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CoolerLtvOracle

Git Source

Inherits: ICoolerLtvOracle, Policy, PolicyAdmin

Title: Cooler LTV Oracle

It is a custom oracle (not dependant on external markets/AMMs/dependencies) to give the serve both the Origination LTV and Liquidation LTV

  • They are both quoted in [debtToken / collateralToken] units
  • It is a fixed 18dp price
  • Origination LTV updates on a per second basis according to a policy set rate of change (and is up only or flat)
  • Liquidation LTV is a policy set percentage above the Origination LTV

State Variables​

_DEBT_TOKEN​

The debt token

ERC20 private immutable _DEBT_TOKEN

_COLLATERAL_TOKEN​

The collateral token

ERC20 private immutable _COLLATERAL_TOKEN

originationLtvData​

The current Origination LTV state data

OriginationLtvData public override originationLtvData

maxOriginationLtvDelta​

The maximum allowed Origination LTV change on any single setOriginationLtvAt(), in absolute terms between the Origination LTV as of now and the targetOriginationLtv

18 decimal places, 0.20e18 == $0.20. Used as a bound to avoid unintended/fat fingering when updating Origination LTV

uint96 public override maxOriginationLtvDelta

minOriginationLtvTargetTimeDelta​

The minimum time delta required for Origination LTV to reach it's target value when setOriginationLtvAt() is called.

In seconds. Used as a bound to avoid unintended/fat fingering when updating Origination LTV

uint32 public override minOriginationLtvTargetTimeDelta

maxOriginationLtvRateOfChange​

The maximum (positive) rate of change of Origination LTV allowed, when setOriginationLtvAt() is called.

Units: [Origination LTV / second]

uint96 public override maxOriginationLtvRateOfChange

maxLiquidationLtvPremiumBps​

The maximum Liquidation LTV premium (in basis points) which is allowed to be set when calling setLiquidationLtvPremiumBps()

uint16 public override maxLiquidationLtvPremiumBps

liquidationLtvPremiumBps​

The premium (in basis points) of the Liquidation LTV above the Origination LTV

uint16 public override liquidationLtvPremiumBps

DECIMALS​

The decimal precision of both the Origination LTV and Liquidation LTV

uint8 public constant override DECIMALS = 18

BASIS_POINTS_DIVISOR​

uint96 public constant BASIS_POINTS_DIVISOR = 10_000

Functions​

constructor​

constructor(
    address kernel_,
    address collateralToken_,
    address debtToken_,
    uint96 initialOriginationLtv_,
    uint96 maxOriginationLtvDelta_,
    uint32 minOriginationLtvTargetTimeDelta_,
    uint96 maxOriginationLtvRateOfChange_,
    uint16 maxLiquidationLtvPremiumBps_,
    uint16 liquidationLtvPremiumBps_
) Policy(Kernel(kernel_));

configureDependencies​

Define module dependencies for this policy.

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

Returns

NameTypeDescription
dependenciesKeycode[]- Keycode array of module dependencies.

setMaxOriginationLtvDelta​

Set the maximum allowed Origination LTV change on any single setOriginationLtvAt(), in absolute terms between the Origination LTV as of now and the targetOriginationLtv

18 decimal places, 0.20e18 == $0.20

function setMaxOriginationLtvDelta(uint96 maxDelta) external override onlyAdminRole;

setMinOriginationLtvTargetTimeDelta​

Set the minimum time delta required for Origination LTV to reach it's target value when setOriginationLtvAt() is called.

In seconds.

function setMinOriginationLtvTargetTimeDelta(uint32 minTargetTimeDelta) external override onlyAdminRole;

setMaxOriginationLtvRateOfChange​

Set the maximum (positive) rate of change of Origination LTV allowed, when setOriginationLtvAt() is called.

Units: [Origination LTV / second]

function setMaxOriginationLtvRateOfChange(uint96 originationLtvDelta, uint32 timeDelta)
    external
    override
    onlyAdminRole;

setOriginationLtvAt​

Set the target Origination LTV which will incrementally increase from it's current value to targetOriginationLtv between now and targetTime.

targetTime is unixtime, targetOriginationLtv is 18 decimal places, 1.05e18 == $1.05

function setOriginationLtvAt(uint96 targetValue, uint40 targetTime) external override onlyAdminRole;

setMaxLiquidationLtvPremiumBps​

Set Liquidation LTV premium (in basis points) of the Liquidation LTV above the Origination LTV

function setMaxLiquidationLtvPremiumBps(uint16 maxPremiumBps) external override onlyAdminRole;

setLiquidationLtvPremiumBps​

Set maximum Liquidation LTV premium (in basis points) which is allowed to be set when calling setLiquidationLtvPremiumBps().

function setLiquidationLtvPremiumBps(uint16 premiumBps) external override onlyAdminRole;

collateralToken​

The collateral asset of the LTV [debtToken / collateralToken]

function collateralToken() external view override returns (IERC20);

debtToken​

The debt asset of the LTV [debtToken / collateralToken]

function debtToken() external view override returns (IERC20);

currentLtvs​

function currentLtvs() public view override returns (uint96 originationLtv, uint96 liquidationLtv);

currentLiquidationLtv​

The current Liquidation LTV

function currentLiquidationLtv() external view override returns (uint96);

currentOriginationLtv​

The current Origination LTV

function currentOriginationLtv() public view override returns (uint96);

_currentLiquidationLtv​

function _currentLiquidationLtv(uint96 oltv) private view returns (uint96);

Structs​

OriginationLtvData​

struct OriginationLtvData {
    /// @notice The Origination LTV at the time `setOriginationLtvAt()` was last called
    uint96 startingValue;
    /// @notice The time at which Origination LTV was last updated via `setOriginationLtvAt()`
    uint40 startTime;
    /// @notice The target Origination LTV at the `targetTime`
    uint96 targetValue;
    /// @notice The date which the `targetValue` will be reached.
    uint40 targetTime;
    /// @notice The rate at which the `startingValue` will change over time from `startTime` until `targetTime`.
    uint96 slope;
}