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

Constants

_DEBT_TOKEN

The debt token

ERC20 private immutable _DEBT_TOKEN;

_COLLATERAL_TOKEN

The collateral token

ERC20 private immutable _COLLATERAL_TOKEN;

DECIMALS

The decimal precision of both the Origination LTV and Liquidation LTV

uint8 public constant override DECIMALS = 18;

Returns

Name	Type	Description
<none>	uint8

BASIS_POINTS_DIVISOR

uint96 public constant BASIS_POINTS_DIVISOR = 10_000;

State Variables

originationLtvData

The current Origination LTV state data

OriginationLtvData public override originationLtvData;

Returns

Name	Type	Description
startingValue	uint96
startTime	uint40
targetValue	uint96
targetTime	uint40
slope	uint96

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;

Returns

Name	Type	Description
<none>	uint96

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;

Returns

Name	Type	Description
<none>	uint32

maxOriginationLtvRateOfChange

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

Units: [Origination LTV / second]

uint96 public override maxOriginationLtvRateOfChange;

Returns

Name	Type	Description
<none>	uint96

maxLiquidationLtvPremiumBps

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

uint16 public override maxLiquidationLtvPremiumBps;

Returns

Name	Type	Description
<none>	uint16

liquidationLtvPremiumBps

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

uint16 public override liquidationLtvPremiumBps;

Returns

Name	Type	Description
<none>	uint16

Functions

constructor

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

Parameters

Name	Type	Description
kernel_	address
collateralToken_	address
debtToken_	address
initialOriginationLtv_	uint96
maxOriginationLtvDelta_	uint96
minOriginationLtvTargetTimeDelta_	uint32
maxOriginationLtvRateOfChange_	uint96
maxLiquidationLtvPremiumBps_	uint16
liquidationLtvPremiumBps_	uint16

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.

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;

Parameters

Name	Type	Description
maxDelta	uint96

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;

Parameters

Name	Type	Description
minTargetTimeDelta	uint32

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;

Parameters

Name	Type	Description
originationLtvDelta	uint96
timeDelta	uint32

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;

Parameters

Name	Type	Description
targetValue	uint96
targetTime	uint40

setMaxLiquidationLtvPremiumBps

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

function setMaxLiquidationLtvPremiumBps(uint16 maxPremiumBps) external override onlyAdminRole;

Parameters

Name	Type	Description
maxPremiumBps	uint16

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;

Parameters

Name	Type	Description
premiumBps	uint16

collateralToken

The collateral asset of the LTV [debtToken / collateralToken]

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

Returns

Name	Type	Description
<none>	IERC20

debtToken

The debt asset of the LTV [debtToken / collateralToken]

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

Returns

Name	Type	Description
<none>	IERC20

currentLtvs

The current Origination LTV and Liquidation LTV

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

Returns

Name	Type	Description
originationLtv	uint96
liquidationLtv	uint96

currentLiquidationLtv

The current Liquidation LTV

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

Returns

Name	Type	Description
<none>	uint96

currentOriginationLtv

The current Origination LTV

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

Returns

Name	Type	Description
<none>	uint96

_currentLiquidationLtv

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

Parameters

Name	Type	Description
oltv	uint96

Returns

Name	Type	Description
<none>	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;
    }

Properties

Name	Type	Description
startingValue	uint96
startTime	uint40
targetValue	uint96
targetTime	uint40
slope	uint96