lastConversionRate

uint256 public lastConversionRate;

isShutdown

Returns whether the contract is shutdown

bool public isShutdown;

Returns

Name	Type	Description
<none>	bool

Functions

constructor

constructor(
        Kernel kernel_,
        address ohm_,
        address sReserve_,
        address teller_,
        address auctioneer_
    ) Policy(kernel_);

Parameters

Name	Type	Description
kernel_	Kernel
ohm_	address
sReserve_	address
teller_	address
auctioneer_	address

initialize

function initialize(
        uint256 initialReserveBalance,
        uint256 initialConversionRate,
        uint256 initialYield
    ) external onlyRole("loop_daddy");

Parameters

Name	Type	Description
initialReserveBalance	uint256
initialConversionRate	uint256
initialYield	uint256

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

Returns the version of the policy.

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

Returns

Name	Type	Description
major	uint8	The major version of the policy.
minor	uint8	The minor version of the policy.

endEpoch

create a new bond market at the end of the day with some portion of remaining funds

function endEpoch() public override onlyRole("heart");

adjustNextYield

allow manager to increase (by maximum 10%) or decrease yield for week if contract is inaccurate

function adjustNextYield(uint256 newNextYield) external onlyRole("loop_daddy");

Parameters

Name	Type	Description
newNextYield	uint256	to fund

shutdown

retire contract by burning ohm balance and transferring tokens to treasury

function shutdown(ERC20[] memory tokensToTransfer) external onlyRole("loop_daddy");

Parameters

Name	Type	Description
tokensToTransfer	ERC20[]	list of tokens to transfer back to treasury (i.e. reserves)

_createMarket

create bond protocol market with given budget

function _createMarket(uint256 bidAmount) internal;

Parameters

Name	Type	Description
bidAmount	uint256	amount of reserve to fund bond market with

_getBackingForPurchased

internal function to burn ohm and retrieve backing

function _getBackingForPurchased() internal;

_withdraw

internal function to withdraw sReserve from treasury

note amount given is in reserve, not sReserve

function _withdraw(uint256 amount) internal;

Parameters

Name	Type	Description
amount	uint256	an amount to withdraw, in reserve

_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

getReserveBalance

fetch combined sReserve balance of active clearinghouses and treasury, in reserve

function getReserveBalance() public view override returns (uint256 balance);

Returns

Name	Type	Description
balance	uint256

getNextYield

compute yield for the next week

function getNextYield() public view override returns (uint256 yield);

Returns

Name	Type	Description
yield	uint256

getOhmBalanceAndBacking

compute backing for ohm balance

function getOhmBalanceAndBacking()
        public
        view
        override
        returns (uint256 balance, uint256 backing);

Returns

Name	Type	Description
balance	uint256
backing	uint256

Events

RepoMarket

event RepoMarket(uint256 marketId, uint256 bidAmount);

Parameters

Name	Type	Description
marketId	uint256
bidAmount	uint256

NextYieldSet

event NextYieldSet(uint256 nextYield);

Parameters

Name	Type	Description
nextYield	uint256

Shutdown

event Shutdown();